Profitt Report: Looking back at your year, check in with your finances

Photo credit: MGN

Taking an honest look at this year’s budget can be tough but so worth it said financial professional Mindy McIntosh of McIntosh and Associates in Freeland. She said now is the perfect time to check in with yourself.

Before the year is up, McIntosh said you can try to reduce your tax bill. Look for payments you can make early, such as your January mortgage. Making it now means you can deduct the interest on this current year and if you can contribute to your 401(k), that’ll reduce your tax burden.

Next, she suggests checking in with your health insurance, did the cost change? If It did, it's time to shift things around in your budget.

McIntosh said it’s also good to make sure your life insurance is still sufficient: if your family size or your pay changed this year, it’s time to re-evaluate.

Last, look at where you spent money this year. If you found yourself short on money every month, this could be especially helpful.

"A lot of it happens to be entertainment or dining out, that coffee run or the lunch really adds up," McIntosh said.

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