Smart financial advice from local experts. Dollar & Sense Wrapping up the Year with an Annual Financial Review By Mike Flannery, MBA, CTFA Fiduciary Manager First National Trust & Wealth Management As the year comes to a close, it is a good time to review your finances. Ask yourself what has gone well in the past year, what goals were you able to meet and in which areas did you fall short. Following are a few ideas you can keep in mind. Review your finances. Do a run through to see how you are doing to see if you have met your financial goals. These goals may have been saving for retirement, paying off debt, or saving for a home or a car. If some goals have a longer time frame, ask yourself if you are still on track. If you are not, what is keeping you from reaching that goal? Determine if you have to adjust goals based on changes to your employment or your income. A major life event such as marriage, a divorce, the birth of a child or the death of a loved may require a review and adjustment of your goals. If you have a budget, the end of the year is a good time to review it. Focus on your saving and your spending- ask yourself if you need to make changes. Try to get a good handle on your fixed and your variable expenses. Fixed expenses such as reoccuring debt payments are easy: it is the variable expenses or the unexpected expenses that are the challenge. A good budget can help keep you on track expenses that you may be able to control. The end of the year is also a good time to review your retirement plans. If your employer offers a retirement plan, are you participating in that plan? The easiest way to reach your financial goals isto save more and oneof the easierwaystodo thatis through automatic payroll deductions to an employer sponsored retirement plan. If you are contributing, ask yourself if you are saving enough, If your employer offers a matching contribution, taking full advantage of that match can help as you pursue your goal. If it fits into your budget, you may want to increase your savings in order to work towards your retirement goals. Year end is also a good time to review your credit report. Review your report carefully and check for errors that need attention, such as incorrect first and last names or errors in your address. Make sure you can identify all of the accounts on the report and check if any accounts are listed as open that you know are closed. Remember, you are trying to make slow steady progress when it comes to pursuing your financial goals. A little time reviewing and adjusting your plan can go a long way in ensuring you are working towards your goals. point out First National Trust & Wealth Management TRUSTED. INVESTED. COMMITTED Mike Flannery, MBA, CTFA Fiduciary Manager 3805 10th St. Menominee 906.863.2804 · trust.fnbimk.com Smart financial advice from local experts. Dollar & Sense Wrapping up the Year with an Annual Financial Review By Mike Flannery, MBA, CTFA Fiduciary Manager First National Trust & Wealth Management As the year comes to a close, it is a good time to review your finances. Ask yourself what has gone well in the past year, what goals were you able to meet and in which areas did you fall short. Following are a few ideas you can keep in mind. Review your finances. Do a run through to see how you are doing to see if you have met your financial goals. These goals may have been saving for retirement, paying off debt, or saving for a home or a car. If some goals have a longer time frame, ask yourself if you are still on track. If you are not, what is keeping you from reaching that goal? Determine if you have to adjust goals based on changes to your employment or your income. A major life event such as marriage, a divorce, the birth of a child or the death of a loved may require a review and adjustment of your goals. If you have a budget, the end of the year is a good time to review it. Focus on your saving and your spending- ask yourself if you need to make changes. Try to get a good handle on your fixed and your variable expenses. Fixed expenses such as reoccuring debt payments are easy: it is the variable expenses or the unexpected expenses that are the challenge. A good budget can help keep you on track expenses that you may be able to control. The end of the year is also a good time to review your retirement plans. If your employer offers a retirement plan, are you participating in that plan? The easiest way to reach your financial goals isto save more and oneof the easierwaystodo thatis through automatic payroll deductions to an employer sponsored retirement plan. If you are contributing, ask yourself if you are saving enough, If your employer offers a matching contribution, taking full advantage of that match can help as you pursue your goal. If it fits into your budget, you may want to increase your savings in order to work towards your retirement goals. Year end is also a good time to review your credit report. Review your report carefully and check for errors that need attention, such as incorrect first and last names or errors in your address. Make sure you can identify all of the accounts on the report and check if any accounts are listed as open that you know are closed. Remember, you are trying to make slow steady progress when it comes to pursuing your financial goals. A little time reviewing and adjusting your plan can go a long way in ensuring you are working towards your goals. point out First National Trust & Wealth Management TRUSTED. INVESTED. COMMITTED Mike Flannery, MBA, CTFA Fiduciary Manager 3805 10th St. Menominee 906.863.2804 · trust.fnbimk.com