Watching Your Wallet: Fall financial to-do list
(WILX) - Fall is when to review your finances, because you still have time to make adjustments before 2022 gets here.
Our partners at the financial website Nerdwallet helped us come up with this Fall financial to-do list. First, ramp up your short-term savings. We’ve all learned over the last year how important an emergency savings account is, so save as much as you can now.
You want to anticipate any major tax changes for 2022. If you are getting married or divorced, if you’ve changed jobs or moved it might help to talk to a tax professional now, before the season gets too busy. And this is the time of year to top off those retirement contributions. See if you can afford to increase how much you are contributing from each paycheck-- especially if you are expecting a raise or bonus.
You can contribute up to 19,500 annually to your 401K. And don’t forget to plan for fun. Maybe you deferred a vacation early in the pandemic, or you want to renovate a room in your house. Start setting that money aside now for 2022.
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