Year-end financial planning isn’t something to overlook until the very last minute.
Staying on top of this matter could lead to tax relief and help ensure you meet your short- and long-term savings goals.
Furthermore, being proactive about financial planning could also save you time and money if you choose to get help from a professional as the year comes to a close.
Fortunately, there are several apps you can take advantage of to make financial planning more straightforward and less of a hassle. We’ll cover five of them below.
Although this app is primarily a monthly budget tracker, it also has other features that are particularly handy for facilitating financial planning at the end of the year. Use the full-text search to find records of particular expenses. Generate graphical reports and see pie charts representing the things you bought during the year. Also, set up recurring payments and take pictures of receipts, so you don’t have to worry about losing the paper versions.
Money Help Center recently created a tax calculator that has one unique feature most other tax calculators don’t: it can account for the new GOP tax bill and its potential to impact U.S. citizens.
Using this web app, you can estimate your 2018 taxes under the new tax bill. The site also offers a more traditional tax calculator (which doesn’t take the new tax reform into account). You can use both and compare the results to see how “Trump Tax Reform” will impact you.
Like many people, you may have a retirement age in mind but not know if that plan is a realistic one. That’s why the end of the year is a perfect time to use the MarketWatch Retirement Planner. It lets you know if you’re on track to retire when you want to by using a three-step calculation process.
If the results aren’t in line with your expectations, decide to meet with a professional retirement planner and determine if there are things you could do to make improvements.
Although you shouldn’t wait until the end of the year to keep tabs on retirement goals, it’s a prime time to get started, especially since you’ll likely get paperwork that details how your investments performed over the past quarter or even longer.
One of the hardest things for many people about getting their finances organized at the end of the year is making sure they report all eligible expenses. Doing that is especially crucial for freelancers or other people who have non-traditional income streams.
The Hurdlr app automatically tracks all expenses. Plus, it gives you projected annual savings and categorizes your expenses to make claiming business expenses easier when you’re filling out tax forms. There is even a feature that compiles all the miles you drive and has an automatic start/stop function.
This app links all your financial accounts together and protects the information with bank-grade security technology. It’s also a cloud-based app, so you can access data on several devices and enjoy consistently updated material on all of them. See charts representing specifics like net worth and net cash flow, along with reminders of how much more money you can spend per month and remain under budget.
The investment graphs are also helpful for giving you a clear understanding of whether your stock portfolio is performing as you’d hoped. This app reportedly aims to help people stay abreast of investment-related changes without depending on a financial planner. You may want to use the Financial Wellness Center app as a starting point to determine whether professional interventions are necessary.
As you can see from the ideas on this list, becoming a better financial planner is a goal within your reach.
By getting a head start on your year-end financial planning, you won’t feel so swamped as the year comes to a close and will be more equipped to make changes that strengthen your financial foundation if necessary.
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