End of Year Financial Housekeeping 2016

This is an update of the same post I wrote at the end of 2015. It's a list of tasks I scurry to get done to "put my financial house in order" before the start of the New Year. This list is slightly longer than last year's as we have a mortgage renewal coming up among other things.
  • Review kids' RESP contributions and top up account to receive maximum government grant as necessary
  • Check RESP investment performance and rebalance as necessary. I'm not impressed with the performance of the mutual funds that the kids' RESP is currently invested in especially compared to the performance of the portfolios I managed personally. I plan on moving to a self-directed investment account
  • Review home and car insurance needs and talk to broker. We recently got a discounted insurance offer through our professional affiliation and after getting an online quote, I'll be saving 20% on my home and auto insurance next year.
  • Review investment portfolio for tax optimization of capital gains and losses
  • Register kids for any activities planned for next year that will be covered by the Fitness and Art credit if we haven't reached the limit
  • Review my main rewards (loyalty) accounts to see if any action is needed in the next 60 days. Earlier in the year, Esso sold it's gas stations to several corporate entities. I had been accumulating Esso points to use for free car washes but since I don't know how much longer their rewards program will be active, I redeemed my points for giftcards.
  • Review credit accounts for relevance. Earlier in the year, I opened a hotel rewards card to help pay for and accumulate points on our summer vacation. I no longer need this card and want to avoid paying the annual fee so it's time to call and cancel
  • Check credit report and score for spouse and I. This should be a yearly task but majorly important as we'll have lenders pulling our credit reports next year for our mortgage renewal
  • Start making notes on 2017 budget
What about you? What financial tasks occupy the last few weeks of the year for you?
Follow my blog with Bloglovin

No comments :

Post a Comment

Related Posts Plugin for WordPress, Blogger...