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7 Financial Tasks to Complete Before 2024

7 Financial Tasks to Complete Before 2024

December 18, 2023

Kickstart Your Finances for a Prosperous New Year

As the year draws to a close, it’s the perfect time to reflect on your financial health and make strategic moves to set yourself up for success in the coming year. Whether you’re looking to improve your budgeting skills, boost your savings, or plan for future investments, these seven financial tasks to complete before the new year can help you enter 2024 with more confidence and financial stability.

#1. Year-End Budget Review

One of the most crucial financial tasks to complete before the new year is a comprehensive review of your budget. Sit down and analyze your income, expenses, and savings over the past year. Identify areas where you overspent or underspent and evaluate whether your financial goals were met. You’ll be able to then use this information to create a realistic budget for the upcoming year, considering any changes in your financial situation or priorities.

#2. Get Prepared for Tax Season

The end of the year is an opportune time to assess your tax situation and make strategic decisions to minimize your tax liability. You can get ahead of the tax season by taking time now to review your income, deductions, and credits to ensure you’re taking advantage of all available opportunities. You may also want to consider making additional contributions to tax-advantaged accounts such as your 401(k) or IRA. Consult with a tax professional to explore potential tax-saving strategies and ensure you’re in compliance with the latest tax laws.

#3. Emergency Fund Evaluation

Your emergency fund is your financial safety net, providing a buffer against unexpected expenses or income disruptions. Having a solid savings set aside specifically for emergencies is not only good for your finances, but it gives you peace of mind too. So, another of the most important financial tasks to complete before the new year is to take stock of your emergency fund’s current status and assess whether it needs adjustments. Ideally, your emergency fund should cover three to six months’ worth of living expenses. If your savings falls short, make it a priority to allocate extra funds to bolster it before the new year begins.

#4. Recommit to Debt Repayment

If you have any outstanding debts, now is the time to formulate a strategic plan for repayment. Start by prioritizing high-interest debts to minimize the overall interest paid. You can also try negotiating with creditors for better terms or look into other debt consolidation options. By creating a structured debt repayment plan, you’ll have a better chance of making significant progress in reducing your debt burden in the coming year.

#5. Investment Portfolio Review

Also on the list of financial tasks to complete before the new year is a review of your investment portfolio to ensure it still aligns with your financial goals and risk tolerance. As you assess your holdings, you’ll want to evaluate the performance of your investments over the past year and adjust where you see fit. Rebalancing your portfolio is so important because it can help maintain the desired asset allocation and help minimize risk. Consider consulting with a financial advisor to get personalized advice based on your financial objectives and market conditions.

#6. Insurance Coverage Assessment

Due to various factors such as life events, changes in income, or evolving family dynamics, your insurance needs may change from year to year. So, among the financial tasks to complete before the new year is a review of your insurance coverage, including health, life, auto, and home insurance to ensure that your coverage levels are adequate to protect against potential risks. By making necessary adjustments to your insurance policies now, you can avoid unnecessary financial hardships in the event of unexpected circumstances.

#7. Set Financial Goals for the New Year

As you approach the new year, it’s important to set clear and achievable financial goals. Whether it’s saving for a major purchase, increasing your retirement contributions, or paying down debt, having specific and measurable goals will provide you with a roadmap for financial success. As you’re thinking about what you want to achieve, it helps to break down your goals into smaller, actionable steps and establish a timeline for achieving them. Don’t forget to regularly revisit and adjust your goals as your financial situation evolves.

Financial Tasks to Complete Before the New Year

Taking the time to complete these seven financial tasks before the new year can have a significant impact on your overall financial well-being. From budgeting and tax planning to debt repayment and goal setting, these actions will set the stage for a financially prosperous year ahead. By proactively managing your finances, you’ll not only enhance your financial stability but also gain the confidence to navigate whatever challenges and opportunities the new year may bring.

As you embark on the journey of completing these essential financial tasks before the new year, consider the expertise and support of Aviance Capital Partners to elevate your financial strategy. Our seasoned professionals are dedicated to helping you achieve your goals, whether it’s optimizing your investment portfolio, planning for taxes, or securing your financial future. Contact us today and let us be your partner in building a path toward financial success.


Aviance Capital Partners, LLC (“ACP”) is an SEC registered investment adviser located in Naples, Florida. Registration as an investment adviser is not an endorsement by securities regulators and does not imply that ACP has attained a certain level of skill, training, or ability. While the information presented is believed to be factual and up-to-date, ACP does not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of ACP as of the date of publication and are subject to change. Not all services will be appropriate or necessary for all clients, and the potential value and benefit of the ACP’s services will vary based upon the client’s individual investment, financial, and tax circumstances. The effectiveness and potential success of a tax strategy, investment strategy, and financial plan depends on a variety of factors, including but not limited to the manner and timing of implementation, coordination with the client and the client’s other engaged professionals, and market conditions. This should not be construed as specific investment, financial planning or tax advice tailored to an individual reader. ACP suggests that readers consult a financial professional, attorney or tax advisory professional about their specific financial, legal or tax situation. Past performance does not guarantee future results. All investment strategies have the potential for profit or loss, and different investments and types of investments involve varying degrees of risk. There can be no assurance that the future performance of any specific investment or investment strategy, including those undertaken or recommended by ACP, will be profitable or equal any historical performance level. Additional information about ACP, including its Form ADV Part 2A describing its services, fees, and applicable conflicts of interest and its Form CRS is available upon request and at https://adviserinfo.sec.gov/firm/summary/146597. 

For current ACP clients, please advise us promptly in writing, if there are ever any changes in your financial situation or investment objectives, if you wish to impose any reasonable restrictions to our management of your account, or if you have not been receiving at least quarterly account statements from your account custodian.