A handy financial checklist to meet personal goals

StatePoint – Every so often, it is a good idea to take stock of your finances and identify short and long-term priorities.

Following is a checklist of financial to-dos.

Get Budget Savvy

Over three-fifths of Americans identify staying within budget as a “take charge priority” in a recent Lincoln Financial Group Measuring Optimism, Outlook and Direction (M.O.O.D.) of America study. (Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates, which are separately responsible for their own contractual obligations.)

An online tracking tool tied to your bank account is an easy way to monitor spending habits and identify where to make necessary tweaks to redirect money toward important financial goals. Many financial institutions offer these for free.

Boost Retirement Savings

For 59 percent of Americans, saving for retirement is a financial priority, according to the same Lincoln study. Take their cue. You can lower your tax burden by increasing your retirement plan contribution, since deposits are made pre-tax.

Unfortunately, you can’t just write a check to your 401(k) if you want to contribute more. The money must come out of your paycheck, and you must ask your human resources department at work to increase your withholding.

Mind Flexible Spending

A flexible spending account (FSA) is a great tool for saving on health care. You decide during open enrollment how much you’d like to have taken out for health care-related expenses throughout the year, and the money is deposited in the account pre-tax.

But there’s a catch: You must spend it all before year-end or lose it, although some companies allow you to carry over up to $500 into the next year. Be aware of your FSA, so you don’t spend too quickly or too slowly throughout the year. Schedule health care purchases, like new eyeglasses or planned dental work accordingly.

Portfolio Rebalancing

Rebalancing is a necessary but often overlooked portfolio task. Financial advisors recommend reviewing your portfolio periodically to decide whether rebalancing is warranted, typically if your positions have strayed five to 10 percent from where you originally set them.

For example, if you allocated 60 percent of your portfolio to stocks, but it has now moved to a 70 percent allocation due to strong market performance, it might be time to rebalance. Rebalancing helps you restore your allocation back to your intended risk profile.

Charitable Contributions

Don’t forget about the causes you care about. If you itemize your deductions, you can take a deduction against donations to 501(c)(3) organizations. Your donations can take many forms: cash, appreciated stocks, or even the cost of ingredients for a meal for a homeless shelter.

A little attention paid to personal finances can go a long way toward a more secure financial future.