SALT LAKE CITY — With the change of season, Fall is a great time to fine-tune your finances.
There are three smart money moves you should make this Fall, according to Kiplinger.
Revisit your investments
First, take a look at your investments. You’ll want to know how the stock market has affected your money.
Your financial planner can help you run a risk analysis of your investments so you know how much risk is appropriate for you at your current stage of life.
One strategy is to use the rule of 100. Take your age and subtract it from 100. The resulting number should be the percentage of your portfolio in stocks.
If you’re 40, 60% of your portfolio should be in stocks.
Revisit your budget
Second, revisit your budget.
What adjustments do you need to make based on increased cost of living, inflation, or rising interest rates? By spending less than you earn, you can start focusing on long-term goals like saving for retirement.
Revisit your tax plan
And last, look over your tax plan.
Financial planners say you should be thinking about taxes all year long. Double-check your withholdings. Income tax brackets have changed over the years, and many people don’t update their withholdings to reflect that. Adjusting your withholding could benefit your finances year-round.
Set aside some time this month to review your finances – either by yourself or working with a financial adviser.
