Warm The Cockles Of Your Wallet

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BY SUZANNE HAZLETT, MBA, CIMA®, CFP®

Suzanne Hazlett, MBA, CIMA®, CFP®, founder of HAZLETT WEALTH MANAGEMENT, is a Certified Investment Management Analyst® and CERTIFIED FINANCIAL PLANNERTM professional.

This is the time of year when we start winterizing our homes, but it can also be a time to winterize your finances. Sometimes, the two go hand in hand. Home inefficiencies can slowly leak into your budget. Here are some steps to help keep the chill of winter at bay.

  • Change your furnace filters: Doing so allows the furnace to operate more efficiently and helps clean the air so you can breathe more easily.
  • Feel for drafts: Check all your doors and windows to ensure they are weather-stripped.
  • Program your thermostat: Having your thermostat set to turn down right after you leave for the day and when you go to bed can add up to savings.
  • Perform an energy audit: If your home is older, it may be time to look at your insulation, furnace, and single-pane windows. These can be larger-ticket items, but increasing your home’s energy efficiency could be a smart investment.

Your energy costs are not the only thing freezing your wallet during winter. You can start planning to avoid the last-minute scramble to offset some expenses.

  • Plan out your holiday gifting: Set a budget for each person on your list and stick to it.
  • Start finding the gift that will be meaningful now, and you can spread the expenditures out over the next couple of months instead of all at the same time.
  • Start working on next year’s plan: In October of each year, the Social Security Administration typically announces any cost-of-living increases for the coming year, potentially impacting retirees’ budgets. Open enrollment for Medicare Parts C and D has begun; the deadline is December 7. For those still working, create a plan to maximize your contributions to your retirement accounts.
  • End-of-year planning: Talk to your advisor to see if there are strategies you should implement to balance realized capital gains and losses where appropriate. Talk to your financial professionals to see if bunching your charitable donations makes sense for you.

A little planning can keep your wallet from being left out in the cold.

Suzanne Hazlett, MBA, CIMA®, CFP®, is a Certified Investment Management Analyst® and CERTIFIED FINANCIAL PLANNERTM professional. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Securities are offered through Raymond James Financial Services, Inc., member FINRA/SIPC. HAZLETT WEALTH MANAGEMENT, LLC is independent of Raymond James and is not a registered broker/dealer. 675 Sun Valley Road, Suite J1 + J2, Ketchum, Idaho, 83340 208.726.0605 HazlettWealthManagement.com