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Are you on track for the rest of 2022? Check out this Fall Financial Checklist  Thumbnail

Are you on track for the rest of 2022? Check out this Fall Financial Checklist

Well, 2022 has definitely been quite the year so far and seems to be flying by! As a Financial Advisory team, we wanted to provide you with this 10-step checklist to help ensure you're on track for the rest of this year.

If you would like to schedule a Review or Consultation with a Deschutes Investment advisor, please contact them directly or email

Fall Financial Checklist:

Step 1: Analyze Your Budget

In early 2022, the Bureau of Economic Analysis reported that the personal savings rate is at only 6 percent.1 An effective way to avoid spending more than you are earning is to step back and take stock of your monthly and annual budget. Many credit cards or banks will offer categorical breakdowns of your spending, which can be a great way to find out what you’re spending the most money on and if there’s room to cut back. 

Step 2: Seek Out Tax Savings

Do you scramble to pull your paperwork together every March and April? This year, try taking a different approach to tax season by evaluating your tax-saving strategies early. You may want to work with your financial planner to help you understand your withholding options and tax-saving opportunities such as 401(k) or 403(b) options, IRAs and HSA contributions.

Step 3: Tackle Your Debt

An alarming 38 percent of adults carry credit card debt from month to month.2 If you’re guilty of putting off managing your amounting expenses, now’s the time to start planning to pay them off. While most consumers have some amount of good debt on their plate (mortgages, car payments, etc.), it’s the bad debt (credit card debt, student loans, etc.) that you’ll likely want to focus on managing and eliminating.

Working together with your Deschutes financial advisor, you can create a yearly debt summary. This will help you better understand whether you're slowly working down the amount or falling farther into the hole. 

Step 4: Revisit Short and Long-Term Goals

A lot can change in a year - marriage, death, divorce, growing your family and experiencing a major career change. Even seemingly small adjustments, like a job promotion or sending a kid off to college, can have a significant impact on your financial status. That’s why it’s important to regularly review your long-term goals and progress towards them while revisiting and evaluating your shorter-term goals as well.

Step 5: Evaluate Coverage and Providers

Take the extra time to thoroughly evaluate your current providers and coverage options. This includes your internet, cable and wireless service providers in addition to your insurance coverage options. If you tend to set up auto payments and forget about your monthly bills, this could be an opportune time to revisit what it is you’re actually paying for.

Step 6: Reassess and Rebalance Your Portfolio

It’s important to visit your portfolio and risk tolerance regularly to help keep it in line with your tolerance, goals and market conditions. While most managed portfolios will be rebalanced automatically, it’s important to take stock of your investments’ big picture. Doing so can help you determine if you need to diversify differently or reassess your risk tolerance.

Step 7: Review Your Retirement Savings

Whether retirement is decades down the line or within the upcoming year, reviewing your retirement savings on an annual basis is a great habit to start. Take the time to assess whether or not you’re maxing out your retirement contribution options and how the savings you’re making today will translate into retirement income later down the line.

Step 8: Assess Your Estate Plan

It’s not fun to plan for the worst-case scenario, but leaving your family with an outdated will, trust or estate plan can lead to some major issues down the line. Make sure you’re accounting for any newly acquired assets (houses, cars, pets, etc.) while checking that your designated beneficiaries are still willing and able to assist in the event of your passing.

Step 9: Complete your home inventory

Use your smart phone to record possessions. Then upload the pictures or video to your iCloud or hard drive. If you are a Deschutes Client, you have access to your Vault Section for important documents on your Personal Financial Website.

Step 10: Get Real ID

The last thing to consider looking into before the end of 2022 is getting your REAL ID. Federal identification requirements for domestic air travel will change on May 3, 2023. That is when the Transportation Security Administration will no longer accept a standard Oregon driver license or ID card to pass through airport security checkpoints. – Link for more information: REAL ID

Deschutes is here to be a Trusted Partner when navigating your financial life. If you have any questions or concerns, please Contact Us

Have a wonderful week ahead! 

- The Deschutes Wealth Management Team 


This content is developed from sources believed to be providing accurate information and provided by Twenty Over Ten and Deschutes Investment Consulting, LLC. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.