A Financial To-Do List for the End of the Year
It’s the end of the year. We’ve all eaten our turkey, taken our naps, watched our football, and started our Christmas shopping. But, have you taken a good look at that financial to-do list? Have you even thought about what should be done at the end of this year to further strengthen your finances in the next? Today, we’re going to look at a financial to-do list of some things that you should consider before the end of the year.
- Balance that budget. The end of the year is the perfect time to reevaluate your budget. Did this year’s work out? Did your family’s total income change? Are you saving enough where you want to save? Did you set enough aside for emergencies? Sit down with the other people in your family and ask some serious questions about this past year’s budget and plan out what it will look like for next year.
- Put in your maximum retirement contributions. IRA’s, Roth IRA’s, and other retirement accounts have a maximum contribution that you can put in per year. Haven’t hit that contribution yet? Then do it! It resets after the new year hits.
- Put your good intentions into action. Have you considered giving money to a local charity? How about canned goods to a food bank, or clothes to a thrift store? No matter what you are thinking about doing, the holidays are the best time for giving. And, on top of that, any contributions can be used if you itemize your taxes.
- Get your paperwork in order for taxes. If you’re like me, you have a lot of stuff you have to get ready for taxes. Business taxes, medical expenses that were not covered by health insurance, any receipts of charitable contributions, absolutely anything that you may need. You won’t get your W-2′s until next month, but having everything ready ahead of time will make the whole process a lot easier on you and your family when it comes time to file them.
- Review your credit history. The government requires that every American citizen be able to access a free credit report once a year. If you haven’t done it yet this year, take advantage of it now. Then, when you receive that information, make sure to look it over. Are there any discrepancies? Is there something that has already been corrected that hasn’t shown up on your report yet? Contact the credit agency for anything that looks fishy. If there is anything you can fix, like paying off a debt or consolidating loans? Do it now, so that you can have a fresh start when January first rolls around.
So, get to it! Start rolling through this to-do list and make your financial life easier and better when we hit January 1st! Enjoy your weekend, and as as always, spend smart, save smart.
