It’s almost a new year – are you financially ready? Have you hopefully started planning ahead and setting financial goals for the new year? Here are a few things you can do to prepare your finances for the end of one year and beginning of the next.
Review Retirement Contributions: How much are you putting away for retirement? Before the start of a new year is an ideal time to review this amount, so that if you need to make any adjustments – you can start fresh in January. It’s also a good time to see if you would be able to increase the amount going into your retirement account(s). Did you get a year end raise, and if so – can you increase your retirement savings moving into the new year?
Spend Any Flex Account Dollars: If you have a Flexible Savings Account (FSA), the money usually needs to be used by 12/31 every year or you will lose it. Check out your FSA and see if you have any remaining money available that can be used on a year end eye exam, new glasses, dental work, or medical supplies.
Donate to Charity: The end of the year is a great time to make a donation to your favorite charity. Not only will it allow you to clean out your home and donate any clothing, appliances, or toys in good condition that you no longer use – you’re also helping a local worthy cause during the season of giving. Donations are also tax deductible, so be sure to get a receipt for tax time.
Review Your Budget: This is the perfect time to review your budget from the year that’s ending, and decide if it worked well enough to continue into the new year – or if you need to make some adjustments. Sit down and really look over the numbers. Ask yourself what worked well and what went wrong – and be honest. If something didn’t go as well as you had hoped this year, decide how you’re going to revise your budget to allow it to work in the new year.
Wishing you a happy, financially healthy holiday season and upcoming new year!
Article Source: Moneyning.com