Most likely, in the beginning of the year you set definite financial goals. The year is coming to its end and there’s just a few months left to finish what you have started. Review your financial life and evaluate your current position! Check this list of things you have to do by the end of the year and don’t stop on a way to personal financial independence.
Add More to Your Retirement Savings
If you want to max out your 401(K), you still have time for that! If you’re under 50 years old then you maximum for 2015 is $18000. If you’re 50 and older, you can add $6000 maximum into your employer-sponsored retirement accounts. Check your account to see how close you are to the maximum and boost your savings. Consider contributing to a Roth IRA with a maximum of $5,500/a year and put as much as you can for retirement.
Check Your Accounts
People tend to check their checking and retirement accounts used for casual expenses more often than those which are housed in different financial institutions. Don’t forget to check your retirement accounts and use a calculator to check how close you are to the maximum contribution limits.
Create a Financial Day
Choose any day of the week to review your finances and to make a plan for the next week. If you have taken out online installment loans from direct lenders, check your repayment date and make sure you can do that on time. Also, check your bills and statements, review your investments, compare your income and spending.
Review Your Goals
Make sure you still want to achieve the goals you have set in the beginning of the year. If you have saved enough for emergencies and retirement, consider making investments to make your money work. Time changes everything and some of your financial goals may be not an exception.
Analyze Your Spending
Look back and review your spending. What have you spent the most of your money on? Is there something you would like to change? Analyze your decisions and its consequences so it will help you become a smarter spender.
Reconsider Kid-Related Expenses
Take your time to count how much you spend on kids and make sure you prioritize expenses wisely. Many parents overspend while paying for kids’ activities and club sports. Don’t forget about a need of making college savings and always put it at the first place.
Review your monthly bills and call your providers to ask for lower rates. Do it at least once a year and be sure, you’ll save enough money! For example, your phone company can suggest a cheaper data plan and a cable company can give you a much more attractive offer. Remember, nobody wants to lose their clients so they’ll do their best to meet your requirements.
Plan the Next Vacation
Vacation can be a costly thing, so the earlier you’ll start saving for it, the better rest you’ll have! Actually, the vacation factor works very well when you need a motivation for saving money. Spend less for unnecessary things and remember that you can use every saved dollar for something more important.
Got a boost to your paycheck? Don’t hurry to spend it on small pleasures. Use any surplus to boost retirement or emergency savings, pay off your credit card or other debt, save for a massive purchase or vacation.
Contribute to 529 College Savings Plan
Most likely, you know how many people today struggling with their student loans. Help your kids or grandkids to avoid it and contribute to a 529 account. The annual gift limit for grandparents is $14,000 per person and you can make a contribution for 5 years in advance without triggering federal gift taxes.
Make Sure You Save Enough for Emergencies
Financial planners advice to keep in the bank an amount of money able to cover your expenses within 3-6 moths period. It’s better when there’s no easy access to the money so you can use it only when it’s necessary.
Organize Your Taxes in Front
There’s still enough time before April 15, but do yourself a favor and start collecting the necessary information now. If you will submit your taxes early in the next year, then you’ll get the tax refund early too!