The end of the year for most people means celebration and a temporary escape from your problems. Financial concerns tend to be postponed until it’s time to make New Year’s resolutions. But in the last few weeks of the year it’s actually an appropriate time to catch up on your finances to make sure they are in order for the New Year. Getting more organized can help you visualize the bigger picture of planning your finances.
Consider the following 10 year-end financial planning tips to extra money:
Analyze Your Expenses.
By reviewing your monthly expenses you can decide if there is room to make budget cuts so that you can put more money into savings. Compare your projected financial goals from January to where you ended up in December. Refresh your goals and refine your spending budget for 2015 and consider ways to increase your income with additional revenue streams.
Order Your Free Credit Report.
Each year you can order one free copy of your credit report from Equifax, Experian and TransUnion, the three major credit bureaus. You also have the option of spreading the reports out over the year so that you get one free report every four months. Check these reports for possible mistakes or lingering debts.
Check the Status of Your Credit Cards.
Look at your credit card balances and interest rates and ask yourself how well you are paying them off. You may decide that instant cash loans can help consolidate your debts. Don’t forget that credit cards offer cash back and other rewards. Take advantage of these perks by reviewing the terms. You can also call the credit card companies and request an interest rate reduction.
Double Your Mortgage Payment.
One extra mortgage payment each year can go a long way over time. Eventually you’ll be able to pay off your mortgage years in advance, which can save you thousands of dollars. Use extra money in the bank or instant cash loans to help make the extra mortgage payment.
Make a Retirement Account Contribution.
Contributing to your retirement account helps reduce your tax liability for the year. Instead of waiting until April, make the contribution before the end of the year so that you earn more from the investment by the tax deadline. You are allowed to contribute up to $5,500 for a traditional IRA or Roth IRA. If you are at least 50 years old you can contribute as much
Evaluate Your Insurance Plans.
Take a look at all your insurance plans, including health, life, homeowners or renters, dental and auto insurance. Ask yourself if you are satisfied with your coverage or if you need to make adjustments. If you feel that you’re paying too much money on a certain plan, shop around for better quotes.
Automate Your Payments.
The more you automate your banking and bill payments, the easier it will be to manage your finances. It helps you automatically meet due dates without worrying about them. You can also set up your checking account to automatically transfer money to your savings account each month. Another thing to check is whether or not you need to cancel any automated magazine or entertainment subscriptions that you no longer use.
Adjust Your Investment Portfolio.
Check your investment portfolio to see if it needs rebalancing. Make sure you are diversified and aren’t too heavily invested in one asset class. Through diversification you can protect the value of your investment account in case a segment of the market declines. Don’t be afraid to take profits in some investments since the buy and hold strategy does not always work.
Make a Tax-Deductible Donation to Charity.
If you donate to charity, in some cases you can claim a tax deduction for your 2014 return. Make sure that the donation qualifies for a deduction. If so, save your receipt and itemize your deductions when you do you tax returns. Keep in mind that only a small fraction of the donation can be deducted, but at least you’ll feel good about giving to a cause.
Use Instant Cash Loans to Balance Your Finances.
Perhaps the holidays have drained your cash from buying gifts and throwing parties. Maybe you still have bills to pay or you just need more cash to plan for your New Year’s Eve celebration.Instant cash loans are an effective way to take care of such expenses. Simply be conscious on repaying the loan within a few weeks and you will be set for 2015.
Kimmy Burgess is the Manager of Cash in a Snap, which helps clients get connected to its large network of reputed lenders to obtain quick cash advances when they need it most. Kimmy has over 20+ years’ experience in Administrative Management, with many years in the lending industry. Her expertise includes customer service, client services and other functions in the payday lending business. She has also spent time in the mortgage industry prior to her move into the payday lending field. Kimmy has a number of pets including cats, birds, and a Chinese water dragon.