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How to financially finish out 2016

Wednesday, December 28, 2016   (0 Comments)
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CUinsight.com 12/28/16

 

Take stock of your finances

If you set financial goals for this year, it’s time to see how well you did. Even if you didn’t set any goals, it’s important to have a good idea where you stand. Consider how you’re spending, whether or not you’ve been making progress toward shrinking debts and increasing assets. Calculate your end of 2016 net worth as a point to move forward from.

Schedule time for your taxes

Tax professionals’ busy season is about to start, so if you don’t file your taxes yourself, it is not a bad idea to meet with your tax guru right now. The deadline may not be until April, but discussing your income, expenses, and taxes now can help you get your return as soon as possible.

Donate to charity

The holidays are a giving time of year, and the gifts you give now can pay off come tax season. Maximizing your charitable contributions this year can help with favorable tax deductions in just a few more weeks.

Put that bonus or raise to work

Any extra holiday money that you receive should be put toward your financial future. For those lucky enough to get an annual raise, consider putting a large portion of those new funds straight into retirement savings. Those with bonuses can do the same with catch-up accounts or by paying off debts.

Take a look at your investments

The end of the year is a great to time to review what your money has done for you. If you sold off some of your investments this year for a profit, consider selling off some of those not doing as well at a loss to offset your gains. Not only will this give you an opportunity to start off the year in the green, it can also reduce your tax burden.

Set goals for the New Year

The year is almost over, for better or worse. The goals you did or didn’t reach for this year are in the past, but can help you write a more effective financial plan for 2017. Don’t wait until the ball drops to start thinking about where you want to be financially a year from now.


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