The start of a year is a great opportunity to set new financial goals and recommit to old ones. Therefore it is important to take action now to make sure you are on track and none of the opportunities are missed. Here are some smart money must-do’s before 2015 ends.
Money Must-Do’s Before the Year Ends
Check in with your employer about your benefits:
- Renew or enroll into your employer’s benefits, including retirement savings accounts, healthcare reimbursement, and wellness savings. Meet with your HR department to walk through any company benefits that you may not be taking advantage of.
- Enroll in an employer sponsored 401k if available and, if you are already enrolled, look for ways to increase your weekly contributions. Even better if your employer matches your contributions.
- Enroll in any health or transportation reimbursement programs or sign up to the flex spending accounts to cover co-pays and other medical expenses. The extra cash can be invested towards your 2016 financial goal.
Get a grip on your credit:
- You are entitled to one free credit report per year from each of the credit reporting agencies.
- AnnualCreditReport.com is a recommended source to get your free copy of your credit report.
- Once received, review to ensure the accuracy and check if there is any erroneous information. Work with the credit reporting agencies and your creditors to get these corrected to minimize the impact to your credit score.
Step into the New Year with minimal debt balances:
- Pay off what you can in 2015.
- Reviewing your credit report also provides the opportunity to review your outstanding debts and develop a plan to get any of your credit cards paid off.
- Debt is often easy to accumulate and difficult to pay off. Getting rid of as much debt as you can helps get closer to a fresh start for the New Year.
Make your new budget with caution:
- You can always use the 2015 budget as a baseline to create you budget for 2016. However, remember inflation can play a role in your expense projections. Try as much as possible to include them in your budgeting process to avoid under budgeting.
- Set new goals to give you that extra push to save a little more.
A new year can hold many new possibilities and opportunities. Embrace these new money must-do’s and strive for improvement. Have a happy New Year!