5 Simple Steps to Tidy up Your Finances Before the Year Ends

The end of year 2021 is just around the corner and making time to review your current financial situation can help as you transition into the New Year. In this article, our handy tips will help you to clear your desk before the Christmas break and have an electrifying Christmas!

• Review Your Goals and Budget:
  Probe yourself to measure the success your financial goals this year and how you were able to stick to your budget. Look out for factors that made it easy or difficult to stay on budget. If you didn’t meet your goals, look at the reasons why. This helps you decide what worked, what didn’t, and where you could improve.
• Double Check Your Bills
  It can be easy to overlook certain bills and miss a payment, with holiday festivities and family gatherings taking place. Cross check and ensure all of your bills are in order before the New Year. Go through your monthly bills — like insurance, utility, etc. Also check through your annual payments like rent or mortgage, that may be due at the end of the year or the beginning of the next. Setting up automatic payments for your expenses is a good way to schedule payments from your accounts for one-time or recurring expenses.
• Evaluate Your Insurance Policies
  Re-assessing your policies can help ensure you’ve got the coverage you need for your current financial situation. Your insurance needs may have changed over the year.
• Probe Your Memberships or Subscriptions
  Go through the list of all your subscriptions to renew the expired ones and yank out subscriptions you’re not using. Subscription service, like a magazine or a product trial. You’ll get to save a lot of money by reviewing your subscriptions and memberships before the year ends. Determine which subscriptions or memberships to keep, and the ones that needs to be canceled.
• Look ahead. Looking ahead to what your next budget, financial goals or investment goals might help you plan better and avoid many pitfalls. Research on how you think you can do better in your finances over the next year. “Look ahead rather than backwards.” Now that you know what worked and what didn’t this year, you can look to the year ahead. Start setting your financial goals, savings goals, investment goals and budget. With these simple tips, you should be able to tie up loose ends so you’re ready to take on the New Year.