Money Moves to Make Now to Improve Finances

As we wind down 2017 it can be a great time to reflect back on what we accomplish this year, and what we did not.  Like most of us who create a resolution probably stuck with it for a while, only to give up and go back to living normal life.  While most strive to lose weight, others can focus on getting finances in order.  There is still time to make good on your resolution and set yourself up for success in 2018.

Finalize Tax Write-Offs

Whether you are not sure if you are going to owe and want to make the most of your return, are feeling charitable, or it’s ok to admit a combination of both, now is the time to finalize tax write-offs before the year ends, so there are still a couple weeks.  Take a look in your closet for clothes you no longer wear, check the basement storage for items that may have collected dust, or kitchen items that you are needing to replace soon, all can be great items to donate to the less-fortunate and get a tax write off in return.

Create a Budget

It’s no surprise the most American’s do not use a budget, two-thirds in fact, so if you are in a place where you find yourself living paycheck to paycheck, it may be time to look to free up extra money and keep a clamp on spending, where you may have not in the past.  Who knows, you may be finding out that more money is going out than coming in, and find yourself getting further into debt.  By creating a budget, you can work on allocating funds to monthly bills, food, gas, and spending, and continuing to tweak to make sure there isn’t too much/too little.

Look to Reduce Expenses

If you are looking to free up extra money each month, if you can reduce the amount you’re spending, both in monthly bills and spending money, you’ll be on the right track to see the savings adding up.  Whether it’s going grocery shopping instead of eating out, checking is lyft cheaper than uber, or cutting your cable bill altogether, you may have to think outside the box, while making sacrifices along the way in order to reach the final goal, which is having no debt and having enough saved up for in the future during retirement.

Increase Savings Contributions

While retirement may be decades away still, that is all the more reason to start saving now, the earlier the better, so that it can continue to grow over time.  Whether you are not contributing anything, to having a large percent of your pay going, now that the new year is coming soon, it’s time to increase contributions even further, even by a percent, so you don’t feel the burden as much, as your money is leaving your check and going into your retirement account.  I know you’d rather spend it now, but you will need it to live off when you are finally ready to walk away from work.

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