December 2019: Time for A Year-End Financial Wrap

2019 Year-End Financial Wrap

As 2019 comes to a close, follow these tips to get your finances squared away to prepare for the year ahead.

Use holiday bonuses or extra savings to reduce debt.
Create a strategic plan to tackle the rest of it in 2020.
Calculate how much of your income you can contribute monthly, then consider setting up autopay through your bank.
Determine ways to save money throughout the year — ride a bike instead of driving to work or prepare lunch at home.
Try to space out your payments and keep them small, instead of feeling like you have to pay all at once.

Take 30 minutes to assess your finances for the year with your spouse or family.
Did you…

Be honest, and use these conclusions to craft your plan for 2020.

[alert_green] Need a finance pro to help? Call me for a great referral! Contact Us[/alert_green]

While you still have some time before tax season, start getting organized early so you’re not scrambling come April.

Sort Your Books
Collect pay stubs and relevant receipts, and make a list of the tax forms you’ll need from employers.
Get Ahead on Retirement
You’ll have time in 2020 to contribute to these accounts for 2019, but start planning now if you want to make a maximum contribution to your IRA or HSA (Health Savings Account).
Check Your Side Hustle
It’s common to have a gig on the side. Keep your proof of payment in one spot, and start to write down expenses you encountered on the job, like gas, software — those can become tax write-offs!
Keep an Eye On Your Accounts
Investments – Take stock of any investments you have, and see how they are doing. Take note of your income tax bracket — this could affect the tax paid on investments.
Health – Check your Flexible Spending Account (FSA). If you have contributed to this tax-free account during the year to pay for services your insurance won’t cover, don’t forget to request reimbursement!