Do I Have To Pay Taxes On Football Tickets 2018 Organize Your Finances for the New Year

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Organize Your Finances for the New Year

Does your midnight toast include a resolution to improve your financial health?

2018 gives you a chance to make a fresh start and simplify your financial life. We’ve put together some tips to help you keep up with your bills, track your spending, and really use your money for the things you really want. Here’s what to do.

Have a strict budget

Knowing where you stand and creating a realistic strategy to meet your financial goals and objectives now and in the future is crucial if you want to move forward with your finances. You might think budgeting is old school but it’s still the best way to create a way to help you manage your income and expenses. If you already have a budget, review it to make sure it’s working effectively for you in 2017.

Don’t make budgeting time-consuming or complicated. All you have to do is download a budgeting app on your mobile device that lets you track your expenses. When we say track your spending, we mean whether you make purchases with credit cards, debit cards, and cash. What you’ll discover after tracking a month is the truth about where your money is going so you can plan for future spending.

Review all your statements

Make sure you set aside time monthly to review all your bills and statements. This is a good time to find things you’ve been paying for but no longer need, or especially things you can cut back on. A good online app that can help you figure out interest or add-on fees or even auto-renewing subscriptions is TrueBill.

Check out your credit union’s online money management tools

Credit unions offer online tools to help you manage your finances. How can I save for that hot sports car, that dream home, or those toys for the kids? How much down payment do I need to save for a beach shack? What type of investment is best for me? Play with their calculator to make your financial decisions easier. And if you want to set a budget and track your spending, take a look at their free personal financial management software that can integrate all of your finances and help you set goals.

Financial calculators will help you understand APRs, APYs, amortization and the power of money. Just go to your credit union website and select the category that interests you:

Always be prepared for the unexpected

As we all know, life can throw you some curveballs. Life challenges like job loss or medical problems can send you into a sea of ​​debt. As I’m sure you’ve heard before, it’s important to build an emergency fund that can cover three to six months of expenses. Even if you can save a little each month, you can increase your financial cushion.

Get rid of debt

Are you the type of person who only makes minimum payments on your credit cards or other large debts? Did you know that means you are paying most of the interest and shaving off the current balance? An effective method for reducing debt is to focus on your highest-interest balance first, while still making small payments on time for all other obligations. When your high interest debt is paid off, focus on the most expensive balance and continue doing so until you are debt free.

When your financial responsibilities are really out of control, consolidating your debts into one payment can give you the relief you need. Streamlining multiple loans into one lower monthly payment can help you pay off your bills faster. Your options include home equity, personal loans, and zero-interest credit card balance transfers.

Make the most of tax deductions

Taking advantage of the right tax deductions can help you avoid paying more tax than you need to. You may qualify for a tax deduction with:

  • Interest deductions for mortgages, home equity financing, business financing and student loans.

  • Deductions for taxes already paid, including sales tax, foreign tax, and self-employment tax.

  • Home office and business insurance deductible.

  • Deduction for charitable donations.

  • Pre-tax contributions to IRAs and 401(k) plans.

Open another checking account for occasional expenses

If you have bills that pop up periodically, like insurance payments, quarterly taxes, etc., open another account at your credit union for free and use it to save money for those occasional payments that come quarterly or even annually. It’s better to set aside a portion of that payment each month for those occasional payments, and it won’t strain your finances when you need to make that outflow.

Reevaluate your assets and investments

Life can change quickly, so it’s important to regularly review and change your retirement accounts. It’s also smart to review your estate plan and make sure your will, insurance policies and beneficiaries are up to date.

Make sure you have money to spend

As you create a plan to meet your financial goals, make sure you allow for spending money on occasions like coffee, movies or eating out. Remember, you can’t sacrifice everything to improve your financial health for the future.

Financial Health = Happy Life! So, if you start the new year with a little financial house cleaning, over time you’ll find that things that seemed out of reach become affordable, and every unexpected expense won’t be catastrophic. If you follow these tips you can tailor your future to your specific needs. The changes may be gradual, but by this time next year you will be able to improve your financial well-being.

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