It’s hard to believe that the end of 2017 is in sight. With year’s end approaching it is important to prepare yourself for a strong finish.
Don’t be caught off guard when the new year starts and you are not where you thought you would be financially. Take action now to ensure a strong finish to 2017 for a stable start to the new year.
Make a holiday-spending budget.
With the holidays quickly approaching most of us tend to change our spending habits and make more purchases. If you have already budgeted for this, then you are in good shape! For those that haven’t taken the increased holiday spending into account it can make for a lagging start to the new year. Stick within your means while shopping for loved ones and don’t incur too much credit card debt. It’s easy to swipe, but as the balance begins to grow it can become more difficult to pay off in a timely manner to avoid those high interest rates. Making a list and a budget can help to head off those impulse buys and keep you on track.
Save your bonus.
When you collect that end of the year bonus it is very tempting to quickly start making a list of things you want to spend it on. The money is gone before we even get it. New shoes, new hardwood floors in the living room, a vacation, the list goes on. While those ideas might seem intriguing, try to step back and be smart with your money. Take small amount of your bonus and treat yourself, because let’s face it, you earned it! Then, take the rest and place it in your savings account, invest it or use it to pay off debt. These actions will put you on the right track to start the new year financially stable.
Review your 2017 budget and start planning for 2018.
Now is a great time to start reflecting on your spending and goals you had planned for the year. Did you save as much as you wanted to? Where did you do really well in sticking to your budget? And where did you struggle a bit? Did you have any large unexpected purchases that you had to make (i.e. Do you have to restock that emergency fund in the coming year?)? Reflecting on questions like these is a great starting point for planning for the next year. Utilize our budgeting calculators to help you start planning and get a strong start to 2018.
The information voiced in this material is for general information and is not intended to provide specific advice or recommendations for any individual.