With the end of the year approaching, the time has come to check in on your financial goals and see if you can indeed reach them before the calendar year ends. What are some of the major things you should be doing to achieve that, though? Well, since each person’s financial situation is so different, it is hard to give you an exact plan, but we have a few general ideas for you to implement in your life that may help you reach your financial goals before the year comes to a close. Alright, let’s get started, shall we?
Check your progress
Before diving headfirst into things, it is a good idea to check the progress you have already made. Have you paid down debt, set up auto-savings, added to your retirement more? Take a look at what you have already done, so you can be proud of what you have accomplished. Seeing what you have already tackled can help to keep you focused, on track, and ready to tackle more.
Add investments to your portfolio
Adding investments to your portfolio is a great way to diversify your income and set you up for a stronger financial future. Not only will it give you a leg up on hitting your end-of-year financial goals, but it gives you the chance to have financial strength for years to come. Don’t know where to start? Try out easy-to-use services like Cetera investment services or other online investment providers. They can help you accomplish those big business changes or whatever else you may need regarding investing and financial competency.
Maximize your retirement contributions
You are probably already investing in life insurance, and you may already be adding money into your retirement every paycheck, but are you adding the maximum amount? Do some research to see what your maximum contribution can be, and see what you can do to hit that goal by the end of the year. If that means you have to use Home Chef meal deliveries to eat in for the rest of the year and not eat at those highly-acclaimed restaurants, just so you can put that extra cash into your account, that may be what you have to do.
Start holiday planning now
You know when November and December roll around and you have to spend an arm and a leg to buy everyone presents? Well, if you start now it won’t be as overwhelming in the long run, and you won’t be tempted to spend tons at the last minute. When you give yourself time to plan what everyone is getting, you can be more deliberate with your money and spend it as it should be spent.
Reevaluate your living budget
If you have been living on your budget comfortably, it might be time to kick it up a notch. And sometimes, making one big purchase, like having solar panels installed, can end up saving you money in the long run. When you are saving money in instances like this, you can reallocate it to be used elsewhere before the end of the year rolls around.
Review your coverages
At the end of the year, most enrollment periods will come to a close, and it will be time to reevaluate to see if you should stick with the same Aetna health coverage you had all year. If your health has remained the same, it may be time to choose a lower-priced plan to save a few bucks and finish the year strong. We hope that a few of these tips help you find financial freedom by year-end or that they at least set you up to gain more financial independence as soon as possible.