Here’s Your End of Year Financial To-Do List

End of the Year plans Moneyrise
End of the year plans Moneyrise

It’s the 11th month of 2021 and we are rapidly coming to the end of the year. It’s around the time to put your financial house in order before the holiday spending season arrives. 

Here are things we want you to do to prepare for the end of the year.

Check with your employer that your tax, pension and other deductions are going to be filed correctly 

Don’t leave this to chance. Confirm that your company remits and files all your income records correctly for tax authorities. Also, confirm that your pension contributions are up to date and the right amount. Your company HR and your pension administrator are good places to check. It will help you while preparing your end of the year tax filings as well as making sure you’re tracking your long term retirement goals.

Review your next of kins and account beneficiaries on your accounts 

You’ve saved, invested and opened several accounts this year. Do you have a next of kin designated for all of them? Make sure this is completed and up to date. If you got married this year you should probably switch your parents or siblings out of your next of kin and use your spouse. Or Not. But make sure it’s up to date.

Review your expenses for the year 

How well did you track your spending? Where did the majority of your money go? Download bank statements and track where most of your money went into and make decisions about where you’d like to see your money go in the new year. It will help you improve your budgeting in the next year.

Review your investments for the year

Which of your investments has done well? What kind of returns have you gotten so far? What are the investment mistakes you made? Do you have a plan for not repeating them? What financial goals were you able to achieve? Which needs to be deferred? Then lastly 

Start early to set ONE financial goal you need to achieve for 2022. 

Having looked at your financial performance and expenses you need to consider the one major goal you want to ensure you achieve in the next year and start preparing for it. Instead of a laundry list of new year resolutions driven by all the new year euphoria, take a calm eye on your finances and set an important single goal you can achieve. 

BONUS: SET YOUR DETTY DECEMBER BUDGET

This is highly important: Do not go into Detty December without a budget and a plan. It will not end well. People have spent their rent money on December rocks. Don’t be that person. You have to check your finances and set aside an amount you intend to spend. Plan around that budget and get together with your friends to split the activities across the group. You have at least 6 weeks to save up or put aside the required budget. Don’t leave it till the last minute or decide to sing it. Again, it will end in tears.

So there you have it. Tick these and any other important items off your financial to do list and you should be ready to end the year in great style!