Tips For Managing Your End Of Year Personal Budget
As the end of the year rolls around, it’s a time to reflect on our goals, mindset, and finances. Are you where you want to be, financially? If not, do you have the right budget in place to get you there?
Creating a personal budget and sticking to it is an essential part of financial security, especially if you are currently living from paycheck to paycheck.
No one wants to start the new year off on a bad foot, which is why we put together these 8 tips for managing your end of year budget the right way.
Managing Your End Of Year Personal Budget
1. Review, Review, Review
Most of us have made New Year’s resolutions, but few of us talk about those resolutions by the end of the year. Months like November and December are made to review your end of year budget and financial resolutions from head to toe.
This includes checking and understanding your:
- Mandatory spending for the year (housing, groceries, transportation, etc.)
- Discretionary spending for the year (shopping, eating out, vacations, etc.)
- Savings and investments
- All automated payments
- Overall debt, interest rates, and any late fees incurred during the year
You must complete an extensive end of year budget review if you want to truly see where you are when it comes to financial goals and what you need to change to be better next year.
2. Consider New Contracts Or Subscriptions
During your review, you may notice how much you’re paying for things like insurance, Wi-Fi, your phone, and other monthly bills. Since many contracts and subscriptions are annual, now is a great time to look for deals with other companies.
3. Contribute To Your Retirement Accounts
If you want to max out or add to your 401(k) or Roth IRA for the year, it’s time to do so. While Roth IRAs may allow for later contributions, 401(k) contributions for the year-end on December 31st.
4. Rebalance Your Portfolio
Rebalancing your portfolio means changing your investments to make them less volatile. The last few years have caused some intense ups and downs in the worldwide economy, so it may be time to cut certain losses or consider investing in new areas.
One important step for this is harvesting your tax loss. This is when you sell underperforming investments at a loss, allowing you to reduce your capital gains and get a tax break.
5. Complete Open Enrollment
Open enrollment for many programs ends at the end of the year. Whether you’re applying for a government assistance program, new health insurance coverage, or another employee benefit, make sure you meet the deadlines to get the best bang for your buck in the new year.
6. Request A Copy Of Your Credit Report
You can request a free copy of your credit report once per year through the official government-sponsored site, AnnualCreditReport.com. Doing this annually is important because you’ll see what banks and other lenders see when they check your credit history. This will not affect your credit score.
7. Check Out Credit Card Offers
If you manage your current credit cards well and don’t have credit card debt, you could consider new credit card offers for the new year. This will expand the credit you have available, lowering your total debt-to-income (DTI) ratio and providing you with some perks, like airline miles or cash back for your regular expenses.
If you have a lot of high-interest credit card debt, you could also consider consolidating it to a new card with a lower or zero-interest rate, depending on your creditworthiness.
8. Consider A Title Loan For Urgent Bills
Sometimes unexpected emergencies can rain on our holidays, causing financial stress. This could happen when your car suddenly breaks down, the house needs an urgent repair, or you find out you need an unexpected medical procedure. Instead of pulling funds from your end of year budget, you may consider using a title loan to cover urgent bills before the new year.
Auto Cash USA works with reputable lenders who offer up to $15,000 for a title loan. This loan uses your car as collateral while you keep your car during the loan’s duration. You only need your I.D. and your lien-free title and vehicle to apply, and you could have the money in just a few hours.
How To Access Money For An Emergency
Start by filling out our inquiry form online if you're ready to get cash through a title loan. This will connect you to the best lender in your area. Be sure to have your state I.D. and lien-free title available.
The lender’s title loan representative will determine if you qualify and guide you on the next steps for securing your money. Depending on the condition of your vehicle, you could be approved for thousands of dollars in as little as 30 minutes.
Get Your Budget In Shape Today
Managing your end of year budget takes some effort, but it’s the first step to starting off your new year right financially. If you’ve gone through our tips above and found that you owe money on utilities or have an urgent expense you have to cover before the year’s end, a quick title loan from one of our lenders may be a solution.
Inquire now to get in touch with a reputable loan vendor today to learn more about your options. Our representatives at Auto Cash USA are waiting to help!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.