Preparing for the New Year
It’s time to take stock of your current-year’s total finances: organize all your receipts and paperwork for the upcoming tax season and set up a file for all of your current-year’s expenditures and total income.
Do the same for next year’s finances, keeping your records and files orderly on a daily, weekly, monthly basis. Get into the habit of regular recordkeeping and maintaining meticulous, methodical files. It is advisable to review and prepare for your next-year’s costs of living ahead of the New Year.
Each year, set aside a portion of all your income for savings and investing – put a portion of your money to work each week no matter what the amount or percentage of your total cash intake.
The amount you place into savings, the amount you invest, is based on what is left after you have paid all of your financial obligations, bills, debt, plus setting a portion aside for emergencies, repairs, and other unforeseen situations. Dividing your income into various compartments will serve you well in years to come and help you meet unexpected financial demands.
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