It’s time to sort out important personal finance tasks for the New Year. Which money tasks are most important? While there’s lots of room for debate, here is a list to get you started.
- Clean up your budget
Starting fresh immediately in the New Year instead of working to begin the budgeting process is a good idea. Use apps to help you get started with your budget. Check out your bank’s balance and make a list of your expenses.
- Buy Life Insurance
New Year’s Day is often listed among the five most dangerous driving days of the year, and Christmas Day isn’t far behind. Between the fact that there are lots of drivers on the roads and above-average amounts of alcohol consumption, it’s a great time to think about your life insurance needs.
Start with how much you’ll need and the length of time you’ll need it before choosing a type of insurance. You’re more likely to purchase the right policy if you start this way instead of talking to an agent first.
- Put away a few more rupees
If you have an emergency fund, why not put away a little more in your retirement plan? Your emergency fund will make sure that if something goes wrong, you aren’t using money that should better be used for groceries or bills. Increasing your savings early in 2017 helps you start the New Year on the right foot.
Pick a single fund or two, that’ll give you exposure to large companies and invest 100 percent of your money in stocks while your account is small. When your account grows larger, begin diversifying into more funds to spread your risk.
- Finding ways to save
Sell losing investments to build up capital losses. If you own a business, make purchases for items you’ll need in the future year through deals and discounts. Add up your medical costs and plan a healthier lifestle. If you itemize, you may be able to deduct some of these bills.
While there are many ideas to help you, if you just implement a few of the ones on this list, you’ll roll into 2017 with a nice head start on achieving your financial goals with more money in your pocket.