{"id":8468,"date":"2022-12-05T10:08:35","date_gmt":"2022-12-04T23:08:35","guid":{"rendered":"https:\/\/ipraccounting.com.au\/?p=8468"},"modified":"2023-01-19T16:16:37","modified_gmt":"2023-01-19T05:16:37","slug":"4-end-of-the-year-financial-planning-tips","status":"publish","type":"post","link":"https:\/\/ipraccounting.com.au\/4-end-of-the-year-financial-planning-tips\/","title":{"rendered":"4 end of the year financial planning tips"},"content":{"rendered":"

The end of the year is typically a reflective time. Something about that lull between holiday festivities and New Year’s Eve sets the stage for introspection and review. While you\u2019re busy reflecting on the year that\u2019s ending and the new one about to begin, make sure you take some time to consider your finances. <\/p>\n

Here are some financial tasks that should be on your must-do list before the calendar rolls over. Read on for some items that really can\u2019t wait.<\/p>\n

1. Take stock of your financial plans<\/h3>\n

If you have formal financial plans, take a step back and assess how they’re working for you. If you have a real document in place, that\u2019s great. If your financial plan consists of a loose set of ideas in your head, that\u2019s okay \u2013 but consider making that plan a little more concrete for the new year.<\/p>\n

Has anything in your life changed since the beginning of the year? Marriage, the birth of a child, or a change of career are all reasons to revise your financial plans. Or maybe you\u2019re navigating a job loss, an unexpected illness, or the loss of a loved one. Your plan from the beginning of the year may not resonate anymore, for a variety of reasons.<\/p>\n

A lot can change in the course of a year. It\u2019s okay if things change, but it\u2019s important for you to shift as necessary. Your financial plan is a living document and should be updated accordingly. Take some time to reassess and adjust your plan as needed based on what\u2019s happened in the past year. <\/p>\n

2. Check your progress on your goals<\/h3>\n

If you\u2019ve been saving for a large purchase or committed to making contributions to a savings account, check how that\u2019s going. It\u2019s easy in January to say that this is the year it\u2019s finally going to happen for you. But it doesn\u2019t mean a lot if you don\u2019t check how you\u2019re doing by year’s end.<\/p>\n

If you made your goals, that\u2019s great! If they fell by the wayside, take a look at what you could have done differently. Or, take some time to set a goal that\u2019s more manageable so that you can get that sense of accomplishment next December.<\/p>\n

3. Review your spending and saving habits<\/h3>\n

This is going to be a lot of fun if you made significant contributions to your savings accounts this year. The sense of accomplishment will give you some much-needed momentum to carry those habits into the new year.<\/p>\n

If, however, you were a little more skilled at spending than saving, it might be time to have a talk with yourself. Take a look at where your money went, and if it didn\u2019t go to something that makes you proud, reconsider those habits for next year.<\/p>\n

Yes, it\u2019s hard to deny yourself the things you want. But it\u2019s terrible to be caught without any savings when you need them.<\/p>\n

4. Consider your contributions<\/h3>\n

There are many accounts that benefit from a contribution before the year is over. Retirement or education savings plans would be good examples \u2013 or a tax-free savings account. This is also a good opportunity to review your charitable giving goals.<\/p>\n

Final Thoughts<\/h3>\n

The end of the year is a time of change and new resolutions, but before you do take a look back. Check your progress over the past year \u2013 it\u2019s the only way to know if your goals are working out. Before you make new ones, see how you did on the ones you set at this time last year.<\/p>\n

Contact us<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The end of the year is typically a reflective time. Something about that lull between holiday festivities and New Year’s Eve sets the stage for introspection and review. While you\u2019re busy reflecting on the year that\u2019s ending and the new one about to begin, make sure you take some time to consider your finances. Here … Continued<\/a><\/p>\n","protected":false},"author":11,"featured_media":8389,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[83],"tags":[],"jetpack_publicize_connections":[],"acf":[],"yoast_head":"\n4 end of the year financial planning tips - IPR Accounting | Cin7 Core\/DEAR Consultant<\/title>\n<meta name=\"description\" content=\"The end of the year is typically a reflective time. 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