This is a time of year when everyone is making lists and setting financial goals for the upcoming year. At the same time, many people are starting to see the bills from or the effects of their holiday shopping. It may also be a time when you are still reflecting on your financial missteps of the past year. This can be overwhelming because as you are looking at a new year, reminders from the past year are still there.
Try not to dwell too long on misguided financial moves from the past year. Instead, look for ways to make wiser financial moves in the new year. If you need the advice of a professional, make an appointment to see a Fee-Only financial planner.
In “9 Smart Money Moves to Make in January,” Forbes offers advice on how you can get the new year off on firmer financial footing. You may need to overhaul your entire financial life but you can do so in small steps so you do not take on too much at once.
Review your subscriptions. Look at the things you subscribe to and decide if these are worthy investments of your time and money. Even if something doesn’t cost very much, it is not valuable to you if you don’t make sufficient use of it. This means examining things like periodical subscriptions that arrive by mail or online as well as service-oriented subscriptions such as the meal kit delivery services that have become popular.
Combine retirement accounts. Maybe you have changed jobs several times or you have personal retirement accounts as well as accounts that are connected to an employer. Whatever the reason, if you have retirement accounts in more than one place, you can consider combining them to save on fees and to make them easier to manage.
Check your tax withholding. The article includes a link to the IRS Withholding Calculator that will let you see if and how you can change your W2 form.