photo credit: ge_keoni
Almost 3 short weeks before the end of 2015, and we are all frantically looking for last-minute gifts and getting ready to fill our schedules with holiday parties.
Things we need to look at for the end of the year should be filled with joy and get us ready for 2016. based on the article at moneyning.com, see how I have done and currently doing.
1. Review Your Yearly Budget
Looking back through the year I made some terrible choices when it came to debt reduction. I didn’t do very well with investing my money as well.
I feel that being honest with myself in this next year is going to shed light on how I will truly be able to get out of debt. I have already set up automatic payments to get out of debt, and I will not change those automatic payment for any reason.
2. Max Out Your Retirement Contributions.
In October I was able to max out retirement contributions in my step IRA. that is currently where the bulk of my retirement money is sitting.
I’ve been thinking about adding to a Roth IRA this year, but I haven’t been able to find the funds to be able to do it. Currently, I don’t feel a rush to contribute to a Roth IRA . With the current tax rules, I have until April 15 to make that decision.
3. Donate to a Charity
I make monthly donations to the organization EQUIP at www.iequip.org Which is an organization that has been Co-Founded by John C. Maxwell and Larry Maxwell.
Their vision is to “see effective Christian leaders fulfill the Great Commission in every nation.”
This doesn’t have to be your cup of tea, but this is an organization that I believe in.
4. Spend what’s left in your FSA
I don’t have money in a Flexible Spending Account (FSA), so this isn’t a problem for me. An FSA might be an option in the future, but I haven’t found out how it could fit into my financial plan yet.
5. Prepare for 2016
Currently I only have a W-2 Income and I don’t need to have a lot of paperwork.
To alleviate any problem of searching frantically for anything during tax time is to continually update and maintain account information as the months close.
Overall, emotionally and spiritually I feel more prepared for 2016 because I’m putting plans into place to pay off my debt, and take more steps to building wealth.
Two things I plan to take action on in 2016 are to
1. Reading more about Warren Buffet and Benjamin Graham so that I can take steps to invest wisely in companies that have depressed stock values that have a high probability to rise in the future.
2. Continue with my debt snowball
3. Raise my net worth over from negative to positive this up coming year. I only have $14,866 to go until my net worth is positive.