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8 Steps to End the Year Well

November 18, 2022 • Adulting

Taking the time to organize end of the year tasks before they need to be completed will make your life easier and perhaps with a little more money in your wallet.

Use this checklist to make wrapping up your year simple and productive.
  1. Gather up all your financial and tax info at the end of the year, instead of scrambling before tax season in April. There is a variety of documents you will need to have organized come spring. Most of the documents you need for your taxes are sent to you early the next year. Spend time now though designating a specific spot where all the documents go so nothing gets lost.
  2. Review your monthly budget and track your spending throughout the year. Any month you spent less than budgeted, transfer the difference into savings. Take time to start planning your budget for the next year, taking what did and didn’t work from this year and applying it to you next plan.
  3. Double down on debt. If you have made steady progress on paying down debt, that is great! If you have gone in the other direction, make a game plan to pay down debt over the next year. Once you have paid off one debt, add that dedicated amount to the next item you want to clear off your books. You might even consider a debt consolidation loan. Talk with a member advocate or financial coach about what makes the most sense for your situation.
  4. Review your savings progress and set new goals for the New Year. If you are happy with your current savings goals, think about making a stretch to increase your savings for the New Year. You may have a specific goal in mind for the money or simply enjoy the peace of mind and security that come with having resources set aside for when you need them.
  5. If you are in the workforce, be sure to complete open enrollment and select your employer benefits. It is a great time to account for any changes in your life.
  6. Get a free copy of your credit report and make sure it is accurate. If your score needs work, consider making an appointment with a financial coach to make a game plan.  
  7. Review your credit card benefits and reward offers. You might be missing out on untapped opportunities to save money offered by the cards in your wallet — perks like extra cash back on groceries and food delivery, and free access to premium apps like Calm, Spotify or GrubHub.
  8. Review your insurance policies Take a look at your homeauto and life insurance policies to ensure they still meet your needs. Check to see if you have enough coverage or if you need to adjust your deductibles.

The end of the year offers the perfect opportunity to assess the past twelve months and plan to reach your financial destinations over the next year. Just follow the checklist or talk with a Canopy member advocate or financial coach for more tips on making the New Year even better.

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