As the new year quickly approaches, this is a great time to work on getting your financial house in order. With so much to do during the months of November and December, it’s important to prioritize your budget and finances to ensure that you can save as much money as possible and keep your big picture finances working for you.
Here at AFRMortgage.com, we’ve put together a New Year’s Financial Checklist to help keep you on track, taking advantage of tax credits and incentives, and saving money now and for the future. We’ve also provided IRS, government, and non-profit resources to help you further research some of these guidelines and stay up-to-date as rules and legislation can be ever-changing.
New Year Financial Checklist
- Evaluate your debt. This is a good time to evaluate your sources of debt, figure out which carries the highest interest rates, and prioritize those payments. In the case of credit card debt, it may be possible to negotiate lower interest rates. You may also wish to consult with the National Foundation for Credit Counseling (www.NFCC.org), a non-profit organization providing free and confidential debt management advice to anyone who needs it.
- Prepare for tax season. Plan and gather end-of-year statements you’ll need for filing federal and state taxes. You can also evaluate your level of withholding payments for the next year based on any recent changes in your life (see below for a list of life changes that can affect your financial status, gathered from www.IRIonline.org).
Do you have a friend or family member who regularly immerses him or herself in managing their investments, balancing the checkbook, or setting personal fiscal goals and budgets? We know some people like that, too! 
