money management

Money Must Dos and Don’ts Before the End of the Year


There are less than 45 days in 2015 and it’s time to get serious about your money.  If you’re doing a money check-in before year end or want to learn some new money habits for the New Year here are a few tips to help you out.

Money Must Dos for 2015:

Save for retirement

If you haven’t started saving for retirement yet or if setting money aside for retirement just hasn’t been in your budget yet this year now is the time to do it.  I know some people don’t want to start saving for retirement when they’re young because they have so many other goals to accomplish beforehand, however ever little bit counts when it comes to your retirement savings.

Setting aside even $25 a month will help your savings add up over time.  Contributing your yearend bonus into a retirement account is also a great way to boost your retirement savings.

Buy yourself something nice

So often we get caught up in paying bills, dealing with debt and other life events that we forget about ourselves.  Take a day to let yourself spend some fun money and buy yourself something nice.  I like to do this a few times a year and to avoid overspending I give myself a spending limit.  I take out $100 cash from the ABM and spend it on anything I want.  It’s actually quite cathartic.

Put a little aside for a rainy day

Having an emergency savings fund is so important because it’s hedges our bet against any potential losses due to unplanned events.  If you overspend one month, need to take a last minute trip for a family emergency or get stuck with unexpected car repairs your emergency savings fund can help cover the costs.  It also helps avoid using credit to pay for unforeseen expenses and savings on interest costs.

Pay off debts

The end of the year is when I like to tie up loose ends, this includes paying off my looming credit card balances.  Every single month it seems like there is something else I would rather do with my money, but come December I focus on getting all my balances to $0.  I don’t want to start the new year with debt and therefore take care of all financial business before the ball drops.

Collect money owed

If family, friends or companies owe you money now is the time to collect.  I usually don’t like any outstanding debts go beyond one month – and definitely not into a new year.


Rack up debt during the holidays

Biggest. Mistake. Ever.  So often people get caught up in the holiday spirit that they overspend trying to find the perfect gift.  We often forget that using credit turns into outstand debt and debts need to be repaid.  Spend within a budget this holiday season and start early so you aren’t rushing around last minute.  I am also a huge fan of shopping online because it helps avoid the holiday crowds.

Do you have a money must do before the end of the year?

Photo from Pixabay


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