3 Things to Do To Your Finances Before the End of the Year

By Kara Perez

nattanan23 / Pixabay

We’ve got just one month left in 2017. The end of the year is already upon us! Before you turn your eyes towards 2018 full time, make sure that you have all your boxes checked off for 2017.

The first place to start with your year-end wrap up is with your finances.

Beef Up Your Retirement Savings

With one month left before the end of the year, there’s just enough time to tuck away a bit more for retirement. Retirement savings may not be as sexy as debt payoff, but it’s just as important. Picture yourself as a retiree; I bet you still want to do the things you love, and have a place to live.

Tucking away even just a few more hundred dollars (or thousands if you can swing it!) means that retired you will have a little more money. It also means you probably have more to write off on your taxes. Traditional IRA contributions are totally deductible, and Roth IRA contributions can be claimed as a tax credit if you meet certain requirements.

Touch Base With All Business Clients

Keeping in touch with past clients is a great way to get new business and keep your network warm. You don’t need to send every client a fruit basket. A friendly email or a nice card if you have their address is a good way to stay in touch.

Thank them for their business, and express why you like working with them. Nothing is worse than a generic note, especially around the holidays. Put some real thought into your note and mean what you say. The end of the year is a chance to remind them of all the work you’ve done together and to show them the value you provide.

Identify Pros and Cons From 2017

What are things that went well this year? What are things that you’d like to change? Part of looking ahead is taking a quick look back. Take stock of the things that worked and didn’t work this year.

How can you lean into the things that worked well for you, and how can you adjust the ones that didn’t work well? Before the start of the new year, take stock of this year. Each new year is a chance to get a fresh start on lots of things. You just need to know what things need a fresh take.

This is a good chance to update systems, create new streams or revenue, work with partners or let them go. Cast the net wide when you assess how things went this year. How can you set yourself up for more success in 2018?

There’s still time to grab ahold of this year. Don’t get so caught up in the end of year festivities and the allure of 2018 that you don’t have a chance to reflect on 2017. Use the end of the year to check everything off your 2017 boxes, and you’ll cruise into the new year feeling great.

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Source:: Business 2 Community

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