New Year Resolutions for Your Finances

resolutions-for-your-financesStart off the new year right. Make these resolutions for your finances.

One of your new year’s resolutions may be to take your relationship with money more seriously. Here are 7 resolutions for your finances you can make right now to take more control of your money.

1. Make an early contribution to your IRA, 401k, Roth IRA, or other retirement plan for the calendar year and tax year 2012.

2. With your bookkeeper and accountant, there are 2 resolutions for your finances. Call your bookkeeper and ask him/her to update your books through 12/31/2011 as soon as possible. Then, schedule a meeting with your accountant to review your tax liability. Don’t wait till March to do this. Get ahead and stay in control.

3. If you pay estimated taxes, make sure to make your final Q4 2011 payment by January 17th.

4. Don’t forget to also make psychological resolutions for your finances. Like play a bigger game. Imagine you are making 10 times the income that you made in 2011. Find one place where you can invest in your business (or yourself) with limited downside and way more upside. Go out and do it.

5. Fund your emergency account now. Put 3-6 month’s worth of living expenses in a separate savings account. Make it hard to get to. Open it at another bank and don’t electronically link it to your checking account.

6. Get disability insurance. If other people (like your kiddos) are depending on you to provide for them and you get hurt or sick, it’s major bad news. You need to insure for this.

7. Make your investment portfolio part of this year’s resolutions for your finances. Review your portfolio and strategy. How did you do for 2011? Is your portfolio invested the right away so it can help you achieve your goals?

Good luck with these. Not sure where to start with your 2012 resolutions for your finances? Give us a call (email also) and we can paint by numbers together!

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