5 Savvy Financial Moves To Make Before The New Year
This is rarely the time of year we make good financial decisions. Instead, we drop $100 on a boozy Christmas celebration and buy ourselves presents as well as our loved ones. And, lo and behold, we get to January and freak out at the state of our finances. We’re left making stringent resolutions, how we’re going to live like monks for the remainder of 2012, only to fall down on our monkish living within the first couple of months. So instead of doing the same old as last year, this year I’m making a couple of financial moves before the end of the year so I am ready for 2012 in a better place than usual. Here’s the plan of attack.
Consolidating My Super
The first step is to choose what super account you will be going with. It should be a provider that is sustainable and reputable and matches your retirement goals. Request from them the required forms to transfer the balance from other super providers. You’ll need a certified copy of identification, generally a driver’s license or passport. Duck into your local post office and they’ll certify it for you. I filled out the form to add voluntary super contributions at the same time. The government will match your contributions up to $1000, so I think you’re making a wise investment if you start contributing.
Rolling The Balance
Around this time of year, there are always great credit offers to take advantage of people’s Christmas spending frenzy. Take advantage yourself, and transfer the balance of your credit card to someone who offers little interest on balance transfers for the first six months. You’ll give yourself a great opportunity in 2012 to get on top of debt repayments by eliminating, or significantly reducing, your interest. A bit of breathing space might be the chance you need to get on top of your bad debt.
Put Together An Emergency Fund
I know, right now is the last time you can see anyway to saving money. Hopefully, though, if you’ve managed to put together a reasonable budget for your Christmas spending and are approaching the silly season as a pretty laidback affair without too much insane partying, you might be able to work towards having an emergency fund for 2012. Not only is this saving money, which is always good, it also has the potential to save further dollars when the time comes. For instance, it could be the difference between on your debt repayments or needing emergency money and having to use a cash advance.
Review All Your Insurance And Contracts
Spend a day reviewing everything you pay money towards. Your insurance policies; for instance, you might be covering something in home and contents insurance you no longer own, or you might not have insured something to it’s full value. Look at your internet and phone provider, are they the best possible deal? Giving your providers a call to see if they offer you a better deal is a gamble, but never a waste of time.
Filing System
Not a sexy financial move, but one that will save you hours of anguish and, quite possibly, a fair bit of money. Start the new year with everything in order. You want to know where your notice of tax assessments are, as well as all your claimed receipts. Have a folder for your superannuation information, one for your utilities, one for any investments, one for debt records, and one your spending diary.
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