A List of Financial Tasks To Get You Started in the New Year
The New Year's celebrations are over and you've settled into your normal routine. Now is the time to address a few issues that are best handled early in the new year, like:
- Filing Your FAFSA (Student Financial Aid Application)
Filing early is critical to getting the best financial aid for you or your dependent student. - Doing Your Annual Financial Checkup
Before you can make goals for the new year, you need to assess where you stand right now. - Determining Your Financial Status by Calculating Your Net Worth Statement
Also at least once a year (preferably quarterly) you should calculate your net worth to see if you're making financial progress. This will help you set your goals for the year. - Calculating Your Debt To Income Ratio
Our financial situations can change drastically over the course of a year, so doing this simple calculation will tell you if there's a red flag in your finances. - Setting New Financial Goals
To stay motivated towards reaching your financial goals, you should review them and make any changes at least once a year. - Setting Up Your Budget for the New Year
Situations change over the course of a year, and a new budget to go along with your new goals will keep you on the right track. Do this after you've established your financial goals. - Boning Up On How This Year's Tax Law Changes Will Affect You
You don't have to be a tax guru, but having an idea of new changes in the tax laws will help ensure you don't pay any more taxes than necessary. - Doing Your Income Taxes
Doing your taxes is no fun, but having all the resources you need in one place will make the task easier. - Tweaking Your Income Tax Withholding
If your personal situation has changed (you got married or divorced, had a child, lost a dependent, bought a house, had a big change in income, owed taxes last year, or got a large refund) you should redo your W-2.
You don't have to do these all at once, but tackling a few each week will have you in good shape quickly and you'll feel more in control of your financial situation.