As tantalising as it may be to get rid of your hectic life for a few days and relish the holiday season, there are many things that need your attention before the year ends. You don’t want to pay penalties, lose money, or invite any extra taxes. As the end of 2020 is around the corner, it makes sense to know what financial tasks you need to add to your to-do list.

Sit down to prepare a thirty-minute family report card:

This is the best thing you can do to evaluate your present fiscal condition & reassess the previous year.

Ask yourself a few questions? For instance, did you meet your monetary objectives? Did you pay off the debts that you anticipated to? Did you keep within your budget?

Try to answer these queries honestly and thoroughly with your family. If you have identified a few areas that need improvement, make those changes sooner than later. There is no better time like the present to have a good hold of your finances.

Pay off your credit card debt:

If you have any outstanding credit card debt, pay that off on a priority basis. Keep in mind, interest rates charged by credit card companies are outrageous and can get steeper by time.

Adjust your tax withholding:

If you have undergone any life changes like marriage, divorce, or a death in the family, it could be the best time to update your tax withholding with your organization’s HR department. Adjusting your number of dependents may let you witness a boost in your take-home pay. Ask your financial planner in Mississauga regarding which withholding will work best for your case.

Reassess your insurance coverage:

Have yet another look over your premiums for all insurance coverage, including home, auto, health and life insurance. Maybe you are thinking to get a surgery next year and could use a bump in coverage. Or you have observed you can save in car insurance if you switch to another service provider.

Conduct your homework now to make sure your insurance coverage will fulfil your requirements in the coming days.

Reassess all your financial goals:

Keep your financial goals in check if you want to achieve them in time. If required, you may need to top some of them up to get them back on track.

If you are yet to set any financial goals for yourself, this might be the right time to do so. Tax savings, emergency fund and retirement funding are the 3 goals that you can get started with.

Disclaimer: The information in this commentary is for informational purposes only and not meant to be personalized investment advice. Please contact your investment professional for investment advice and before investing in any product. ACPI does not publish market research and Sunil Chugh is not registered as a research analyst. The content is from sources believed to be accurate and the opinions expressed are those of the author and do not necessarily represent those of ACPI