5 Financial items to keep in mind as the year comes to a close

So many of us set goals at the beginning of the year; either under the banner of new year’s resolutions, or just because, for some, new year means fresh start. Do you remember what those goals were for this past year? Did you write them down in a journal which is now covered with a thin layer of dust and pet hair? Or did they become notifications in your calendar that got dismissed back in June? (Or last January … no judgement.) No matter what your goals were twelve months ago, let’s face it – you've come a long way! Reflecting on the past year is a great chance to investigate what worked and what didn’t, and plan for an even better year to come!

Budget

Did you think you were going to get out of a bank blog without seeing the word budget? Whether you’re an Excel traditionalist, or a reverse budgeter, the end of the year is a good time to re-examine your budget. If you moved, changed careers, or re-prioritized some of your spending over the course of the year, take some time to adjust those numbers to know you’ll be back on track when the clock strikes midnight!

Charitable giving

When we talk about priorities, for many of us, that includes charitable giving. What causes are close to your heart? We’re big fans of including charitable donations in our budgets for the year. Sometimes, those priorities change, too. Is there a charity you support that needs more help than usual? Consider expanding on that budget line, and if you’re able, make a donation before the end of this year. And don’t forget, registered charities will supply you with a receipt that you can use at tax time. Win, win!

Benefits

If your workplace offers benefits like dental, massage, vision, or other, there is still time to take advantage of these offerings before year end. These types of benefits don’t typically roll over, so we’re in the “use it before you lose it” camp. Make an appointment for a restorative massage before you spend the holidays with your extended family or grab a new pair of frames to start the new year in style.

Investments

Year end is a great time to assess your investment strategy. Did your income change this year, and/or did your investment goals get more aggressive? If so, it might be time to examine the percentage of your income you’re investing. On the flip side, if you’re new to investing, now could be your chance to hit the ground running with an RSP or TFSA. If you’re expecting an end of the year bonus, consider investing at least part of it. It may not feel as good as treating yourself to a big purchase you’ve been thinking about, but trust us, you’ll feel great when the new year starts.

Mortgage

If you’re a homeowner, consider making year-end the time you check in on your mortgage. Is renewal time looming? Is a move or refinance in the plans for the coming year? Or, has your nest egg grown to a point where you can use it for a down payment? We can help you with that. Check out EQ Bank’s Mortgage Marketplace for smart mortgage solutions for your individual financial picture.

Bottom line? No matter where you are in your financial journey, don’t be too hard on yourself. A lot can happen in twelve months. Now, are you ready to gear up for the year to come? We can help with that, too.