By Mary Beth Storjohann via Iris.xyz

Most Americans have one thing on their minds this time of year: how to make next year even better! Although we may take a moment to look back on the past 12 months and celebrate our big “wins”, it’s still healthy to look ahead toward growth and improvement. One thing you might be thinking about “leveling up” next year is your finances. But I have a secret for you: You don’t have to wait until January to get started.

You can start making some amazing year-end money moves right now that will set you up for success in the new year!

Do An Annual Financial Review

To know where you’re going, you need to know where you’ve been. Look at the goals you’ve set, and whether or not you’ve achieved them. If you did – congrats! Do you need to set more advanced goals for next year? If you didn’t – what got in your way? Did unexpected expenses crop up? Did you experience a major life change? Or were your goals unreasonable? You should also evaluate your budget, where you stand with your current debts, and your net worth statement. Do all of these feel like they’re still in line with your goals for next year?

Update Your Budget

No matter how much things seem to stay the same, something changes every year. People change jobs, get engaged, welcome a new family member, or buy a new house. Any number of things can happen throughout the year, which means evaluating and updating your budget should be an annual exercise. Accomplishing your goals starts with setting a realistic budget. Evaluate some of the big things you spent money on and ask yourself, is there a way you could cut back on certain expenses? Can you cut costs entirely to make room for other priorities? Now may be a good time to renegotiate rates, especially car insurance and cell phone bills.

Click here to read more on Iris.

Subscribe to our free daily newsletters!
Please enter your email address to subscribe to ETF Trends' newsletters featuring latest news and educational events.