5 Financial fitness tips for the New Year

Finally, it’s time to welcome 2015 with open arms. It’s time to forget all the financial blunders you’ve done in 2014 and prepare so that you can avoid those in the coming year. Here are 5 things that you should do to keep yourself financially principled and live a debt free life in 2015.

  1. Keep all your papers organised: Take your time and go through all your files. Try to keep things in proper order. All your financial documents should be set in such an order that in case there is an emergency and you’re not at home, your spouse or kids should be able to find out any necessary document. Previously people used to use pen, pencil and papers to put down and keep track of their finances. However, today there are a plethora of modern tools, computer applications and websites that help you manage your financial paperworks.

  2. Prepare a new budget for the new year: If you didn’t have a household budget in past, prepare one for the upcoming year. Chalk down a newer one even if you already have one since it may not be suitable for 2015. Go through all your past spending habits and mistakes (if any) and try to replan so that there is no lacking. All said, simply, your 2015 budget should reflect where you fell short in 2014.

  3. Prepare all documents for tax return: Whether or not you are ready, Uncle Sam isn’t going to wait for you. This is the time to get all your financial history and documents ready for tax filing. In 2015, you can check to see what tax breaks you are eligible to get and moreover, prepare a budget to get the most out of your taxes. Most of the people fail to receive any return on their tax filings just because of lack of knowledge. Consult a tax expert this year to get the most money back on your tax returns.

  4. Evaluate your retirement fund: Today, around 67% of Americans are not prepared for retirement. They neither have any plan for their retirement lives nor any fund. Do not be among that mass and start saving and strategising for your retirement from today. You can set up a Roth IRA and start contributing towards your retirement account.

  5. Set specific goals for 2015: This is of course the most important tip among all. Everyone has his or her own specific goals. If you have any, you should put those down in paper and start working to achieve them. Work hard so that your dreams may come true and you live the life you have always wanted.

If you want to become financially upright, besides having good income, you also need to be good with documentation. May the new year bring good fortune and hopes and fulfil all your dreams that you’ve always cherished.

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