Get Financially Ready for the New Year!

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We are rapidly headed towards the end of the year. Before it’s all over, take a moment to check your financial health as we head into the New Year.

Insurance coverage– Be sure to check all insurance policies, home, auto, and health. This is a great time to do a comprehensive insurance review. Has anything happened this year to impact these policies? Will anything transpire next year? Make sure you have adequate insurance coverage now.

Your savings accounts. You may be ok as far as your 401K, but what about everyday savings? It is usually something simple that can throw you into a financial tailspin; like a flat tire or an appliance that needs repair. Do you have an emergency fund or a savings account to take care of these expenses when they come up?

Heading into the winter means winterizing your home and car. Now that winter is here, take a moment and make sure your home and car are ready for the harsh weather. An ounce of prevention is worth a pound of cure!

Check credit card debt now. Before you start Christmas shopping; check where you stand on your credit card debt. Maybe this year it’s better to be cash only? Do not get further into debt. Assess now if you need to leave the credit cards at home.

Be tax ready. Yes, tax season will be here before you know it! Start gathering any necessary paper work now. Don’t put it off until the last minute. Since the end of the year is fast approaching complete any donations or requirements for deductions now. A couple of suggestions: make your January mortgage payment in December, if you do this, you will get an additional deduction for the interest paid. Also, charities are most in need of donations by the end of the year and these contributions can help ease your tax bill. Keep all records of cash donations especially if the total is $250.00 or more.

Take these tips and you will be financially ready for the New Year!

Jennifer Streaks is a Money pro, Lifestyle Expert and Contributor for Black Enterprise. Continue the conversation by following her on twitter @Jstreaks and visiting her website

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