I always loved the beginning of the new school year. It is a time to start new….new clothes, new sneakers, new books and new classes. If you have children, then you know that the push is on to get everyone settled for the new school year.
It seems to be more of a beginning than the actual start of a new year. There is a sense of renewal as the summer comes to an end. The September rush includes shopping, scheduling and sports. It is also a time to begin again and a time to get organized.
There are many items in a household that need to be organized and the paperwork and finances are one of the biggest items that will benefit from your organization skills. If not now, then when?
What better way to think clearly than when the pressure is off. There are no deadlines that need to be of any concern in September, giving you more ability to make sure that your finances are in order.
Here are a number of things that you should consider when organizing your finances in September:
- IRA Requirements: There are requirements for the end of the year such as contributions to your IRA or a required minimum distribution, why not get it done early? This way you are assured that the deadline is met without any of the rush of the moment.
- Review your credit score: How are you doing on your payments? Has your credit score changed in the past year, and if so, why? Checking this can help you fix any inaccuracies that may exist. The sooner you catch any issues, the easier to fix.
- Go Paperless: There is a huge benefit of de cluttering your house and going paperless could be the solution. Why not establish a Dropbox account and save all of the necessary documentation on your computer. Dropbox is a cloud based solution to keeping your files organized in the cloud. Plus, you are helping the environment!
- Check on your Insurance deductibles:The out-of-pocket costs for medical bills should be reviewed. Have you met your deductible? Are there doctor visits that you have been putting off? Insurance deductibles will begin again in the New Year. Rather than wait for the procedure or specialist that you require, schedule now before the end of the year. It could save you a significant cost.
- Itemize your expenses: Before the end of the year organize your expenses so you are ready for tax time. This includes an itemized list of donations, medical expenses, property taxes and any deductible employment expenses.
Getting organized in September will be a great accomplishment and ease the New Year requirements. And who doesn’t love that!
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