Top 10+ Ways to Jumpstart your New Year?s Finances!

Of course, these don't have to be done in any particular order! Just pick one or two that particularly apply to your situation.

* Create your 2005 filing system. This might include new file folders, a new box to hold them or space in a filing cabinet with easy access. Mp>

* Set up a folder to collect all the important 2004 tax documents which will be arriving soon. Sure to arrive at your house are W-2s, 1099s, mortgage statements, etc.

* Set up an appointment with your tax professional early so you get the appointment of your choice. This also gives you a deadline to get your information ready! If you're self-employed, the next quarterly estimated tax payment will be due on January 15.

* Review last year's investments especially in your 401(k), IRA's etc. Find out what financial planning resources your company or 401(k) plan administrator offers and set up an appointment to talk to them. For non-company portfolios, talk to your investment advisor. You have until April 15 to make contributions to IRA type accounts (check with your tax preparer for eligibility).

* What about Quicken or Microsoft Money? If you don't use software to balance your checkbook, pay your bills and keep track of your savings and investments, this is a great time of the year to get started. My personal favorite is Quicken and for small businesses, you might consider Quicken Home and Business. If you are a small business with Payroll needs, check out QuickBooks.

* Medical Insurance reimbursements. If you haven't submitted all your medical bills to your insurance provider, now is the time to do so.

* Will and Estate Planning. No one likes to think about dying, but the best thing you can do for your family is to make sure they are taken care of by creating a will and making sure you have adequate life insurance. Think how easily you'll sleep knowing you have provided for your family even if you are no longer there.

* Speaking of insurance? If you haven't reviewed your health or home and auto policies in the last couple of years you might find you can save money and/or have better coverage. For example, if you still have a $250 deductible (which was my first deductible in 1979!), you will probably save by increasing it to $500 or $1000. Try to set aside some of your savings for deductibles in case you need them.

* Create your own Anti-Emergency Fund! We all know those car and home repairs, school fees, medical expenses and vacations are going to happen. Why not determine how much you'll need and save 1/12 of it each month? To read more go to: http://www.phelps-creek.com/archives/Anti-Emergency.htm.

* Holiday Bonus or Money Gifts If you received a financial gift this holiday season, hold on to it for at least 30 days while you decide what you really want to spend it on. All too often financial windfalls are spent before they even arrive. Consider dividing it into thirds: 1/3 to the past, 1/3 to the present and 1/3 to the future. Past might include paying down debt, present could be something you need or want now and future could be retirement, college savings, or a special vacation

* Financial Goals for next year Think about where you want to be next year at this time financially. If you want to save $1000, put aside $2.74 each day and you'll be there! Break down your financial goals into monthly, weekly and daily amounts and watch how quickly your savings will grow. Read more about it at: http://www.phelps-creek.com/archives/PDQFactor.htm.

Happy New Year!!!!!

(c) Phelps Creek Financial Coaching - All Rights Reserved ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Cindy Morus (http://www.cindymorus.com) is a Certified Financial Recovery Counselor specializing in showing women and their families how to achieve financial well-being and peace of mind. She is also a Certified Credit Report Reviewer. Contact her at 541-387-2995 or cindy@cindymorus.com. Sign up for the "Get Ready to be Rich!" teleclass community for FREE for 30 days at http://www.phelps-creek.com/riches.htm!

Atte ntion Ezine editors/Site owners: Feel free to reprint this article in its entirety in your ezine or website as long as you leave all links in place, do not alter the content and include our resource box as listed above. If you do use the material please send us a note (cindy@cindymorus.com) so we can take a look. Thanks.

---

Safely Save for Your Childs University Studies Using An Education IRA!

This investment retirement account (IRA) is useful to you as... Read More

Budgeting your Savings - Did You Let Your Piggy Bank Get Away?

I think most of us have at some point in... Read More

Live Green; Save Green!

Have you seen the recent article on a new "green"... Read More

Vesting and Your 401(k)

Do you have a 401(k) retirement account? Are you vested... Read More

Bankruptcy Chapters Explained

Chapter 7The potential chapter 7 debtor should understand that a... Read More

Creating A Household Budget

Creating a budget can be a very difficult task. Although... Read More

Succession Planning

Have you ever thought about what you are going to... Read More

Understanding and Controlling Your Finances

Have you ever wondered what it would be like to... Read More

Identity Theft is a Major Problem: Whose Responsibility is It to Protect the Consumer?

We have heard a lot about consumers' personal information getting... Read More

The World is Not Enough - Calling for a More Ethical Approach to Personal Finance

At a time when the entire world's attention is focused... Read More

Can You Afford Not To Look After Your Personal Finances?

Investing is a subject a lot of people don't want... Read More

A Quck Lesson in Saving Money

Did you have a piggy bank when you were a... Read More

Personal Finance - Have Consumers Had a Belly Full of Personal Debt?

For months, we were trigger-swipe happy, putting our groceries, clothes,... Read More

What Are We Teaching our 2005 Graduates about Money?

Now that we are in the month of June I... Read More

How To Free-Up 10% to 15% of Your Income

Would you be interested in freeing up 10% to 15%... Read More

Vacations Made Easy: Buying a Florida Investment Property

Vacations Made Easy: Buying a Florida Investment PropertyA relaxing beach... Read More

UK Parents Inactivity Harming Their Children?s Future University and Mortgage Savings

The British government at the beginning of this year officially... Read More

Financial Security

1) HOW TO LOOK FOR A JOBA) The Chronological Curriculum:1.... Read More

The Good and the Bad of Money Management

Good money management needn't be difficult. In fact, there a... Read More

How to Balance Your Checkbook ? Get a Calculator and Pencil and You are Ready To Go!

Despite how easy it is to balance a checkbook, very... Read More

How To Get Ahead On A Low Income

Do you struggle from week to week trying to make... Read More

Adverse Debt Levels Blight UK Consumers Personal Finances

Debt levels are at an all time high in the... Read More

The Magic Of Compound Interest

Christians are called to be good stewards of God's resources.... Read More

Want Your Savings to Earn a Higher Rate of Return? Try Internet Banking

Doesn't it seem like the only impressive numbers we've seen... Read More

Learning the Basics of Handling Money

With prices increasing all the time, saving money can be... Read More

UK Graduates Looking Short-Term At Their Long-Term Financial Responsibilities

With almost two thirds of university entrants from England and... Read More

Budgeting is Essential for a Single Mothers Success

Today many women are struggling with debt and it's even... Read More

Save Money on Groceries: Part I

One universal of humanity, no matter who you are or... Read More

Simple Ways to Save Money

Things are so expensive these days. We seem to be... Read More

10 Tips to Make Sure Your Financial Budget Will Succeed

You've analyzed your past expenses, put them into spreadsheets, loaded... Read More

Do You Really Need the Power of Money Management Software?

I have been a loyal user of Quicken(R) for more... Read More

Reporting Identity Theft

Would you know what to do if you suspect that... Read More

5 Ways to Absolutely Destroy Your Finances!

Ben Stein has a book called How to Ruin Your... Read More