Are you interested to know which important financial activities you need to do before the year 2011 ends? If you are, then we suggest that you read the remainder of this piece. Below, we have discussed five important activities that you need to perform so that you can welcome 2012 with a bang!
What to do before 2012
Order copies of your credit report. Contact the three credit bureaus and request for copies of your credit report. This way, you will have the chance to determine how much money you still owe your lenders and card issuers. At the same time, this activity will provide you the opportunity to validate the credit and payment transactions listed in your credit report.
In case you encounter erroneous or fraudulent items, then you need to file a letter of credit dispute with the firm that supplied you with the unreliable document. In so doing, you can alert the personnel of the credit reporting agency to investigate your claim and make the necessary changes to your credit records, especially if they discover that indeed they have committed mistakes in updating your credit file. Keep in mind that by having an error-free credit report, you can surely protect your financial prospects for the coming year.
Settle your financial obligations. If you have the means, then we encourage you to pay off all your financial obligations before the year ends. Try to limit the funds you will spend this holiday season so that you can allocate more cash to retire your outstanding debt. This way, you can have a clean slate by next year which can help you qualify for affordable lines of credit.
Establish a savings fund for 2012. Since we do not have the ability to predict what will happen in the future, it is a good practice to prepare funds for the coming year. You can do this by setting aside funds from your annual bonus and putting it directly to your personal savings account. This way, you will have the means to finance an urgent need, even without applying for a credit account.
Come up with a better financial plan for the New Year. If you think that your budget for 2011 was too lax, then you may need to spend some time tweaking your budget for 2012. Examine very closely your income and monthly expenses. Consider each item and look for expenses that you can cut down so that you can allocate more funds for important bills and purchases. After doing this, you can soon develop an excellent financial plan that will serve as your guide in handling your finances next year.
Set realistic short- and long-term financial goals. You can also benefit from setting realistic financial goals for 2012. Consider what financial milestones you would like to achieve next year. Are you planning to buy your first car? Are you looking forward to starting your own business? Do you have plans to start a family? Keep in mind that your short- and long-term goals will help modify your activities, especially the manner by which you manage your personal finances. This way, you can increase your likelihood of attaining the targets you have set for yourself.
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