Well, it’s the Wednesday after Thanksgiving and yes, after the dreaded Black Friday too. You’ve probably spent enough money and if you didn’t then good for you. We actually did 0 shopping on Black Friday. Actually, my wife bought a dress for her baby shower picture that was already in the budget to be purchased. Outside of that, we didn’t get a new TV or furniture or even clothes. I’m just not a fan of spending money in chaotic and high tense environments. That’s just me. This is an important part of the year though. We are very much close to the end and it’s my hope that this post will help you focus on financial independence as we get ready to close 2018.
First, don’t forget to budget everything! I complete the final episode of the my podcast and at the very end I stressed you all to budget everything. This means you budget holiday gifts if you have any to buy. I can’t tell you how many times I see people get caught up in overspending on holiday gifts. This kind of behavior will definitely have you start the next year broke and financially ruined.
Budget everything!
Next, focus on what you can do to help reduce taxes owed for the year. There are so many opportunities in this last month of December to reduce your 2018 tax liability. Donate to non-profits. Put more money away in your 401(k), IRA or children’s college funds. Whatever you do make sure you’re researching and studying on perfectly legal and legitimate ways to lower your tax burden.
I actually just increased my contributions to my 401(k) so I’m looking forward to seeing how this impacts our overall tax burden. More money into the total stock market for me. Yay!
lower your tax burden
Third, enjoy time with loved ones. If there’s any message I keep promoting it’s to spend more time with family and less time thinking about money. Yes, it’s important to have financial goals and to achieve those goals by the end of the year. However, what comes before making money is making time for family. This is just a good balance to keep you sane and healthy as we close the year.
enjoy time with loved ones.
There is still a lot of time left in the year to save more, learn more, and do more. Don’t treat the month of December as just the last month of the year to coast through. Prepare your 2019 goals for your finances now and figure out ways how you plan to achieve those goals.
Remember, to stay focused on financial independence you’re going to want to:
- Budget everything.
- Find ways to lower 2018 tax liability.
- Enjoy time with family.
- Set personal and financial goals for 2019.
