Posted 1.14.13 @ 9:30
With a new year comes a fresh start and a new chance to do it right this time. If you’re thinking about changing things up this year, there’s no better time than right now. Here we’re going to go over a few ways that you can get your finances sorted and make the most of things year round. From avoiding overpaying on your taxes to rolling over your vacation days to next year, there are a lot of things you can do to make 2013 and beyond your best years ever.
What’s Your Credit Score?
The first thing you need to do is figure out what your credit score is. If you’re not sure what it is, you don’t know what’s on your report how are you ever going to be able to maximise your finances in the New Year and beyond. Your credit is a threefold problem: credit history, credit score and credit to debt ratio. How much credit do you have available and how much have you spent? Do you have a history of late or non-payment? What’s your FICO score?
Give to Charity!
Giving to charity is a great way to save money on your taxes but it also gives you some karma points too. There are many different charities, but you’ll want to check with the Better Busines Bureau to make sure that the charity you choose is a real charity and the cause is a legitimate one. Around tax time many scammers come out in force trying to trick people into buying into charities that just aren’t real. Don’t get scammed, know what you’re donating to.
Have You Invested in RRSP?
Investing in your RRSP or private retirement account is important – you can’t be at your best if you’re not prepared for the worst. You’re going to want to make sure that you take full advantage of this as much as possible, since you’ll be able to get the most tax benefits year after year. You’ll always want to take a close look at how much you’re paying (or overpaying) in taxes. How much of a refund are you getting back in a year? The average Canadian gets $1400 in taxes back each year – meaning that they’re paying $200 too much in taxes each month.
Roll Over Your Vacation Days
If you have vacation days that are about to expire, see if you can roll them over either into your next period OR into cash. Many companies will actually pay you 1/3 of what a day is worth because it saves them both time and money if you don’t use them all up. Don’t be afraid to talk to HR to see what sort of options you have in your company – even if you can’t roll over your days you might be able to cash in on them!