While not everyone may set an official resolution for the new year, there are still plenty of actions individuals may take to potentially help clean up some areas of their life. From getting out of toxic relationships, starting a diet, or taking up a new hobby, the opportunities are endless and while there’s no wrong day to begin a brand new adventure - many select the calendar turning from one year to the next for a new beginning. As this time approaches and we all look to put 2020 in the rearview mirror, consider making your financial situation a priority in the new year.

There’s no doubt COVID-19 and the US economy have been major factors in individual’s financial situations during the past year. However, as time passes people are beginning to get a better grasp on their situations and the potential any future impacts may have. While some are in a better financial situation than others, this is as good a time as any to make your finances a priority and improve your bottom line moving forward.

Assessment

An honest assessment of your current financial situation will provide a great starting point and could help to point at areas that may need some adjusting. If you notice that expenditures are piling up in entertainment or dining out, then perhaps a few dollars could be saved by making some cuts and adjusting your current lifestyle.

Budget

This analysis will also help to put the foundation on a personal or household budget for your family. Take a look at recent bank statements and see where exactly your money is being spent and then count your income and see how much is necessary to pay your necessities, while still providing some funding for other areas and potential unexpected occurrences.

Address Debt / Cash

Take a moment to address any debt being carried on credit cards or in other areas. If possible, commit to contributing a certain amount to these items to pay down some existing debt. If you attack the accounts with a solid plan, then hopefully you can free up money for another area once some existing debt is extinguished. To do so, consider spending cash or using a debit card only for future transactions.

Set Goals

Establish a plan for your finances and set up some goals for your accounts. Whether it be to start savings, eliminate the use of a credit card, or simply have more “fun” money available, check in on your goals and see where you stand periodically as the new year unfolds.

If you’re looking to get a firm grasp on your finances (no matter their current state), the tax and financial experts at Bloch Rothman and Associates are ready to help. In addition to any tax-related issues, they can also take care of multiple other financial situations dealing with paying or owing back taxes, required audits from other entities besides the IRS, or any other personal or corporate wealth management issues. Along with providing a quality tax service, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have. 

Serving in Denver and all of the surrounding areas for 35 years, our firm has an extensive history of helping clients with any of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us today. Available for all of your tax needs and filings, there are also several bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!