It seems that as we close out Halloween night and the calendar turns to November, our thoughts turn to the holiday season and year end planning. I love the holidays and I get so excited thinking about the time with family and friends. Along with all of the happy feelings creeps in something else, a little bit of anxiety and worrying about being stressed. Yes, I’m stressing about being stressed before it happens, but I’m working on that habit.
If you are like me, you are trying to balance multiple roles at once; business, career, family, and self. Throw in a few extra obligations and it can feel a bit too much. Let’s look at a few things you can do now to have an organized approach to year end planning.
Thoughtful Shopping - I am not generally an early shopper, but with supply and shipping concerns, getting an early start this year is recommended. To get organized, reduce the hectic shopping feeling, and budget I like to make a list of everyone I need to purchase a gift for. Next to their name I write the price range I would like to stick to, when your list is complete you can total and review to see if this matched your total shopping budget or if you need to make adjustments. I either do this on an index card I keep in my wallet or on a document on my phone (both are creatively stored to remain hidden from curious eyes). The next thing I do is to brainstorm ideas for that person, I keep this on hand and if something comes to mind I can write it down. This way if you see a sale you can take advantage of that, or when you are shopping you can be more focused. I also find this helps to find more thought out intentional gifts and does make it easier to stick to the budget.
Time Management - With all of the parties, concerts, and events it can feel like you lose control of your schedule. Be intentional in the things that you say yes to and don’t be afraid to say no to others. At a conference I attended this weekend two speakers said the same quote “Saying yes to something means saying no to something else.”
Financial Tasks - This is a great time to review your finances and check in on where you stand year to date. The blog post Year-End Tax & Financial Planning that we posted last December has an excellent list of items to review.
Tax Planning - Run a tax projection to see where you might come out at the end of the year. You can reach out to your accountant to do a tax projection for you. If it looks like you might owe this will give you time to make some adjustments. If you haven’t maximized your retirement plan or HSA, making a contribution will lower your taxable income. If you can itemize, consider moving some expenses such as property tax payments and charitable donations into this year to have a larger deduction. This will also let you know which tax bracket you will fall into and you can then have a conversion with your accountant and financial adviser on topics like recognizing capital gains and Roth conversions. This is also an excellent time to get your tax information organized. For more information on that you can read Tax Time in America- Getting Organized.
These are just a few ideas of things you can do to feel more prepared heading into the end of the year and to enjoy a more restful December.