Year End Finance – Howard County Extension Office Tips

As 2021 prepares to come to an end the Howard County Extension office has released information to help us all gear up to meet or exceed our financial savings goal for the upcoming year. Jean Ince, County Extension Agent, suggest these 5 tips:

1. Cancel any non-necessities and save – Now is a great time to reassess just how much use you get out of those monthly subscriptions. Whether that be a magazine, cable channels, streaming service…ANYTHING that is on auto-withdrawal.
2. Save the extras – Get a bonus from work or cash during the holidays? Thinking first about your long-term savings goals and how this extra, unexpected cash can help you achieve them rather than going on that spending spree will help you put your money to best use and set future you up for future success.
3. Vacation Days: Did you end the year with days that didn’t carry over? Remember that time is money. It may not be possible to use those days before the end of 2021, but schedule days now for 2022. If nothing else a staycation is better than taking a loss on those days.
4. Charitable Donations: If you plan to purge some clothes or other household items consider donating them to charity, or make a cash contribution to a charitable organization. If done so before the end of the year you can deduct these from your 2021 taxes.
5. Pay yourself first: You heard it right. A good rule of thumb is to save at least 10% of your paycheck. While it may seem difficult doing so as you get paid and before you have the chance to spend it might surprise you with how quickly this can add up. 

For more information on how to make the most of your finances in the 2022 year visit the extension office website to view the resources available.