4 Ways I'm Preparing for the End of My Financial Year
making financial decisions

Money at 30: 4 Ways I’m Preparing for the End of My Financial Year

2021 is really racing towards the exit, isn’t it? While it was another not-so-great year overall, it still went by super quickly in my mind. So, as we cautiously hope for better in 2022, I’m using these last few days of the year to reflect on my finances and make a couple of fixes. How so? Here are a few things I’m doing to put a cap on my financial year.

Checking in on subscriptions

Let me proudly state that I think I do a pretty good job when it comes to keeping on top of and keeping track of my various subscriptions. As soon as I sign up for a free trial, I set a calendar reminder for myself so I know when it’s time to cancel. Nevertheless, even with the effort I put in, I’m certainly not perfect. Therefore, I’m currently in the process of going through my subscription list, assessing which services I should keep, and which it’s time to cut loose.

In the way of examples, I recently downgraded my Revolut Metal subscription to a standard plan since the travel aspects weren’t benefiting me. Meanwhile, while we’re still quite enjoying EveryPlate, we are wondering if we should take an extended break from the service and attempt to make the recipes on our own for a bit. Ultimately, while these savings are small on their own, they could amount to much more once we’ve pared it all down.

Catching up on deductions

I try really hard to keep up on my business deductions by reviewing transactions in Quickbooks… and yet I somehow always end up falling behind. Well, even though April is still a ways away, I figure now is a good time to catch up and close out the tax year. On that note, I also really need to get better at paying my quarterly taxes on time — but that’s a topic for another day.

Updating my health insurance

As I write this, it’s December 14th — which happens to be the day before the open enrollment deadline for Healthcare.gov. So, naturally, Mr. Procratinator put in his 2022 application earlier today. The good news is that my current plan is available for next year and at about the same price. Funny enough, there’s a good chance that I won’t end up needing this particular insurance plan come the new year, but it’s better safe than sorry.

By the way, even after open enrollment closes, keep in mind that qualifying life changes may make you eligible to purchase exchange plans later on.

Rebalancing my accounts

When it comes to investing, rebalancing is the practice of ensuring that your portfolio mix is where it should be. For example, if you’re seeing big gains from your stock investments, it could mean that you’re no longer maintaining the right split between stocks and bonds. But, here’s the thing… I’m not talking about that kind of rebalancing with this one. Instead, I’m looking at the literal dozens of checking and savings accounts I have to determine where I should hold my money. There are several things to consider here — including interest rates, features, and more — but it also comes down to just how much I actually like each platform. I’ll be sure to let you know what my breakdown ends up looking like but, for now, I’m working on getting things situated.


With the new year right around the corner, now is a smart time to take a look at your finances and see what fixes you might benefit from making. As you can see from my list, these don’t need to be major overhauls or “New Years Resolutions.” Instead, taking the time to assess or reassess some aspects of your financial life can help you start 2022 off on the right foot.

Author

Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Fioney's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Other Articles by Kyle Burbank

stack of credit cards

Credit Card Delinquency Rates Reach Decade High in Q4 2023

According to new data from the Federal Reserve Bank of Philidelphia, credit card delinquencies grew to new "series highs" in the last quarter of 2023. About the report: As Bloomberg reports, credit card delinquencies increased in the fourth quarter. In total, nearly 3.5% of consumer card balances were at least 30 days late. Furthermore, the percentage of card accounts that were 30, 60, and 90 days past due all rose during...
mother talking to her son about credit cards

Survey: 76% of Gen Zers Reports Experiencing Financial Stress

In conjunction with Financial Literacy Month, a new survey from Greenlight highlights financial stress and other money matters among those of different generations. About the survey: Greenlight recently surveyed 2,310 Americans ranging from ages 10 to 59 and asked them about their financial wellness. Specifically, the survey broke respondents into general groups, including Gen Alpha kids (10 to 13-year-olds), Gen Z teens (14 to 19), Millennial parents with Gen Alpha...
two woman standing next to two Petal cards

Empower Financial to Acquire Petal

The popular credit-building card company Petal is being acquired. About the deal: Empower Financial (not to be confused with Empower, which acquired Personal Capital and rebranded it to Empower Personal Dashboard) has signed a definitive agreement to acquire Petal. Details of the deal were not disclosed. However, Empower anticipates the transition to close later this quarter. News of this acquisition also comes as Empower has completed its purchase of Cashalo....
The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...