The year has gone by fast. It feels as if it was only yesterday when you were setting up your financial goals. And now, it’s time to assess your progress and prepare for a fresh start for another year. Take a few minutes to check out these smart money moves you can carry out before the year ends.

1. Change your passwords

Regularly updating your passwords helps prevent unauthorized access from websites you previously shared your bank details, credit cards, and other sensitive accounts with. Replacing passwords with new and more secure combinations blocks hackers from going after your accounts and in effect, prevent identity and information theft.

You can use a notebook to keep track of your old and new passwords. But if you prefer to go the digital way, there are free password manager apps and software you can try. Most password management apps can generate strong passwords on your behalf. But if you choose to create your own passwords, make sure they’re hard to crack.

2. Re-evaluate your budget

Look back at your finances and how you managed it during the past months. What financial decisions worked out for you? What strategy allowed you to save more? Were you able to repay most (if not all) of your debts? Were you paying your bills on time?

Acknowledging your financial mistakes and recognizing your little wins can help determine what budgeting system best works for you. If you frequently splurge on unnecessary expenses, maybe you can cut back for the remaining weeks of 2018 to bump up your savings. Check if your budget system would still work for next year considering the foreseeable increase in the price of goods.

3. Create a year-long money challenge

Motivate yourself by setting up a long-term goal that will leave you feeling accomplished by the end of the year. Creating actionable plans and allocating a portion of your income for your savings and emergency fund will help you develop positive financial habits.

For instance, you can set aside ₱50.00 each day for the whole year to be ₱18,250 richer by year’s end. You can also cut down (or completely eliminate) on unnecessary expenses. You can take advantage of the brewed coffee your office provides instead of going to Starbucks each morning. It may not be as crisp as your usual coffee, but you’ll get the same caffeine kick.

4. Look for options to lower interest rates

If your debts are starting to mount, explore options that will enable you to pay them off. Check out debt management or consolidation plans that can help reduce your monthly payment and lower your interest rates. You can always call your bank or lender to inquire about such options.

If you have an existing loan that you need to pay off immediately before the interest rates and late fees accumulate, you can apply for a separate loan and use it to pay off your other debts. Cashalo provides easy, fast, and affordable online loan options that fit your needs. This way, you were able to maintain good credit standing with lenders. More importantly, you just need to pay off a single loan with lower interests.

5. Review the performance of your investments

Investing your money in low-risk investments may not earn enough returns while investing in high-risk funds could mean losing too much. Take a careful look at your portfolio and diversify it. If you need help understanding it and deciding on what to do, you can consult with a professional to help you plan your next move.

6, Donate to charities

It’s just the right time to get in the spirit of giving. Making charitable donations is one way to reduce your taxable income. For the contribution to be valid, a public document specifying the Deed of Donation should be presented. You’d have to file a Donor’s Tax Return to the BIR to qualify.

Be sure to document your receipts for tax purposes. Before you write a check or shop for goods to be donated, make sure that you have your budget in check.

7. Automate your money

Automating your money allows you to pay your bills or loans on time and with little management. It helps you develop healthy financial habits and become more organized when it comes to your finances. Automation also prevents you from making impulsive financial moves such as shopping for unnecessary items during sale events or purchasing investment vehicles without first studying the pros and cons.

You can set-up your bills to auto-debit from a single account, so all you need to do is make sure that one account has enough funds each time. Take note of the particular dates that each company will debit your account to avoid overdraft fees.

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The year may be coming to a close, but it’s never too late to get your finances in order. If you ever need extra cash to pay off some bills or existing debts, you can rely on affordable online loans in the Philippines. Take control of your finances and prepare for a fresh start. For your immediate financial needs, you can check out low-interest rate lending services like Cashalo.