4 Financial Affairs to Settle Before Celebrating New Year

calculator - by Flavio Takemoto

We have less than 2 weeks before we celebrate the new year.

This holiday season is a perfect time for us to reflect on the year that has passed, and to plan for the next year.

Today I just want to share with you some tips to ensure that you finish your financial year well.

1. Have You Made Use of Tax Relief?

If you pay income tax, there are certain categories of purchases that can be used to offset your taxable income.

Some examples are medical exam (RM500), books and magazines (RM1000), computer (RM3000), sports equipment (RM300).

Perhaps something to keep in mind when purchasing Christmas presents.

You can quickly deposit money into your child’s SSPN education savings account and get tax relief up to RM3000.

Read here for the complete list of tax relief.

You can also deduct taxable income in the form of donations. Read here for a list of the types of organisations you can donate to.

2. Have you Cancelled Your Credit Cards?

The government is planning to tax RM50 for each credit card (still debating in parliament).

There are suggestions that the government should tax per card holder, but I see this as a good opportunity to get rid of unwanted credit cards.

Read my guide on how to cancel your credit card.

3. Used up your coupons, points or cash vouchers?

Now would be a good time to look through all those coupons, vouchers and gift vouchers you have lying around in your drawers.

Do you have any loyalty card points that will expire at the end of the year?

Take advantage of some of these offers before they are gone for good.

4. Reflect and Plan

Take some time to reflect back on the year. What financial mistakes did you make? What were the things you learned?

Compared to the previous year, have you become richer or poorer?

What would you do differently next year? How can you improve?

Conclusion

I hope you have a great holiday season with your loved ones.

I will not be taking any breaks from blogging, so continue visiting for fresh blog posts.

You can also subscribe to receive my posts by email if that is more convenient for you.

Do you have any tips to add to this list? Discuss in the comments below.

Photo by: Flavio Takemoto

[tags]Money, Financial, Tax, Year End[/tags]

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