Author: Tim Lemke / Source: Wise Bread
Winter can be the pits. The weather’s cold, and getting outside can be tough. You’ve got cabin fever, and you can’t wait for spring.
But perhaps you can use the time stuck inside to your advantage. Now may be the time to get a handle on your finances and perhaps even make a little extra money while you’re cooped up.
Consider these ways to improve your finances during the long, cold winter.
1. Optimize your investments
You may have spent much of the last year simply watching your investments do their thing, and thankfully they’ve probably done well. Every portfolio is due for a review now and again, so consider taking a look at your investments to ensure you’re set up for maximum returns.
This may mean rebalancing your stocks and mutual funds so you aren’t disproportionately invested in one area. It may mean selling some investments that have underperformed, or doing the same for stocks that may be due for a sharp fall. Making some good choices now could allow you to enjoy another year of worry-free investing. (See also: How an Exit Strategy Can Make You a Better Investor)
2. Get your taxes in order
Your tax returns will be due in mid-April. It’s always wise to avoid waiting until the last second to file, and you should consider using this winter time to research the best ways to avoid paying too much at tax time.
Perhaps there are tax credits and deductions you never knew you could take advantage of. Maybe you have time to make IRA contributions or make other moves to reduce your tax liability.
Or maybe you need time to dig up those receipts from charities you donated to in 2017. Doing taxes may not seem like fun, but it can be interesting, especially if you do the work to maximize your savings. (See also: 7 Surprising Tax Deductions You Might Miss)3. Put together a pitch for a raise
Now may be the time of year when you can focus on advancing your career. Maybe you’ve been seeking a raise or promotion for a while, but haven’t had the time to build your case. With a little time on your hands, now you may have the ability to develop a solid pitch to your supervisor. This may mean collecting examples of goals you’ve achieved, or ways in which you’ve helped the company. It may mean collecting data on salaries and how yours compares to the industry average. Take the time to find the right tone, make the right arguments, and go for it. (See…
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