So the joy of the Christmas season is always augmented by the need to clean up (or wrap up) your finances by the end of year, and maybe start preparing for the upcoming RRSP and Tax Season (it’s just synonymous Holidays and End of Year (said he dripping with acidic sarcasm)).
Not only can I not find the latest “Tickle me Furby” toy, I can’t find the damn medical receipts from my many physiotherapies for my knee and also all of my god damn bus passes to claim my mass transit credit. The aggravation of the Christmas season grows exponentially when you add in your end of year stuff too. Many a day I end up swearing like a drunken member of the Merchant Marine on his first furlough in a year in Shanghai thanks to Christmas Shopping and End of Year financial close out, but there is more to add.
January is coming? What does January mean for anyone with kids in University? If the school your kids attend has a semestered set up, you owe another $3500 in Tuition Fees too! Let that lump of coal under your tree simmer there for a while, just to make you feel more festive. I know at Christmas I always have a spare $3500 hanging around in my sock drawer (hell these days, I am lucky if I have socks in my sock drawer) (yes I have RESPs to cover some of this, but never interrupt a lunatic mid-rant).
How to alleviate this? You really need me to explain this? OK, back to the tried and true advice you have had from me many times, but one more time from the top:
- Don’t make financial planning and tax planning an end of year thing, do it every month or at worst every quarter, get it all straight that way December 31st is not a black day on your calendar
- Stay organized too, and no a shoebox full of receipts is not organised, that is a paper shite vortex looking for somewhere to hit. File the stuff in a way that it is easy for you to find and figure out where everything is.
- Christmas planning? If you didn’t start that in September you are going to feel like a long-tailed cat in a room full of rocking chairs come December. Make a plan and stick to it.
As for me? Yeh, I don’t follow my own advice, do I? Hopefully you do!