This recently came up on the open thread. What kind of year-end financial clean up do you do or plan to do? One poster said that she spends an hour going through monthly charges and negotiating discounts and cancelling unused subscriptions. Is it rebalancing your portfolio? Doing a health check on your accounts? Making year-end charitable contributions? Resetting your tax plan for the following year?
DH & I sit down each holiday break and go through our budget to make sure we are still aligned. We go through our accounts and auto transactions to agree on any changes (e.g., decreasing the 529 savings and upping the mortgage prepayment). We also think about big spending items for the year – vacations, large house projects, etc and talk through priorities. This year I want to add going through negotiating discounts on any monthly charges past their teaser rates and trying to negotiate or cancel. (WSJ – I’m looking at you.)
Here’s an article with a few thoughts about cutting the monthly spend.