BANGALORE: The end of the year is a great time to review your financial situation and start planning for the coming year and beyond. This is also a great time to take advantage of some financial opportunities before the year closes, such as yearend tax deductions and retirement plan contributions.

You may also find that your personal and financial situation may have changed, so you may need to adjust your previous financial plans. Let’s take a look at a few things you can do to close out the year on a high note and start the New Year on the right path.

1. Try to review your current financial situation

A lot can happen in a year – your employment situation may have changed, you may have moved to a new location, you have gotten married or had children, or you may have lost a loved one. These are all major changes and can affect the way we go forward. Take some time to reflect upon how your personal and financial situation has changed and think of ways you can create a new financial plan to meet your changing situation.

This is a good time to involve your family members and discuss your short and long term goals. This includes things such as buying a home, paying for education, getting out of debt, planning for retirement, or taking a family vacation. All of these things may be possible if you can plan for them in advance and create a plan to achieve them. Remember, your situation is unique, so you and your loved ones will need to create a plan specific to your needs.