How to Get Your Finances In Order Before 2016 Ends

August 10, 2016
It is less than five months before 2016 ends and I can honestly feel the pressure. Am I the only one who feel like the year flew by too quickly? Aside from the excitement of the coming -ber months I am also extremely pumped up to get my finances back in order just before 2016 ends. I’ve put a lot of small and big financial goals that I want to ponder upon. 

Today I will walk you through some steps you could do in order to sort things out financially. Its time of the year to face the truth about our finances and live the few remaining months savvy. Here are Ways on How to Get Your Finances In Order Before 2016 Ends.

1. Tidy Up the Inside of Your Wallet

Let’s be honest, most of us have messy wallets filled with different cards and receipts and crumpled bills gathered for so long. Now a fat and bulging wallet isn’t always a sign of wealth. It is often a characteristic of a disorganized human being. Ouch! So why not try to cut down the inside of your wallet only to the essentials? 

A. Your Credit Card and/or Debit Card

If you own one then you should bring it with you always. I suggest limiting your credit card to only one bank provider or to as many as your finances can handle. Debit card on the other hand are nice because they allow you to avoid the temptation of credit cards and can be used on small to medium purchases. READ: Unionbank Credit Card First Impression

B. Cash

Of course you need your bills and coins inside your wallet for either food and transportation allowance. Always keep smaller bills and coins in case you encounter a store or a service who has no change. Put your loose coins in a piggy bank if you want to save some money at the end of the month. 

C. Identification Cards

Your IDs from work to government issued should always be inside your wallet. This will come in handy in case something happened to you. There are also buildings and locations that will ask for your ID before entering so you better have one. Now its also important that you take care of your government-issued ID such as your Social Security card because it might be a gateway to identity theft. 

D. Rewards Card

Some rewards card can offer you discounts and savings in your every purchase. Keep the most used rewards card always in your wallet. READ: Does Customers Rewards Card Really Work?

Items you shouldn’t carry inside your wallet are definitely receipts that can take up a lot of space inside your wallet. Also refrain from carrying too many cards like extra credit and debit card you won’t really use and need. It is also nice not to bring a note with your PIN/Password which I know some often than not do. 

2. Check Your SSS/GSIS/PAG-Ibig/PhilHealth, etc. Contributions

Another important thing that we often neglect is checking how much we’ve been paying and contributing to our government based insurance programs. There are cases where employees find out late that their company is/are not paying for their contributions. You need these government based insurance in case of emergencies so its just important that you keep yourself updated at all times. 

3. Review Your Current Budget

Allow yourself to sit down and review the budget your are using for the past seven months. This will give you an idea on what’s working and what’s not working for your financial life. You can also identify some ways to tweak your budget so you’ll have more money saved rather than impulsively spent. 

How To Do A Budget Review?

A. Review Your Income

Review whether there is a new source of income for you or if ever you’ve lost a source of income along the way. Maybe you’ve got a salary increase then you should decide how to allocate. Make sure that you when you do your budget you are only using the net pay or money less taxes and deductions as well as tithes.

B. Review Your Budget Categories

Review whether there are categories that are not applicable in your life anymore. You may also have additional categories that needs proper budgeting. READ: Budget Categories: A Basic Guide for Your Next Spending Plan

4. Take a Serious Look At Your Savings

How much money did you save before 2016 ends? I hope you did save some to look forward next year. If ever you’ve made some major financial mistakes and got caught on a money trap then don’t budge. You still have five months left to work extra hard for your financial life to get in order. 
  • Commit on saving a portion of your money every payday. No matter how small or big it would be, save. Once money comes in your payroll reserve a certain amount to your savings account. 
  • If it is possible for you to have an extra income before the ends then please do. I have made a post on business ideas you could start immediately and with minimal cost. 
  • Remember that no job can secure you forever. It is only through proper savings that you will be spared from getting into debt and other money issues. 
Related Links:

Know Your Current Financial Net Worth

Knowing your current financial net worth is important because it gives you a reference point to how 2016 would end. Your Net Worth is equal to Total Assets and Total Liabilities. In my post Why You Must Know Your Financial Net Worth Now I’ve mentioned the following reasons why you should learn to calculate.

The importance of knowing your net worth as early as now is to help you in your financial decisions. Once you have an overview of what you own (assets) you can simply examine whether they are giving you any active or passive income. You can deliberate whether to let go of an item or not. You can realize how many funds are being wasted that should have been part of your debt payments. Once your done calculating your personal net worth you can now review your current financial status. You can do this every 3 months or whenever you have a big financial decision to think about. Again your aim is to have a positive net worth, more than positive if possible.

Reflect on your finances

To totally get your finances in order before 2016 ends then you must spend some time reflecting on the past year. Look at your spending habits from the past seven months and identify where your money have gone. Check whether there’s a way you could save money on your utility bills. Be honest with yourself and reflect on your financial mistakes and spending habits that refrain you from achieving any progress. 

I hope the ways above help you get your finances in order before 2016 ends. Let me know if you’ve applied any of the above. Share your experience and your worries as well. 

Clariza Glino

Izza of SavingsPinay helps Filipinos bridge the financial literacy gap one content at a time by providing insights and tips on budgeting, saving, investing, side hustle and growing your net worth. Aside from this blog she also writes at, a beauty and lifestyle blog for frugal Pinays and manages,, a wedding and event business since 2011. For inquiries, topic suggestions or future collaborations email her at

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>