8 Money Moves You Must Make Before 2018
Let us be among the first to put the new year on your radar, because believe it or not, there are some end-of-the year financial tasks that you should think about getting started on right now.
In a few months, you’ll likely be inundated with posts, articles and videos about how you can make 2018 the best year yet. But why wait until after Jan. 1 to get your money in order for the new year?
Get the Most Out of Your FSA
“Make sure you book all your medical appointments before the end of the year, before your deductible resets in January (as many, but not all, do). This will also give you a chance to spend any Flexible Spending Account (FSA) money you haven't used yet.”
— Pamela Capalad, Founder & Financial Planner at Brunch & Budget
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Review Your Monthly Expenses (and Make Adjustments Now)
“Thinking about next year’s goals is always an exciting process. But before you get so caught up in the future, know that the end of the year is a crucial time to assess if you're paying way too much on your monthly expenses.
“Reviewing your insurance policies (life, auto, homeowner's), household bills and other expenses can often reveal areas where you can save big in the coming year.”
— Jeff Rose, CFP® of Alliance Wealth Management, LLC
Look into Tax-Loss Harvesting
“Reduce your taxes on investment gains. While you shouldn’t undercut your investment plan or goals to reduce taxes, tax-loss harvesting is when you offset the taxable capital gains that you’ve had throughout the year on your investments by selling investments that have lost value.
“The realized capital losses help to reduce the taxes owed on the gains. This has to be done by Dec. 31.”
— Mary Beth Storjohann, CEO & Founder of Workable Wealth
Build a Better Budget
“It doesn't matter if you’re a thousandaire or a millionaire: Everyone needs a budget. If you’re not sure where your money is going, the solution is the b-word. Budget! Commit the last few months of the year on figuring out the best budget or cash-flow program for you and your family so you can start 2018 on the right financial track. The best budgeting tool I've found is YNAB.com.”
— Rianka R. Dorsainvil, CFP®, Founder and President of Your Greatest Contribution, LLC
These experts raise important points and critical money moves to make that can help you grow wealth — and stay wealthy.
But we don't just earn, save and invest our money. Most of us want to help others, and that leads us to mindfully give some of our wealth to causes that matter to us, too.
The end of the year is a great time to consider making charitable contributions to reduce your tax obligation and give back to society. Charitable giving is also a great educational tool and a fun way to get the whole family involved.
Here’s how: Ask your children to research organizations on a site like Charity Navigator and propose a charity to donate to this year.
Not only are you helping to develop good money habits in your kids from an early age, but you're including them in important conversations that can bring your family closer together.
To see the original version of this article, click HERE.
-
Your Guide to Buying Art OnlineFrom virtual galleries to social media platforms, the internet offers plenty of places to shop for paintings, sculptures and other artwork without breaking the bank.
-
Samsung Galaxy S25 Ultra for $4.99 a Month: A Closer Look at Verizon’s DealVerizon’s aggressive pricing makes Samsung’s top-tier phone tempting, but the real cost depends on your plan and how long you stay.
-
I'm 59 with $1.7 million saved and lost my job. Should I retire?We asked professional wealth planners for advice.
-
A Wealth Adviser Explains: 4 Times I'd Give the Green Light for a Roth Conversion (and 4 Times I'd Say It's a No-Go)Roth conversions should never be done on a whim — they're a product of careful timing and long-term tax considerations. So how can you tell whether to go ahead?
-
A 4-Step Anxiety-Reducing Retirement Road Map, From a Financial AdviserThis helpful process covers everything from assessing your current finances and risks to implementing and managing your personalized retirement income plan.
-
The $183,000 RMD Shock: Why Roth Conversions in Your 70s Can Be RiskyConverting retirement funds to a Roth is a smart strategy for many, but the older you are, the less time you have to recover the tax bite from the conversion.
-
A Financial Pro Breaks Retirement Planning Into 5 Manageable PiecesThis retirement plan focuses on five key areas — income generation, tax management, asset withdrawals, planning for big expenses and health care, and legacy.
-
4 Financial To-Dos to Finish 2025 Strong and Start 2026 on Solid GroundDon't overlook these important year-end check-ins. Missed opportunities and avoidable mistakes could end up costing you if you're not paying attention.
-
Are You Putting Yourself Last? The Cost Could Be Your Retirement SecurityIf you're part of the sandwich generation, it's critical that you don't let the needs of your aging parents come at the expense of your future.
-
I'm an Insurance Pro: It's Time to Prepare for Natural Disasters Like They Could Happen to YouYou can no longer have the mindset that "that won't happen here." Because it absolutely could. As we head into 2026, consider making a disaster plan.
-
The Future of Philanthropy Is Female: How Women Will Lead a New Era in Charitable GivingWomen will soon be in charge of trillions in charitable capital, through divorce, inheritance and their own investments. Here's how to use your share for good.
