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
Sign up for Kiplinger’s Free E-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.
-
Best Banks for Retirees 2025National banks offer a wide variety of accounts and services, including wealth and investment management. Here's Kiplinger's pick of the best.
-
Best Banks for High-Net-Worth Clients 2025National banks offer a wide variety of accounts and services, including wealth and investment management. Here's Kiplinger's pick of the best.
-
Five Ways to Maintain Charitable Giving During Volatile Times: A Giver's GuideWhen the economic outlook is uncertain, charitable giving is even more important — and impactful. You can be strategic by using donor-advised funds, diversifying assets and prioritizing unrestricted gifts.
-
Avoid Medicare's 'Shadow Tax' With This Financial Expert's IRMAA-Busting TipsYou're cruising along in retirement, and then bam: Your Medicare premiums soar because your income crossed the limit. Take a breath. There could be a solution.
-
Grilling Season and ETFs: There's More Than One Way to Cook Up a PortfolioExchange-traded funds come in a multitude of 'flavors' these days, from passive to active to factor-based. Their flexibility is what makes them so delicious.
-
You Don't Want It, But You Should Plan for It Anyway: An Expert Guide to Long-Term CarePlanning for long-term care is crucial to protect your independence, family and financial stability against unexpected health events and rising care costs not covered by standard insurance.
-
You Don't Want Just a Financial Plan: You Need a Purpose and Retirement IdealsThese five questions will help you drill down to what you really want out of retirement. Then you can get down to the business of crafting a financial plan to make it happen.
-
I'm a Financial Adviser: This Is How You Can Save for Big Goals Even if You Feel Like You're Barely Getting ByLearning good financial habits — building an emergency fund, paying down debt, saving consistently — gives you flexibility, options and a path to security.
-
How to Buy an Annuity Online (Without Regret)You should never be rushed into buying an annuity. But now that they can be sold quickly and easily online, you need to be more alert than ever to pushy salesmanship. Here are four signs you're working online with a professional.
-
How Much Income Will an Indexed Annuity Get You? An Annuities Expert Lays Out the NumbersGuaranteed lifetime income sounds great, but how much will it be? Several factors determine your future payout on indexed annuities with an income rider.
