With New Years only one week away, there is still time to make some smart end of the year money moves to set you up well in the new year.
Here are some steps you can take to get your finances on track before 2019:
1. End of the Year Money Moves – Prepare for Tax Season
Tax season probably isn’t on your mind much yet, but now is the perfect time to save yourself some money come April. Here’s a quick checklist of what you can get done by Dec. 31 to save money:
It’s also a good idea to try to estimate your tax bill now so you’re not caught off guard at tax time. Keep in mind that your bill might look very different due to the new tax laws that went into effect this year.
2. Max Out Your Retirement Accounts
Like I mentioned above, you can contribute to certain retirement accounts up to Dec. 31st. Maxing out your 401(k) will help you save money on your tax bill while padding your retirement account. This is a smart way to use your year-end bonus, too.
3. Check on Withholdings and Beneficiaries
Take this opportunity to look over your benefits, withholdings and beneficiaries before the new year is in full swing. Don’t forget to account for major life changes like the birth of a child, a marriage or a divorce. Pay attention to who is listed on retirement accounts and insurance policies.
4. Give to Charity
If you plan to give to charity during the holiday