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Holiday Hustle: Spending The Last Days of The Year

Holiday Hustle: Spending The Last Days of The Year

December 20, 2022

It seems that this time of year everyone is in full holiday hustle mode. Everything tends to be busier whether it’s wrapping up the year at work, hunting for those last-minute gifts, or trying to decide which holiday parties to attend or skip out on. It can all be a little overwhelming. So, managing your finances is probably the last thing on your mind, still, this time of year when used wisely can be very beneficial after the ball drops and the start of a new year begins.

Taking a quick review of your financial status before the year ends and setting some new financial goals can help ease your mind and allow you to focus on the year ahead.

Spend eligible flex dollars

A healthcare flexible spending account (FSA) can save you money — as long as you spend those pre-tax dollars before the end of the year. Otherwise, you run the risk of losing it.

Check your emergency savings

Ideally, you already have three to six months’ worth of savings set aside should an emergency arise. Evaluate if you need to add some extra padding or move some overage into a higher-yield account.

Make your final charitable contributions

Before the clock strikes midnight on December 31, donate to organizations that are close to your heart. The benefits are two-fold: You will reduce your taxable income and feel good about giving some of your hard-earned dollars to a good cause. Double the benefits!

Prepare for the new year and new memories

A year can fly by quickly. Take some time now to set some new goals and write them down. Do you want to establish a family trust and estate plan or do you need to put away some funds for braces or new tires for your car? Or do you have big changes headed your way that could impact your finances? Perhaps you are expecting a new baby or anticipate a career change. Make a few goals while keeping any expected life circumstances in mind.

Also, don’t forget to plan for some fun. Whether that’s a big family vacation, a small road trip or other memorable events. Budgeting and planning for some future fun can help you stay on track and have something to look forward to in the new year.

However, you spend these last few days of the year we hope that you find peace, joy and happiness now and throughout the year to come.