Financial Moves to Make Before The End of The Year
On this episode of Financially Naked: Stories from The Financial Gym, hosts Kylie and Gina, Certified Financial Trainers at The Financial Gym, are here to talk about financial moves to make before the end of the year. With just a few months left in 2024, there’s still plenty of time to get organized, tackle money tasks, and set yourself up for success in the coming year. From planning for irregular expenses to reassessing debt, credit cards, and retirement contributions, they cover strategies to end the year financially strong.
Podcast Notes
Organizing and Planning Your Expenses
Reviewing your spending and expenses is a great exercise, especially towards the end of the year. Reviewing your expenses provides a clear picture of where your money was spent and helps you plan for the year ahead.
Gina recommends picking out any irregular expenses, like annual car insurance or yearly vet visits, that don’t fit into typical monthly budgets. These irregular expenses are things you know are coming up rather than unexpected emergencies. This means you can plan ahead so they don’t disrupt your regular budget when they come up.
You can pick these out by reviewing your statements and highlighting any irregular expenses. Once you have the total, you can add them to your monthly budget. For example, if irregular expenses total $2,000 annually, setting aside about $165 per month will ensure you have enough to cover these expenses.
Managing Debt and Credit Cards
Review your credit card’s annual fees. If there are cards with fees higher than the benefits they provide, it’s a good time to downgrade. If you have multiple cards with fees, those can quickly add up.
Check the interest rates on your current credit cards or other debt. Since rates are always changing, checking on these rates and adjusting your payoff strategy if needed is good.
Check the rates on your high-yield savings accounts (HYSA) because they may have changed with market fluctuations. Keeping an eye on these things can help you stay involved with your money.
Retirement Contributions and Health Benefits
This time of the year is a great time to reassess your retirement contributions and employer match. This can be done anytime, but making it part of your yearly routine ensures you don’t forget.
Open enrollment for health insurance is around this time, so now is the time to evaluate health insurance options based on last year’s expenses, especially if you use an FSA or HSA. Also, make sure to spend any remaining FSA money before the end of the year.
Review your pay stubs from work and make sure deductions from your paycheck to make sure deductions from your paycheck (like insurance, tax withholding, or retirement contributions) are aligned with your current goals and needs.
If you want to work with a Certified Financial Trainer to help navigate your finances, schedule a free warm-up call today! If you have any ideas or questions for the show, send an email to trainerpodcast@fingyms.com.
Resources
Meet The Trainers
Meet Kylie Lipinski, Certified Financial Trainer
Meet Gina Funero, Certified Financial Trainer