Last Minute Money Moves Before Year End

The end for 2024 is upon us. Here are a few last-minute money moves to consider before the end of the year:

• Maximize your retirement contributions if possible. If you have a 401(k) or other retirement account, try to max out your contributions. This will lower your taxable income for the year. Make sure you are taking advantage of any employer matching contributions.
• Make charitable donations. If you itemize your deductions, charitable giving can help lower your taxable income. Be sure to complete any donations by December 31st.
• Check your Flexible Spending Account Balance. This is the account that you need to use it…. or you will lose the money in it. Typical qualified expense are new glasses or contacts, prescription drugs, and health related items.
• Review your credit report for errors or inaccuracies. You can receive a free copy of your credit report by going to annualcreditreport.com. If you are a member of Mid Minnesota, you can review and monitor your credit report on a regular basis with Savvy Money credit monitoring solutions provided free.
• Review your financial goals. Make sure your emergency fund is in a good place. If you have investment accounts, consider meeting with your financial advisor and rebalancing your portfolio as a step to help achieve your financial goals.

Remember, it is a new year…you can always start fresh with your financial goals. Want to know more or have a weekly financial wellness tip sent to you? Sign up below or, contact your local Mid Minnesota Federal Credit Union Office. Sign Up for a Weekly Financial Wellness Tip Mid Minnesota Federal Credit Union is federally insured by the NCUA and we are an equal housing lender.