10 Smart Money Moves to Make Before the End of the Year

❤ Time to Use Your Money Smart Before Year End! ❤

Photo courtesy of Investopedia.

Introduction

• As the year draws to a close, it’s the perfect time to review your finances and set yourself up for success in the year ahead.
• Small, strategic actions taken now can lead to significant savings, investment growth, and tax benefits.
• Whether you’re aiming to optimize your budget, reduce tax liability, or boost your financial health, this guide provides actionable money moves to make before December 31st.

Here are 10 key steps to wrap up your financial year on a high note.

1. Max Out Tax-Advantaged Accounts

Why:

• Contributions to accounts like 401(k)s and IRAs reduce taxable income and grow tax-deferred.

How:

• Contribute up to $23,000 to your 401(k) if under 50, or $30,000 if 50+.
• Max out your IRA contributions at $6,500 ($7,500 if 50+).
• For self-employed individuals, consider a SEP-IRA or Solo 401(k).

Resources:

• Vanguard for IRA accounts.
• Fidelity for Solo 401(k)…