9 Money Moves to Make Before the End of the Year (2024)

The new year is sneaking up on us – are you ready?

Prepare for 2019 by making these 9 money moves before the end of the year.

1) Organize any Tax Documents you Receive

Tax documents will come pouring in before you know it. If you haven’t already, now is the perfect time to create a filing system, so you have everything you need when it comes time to file your 2018 taxes.

Create a file and organize it by the type of document you expect to receive. Start gathering all applicable receipts and other tax documents you’ve collected throughout the year. By preparing now, your tax season will be a breeze.

2) Go to the Doctor

Since most insurance renewals happen on January 1, you’ll want to make it a point to schedule any last-minute doctor visits for the year, particularly if you are close to meeting your deductible. And, of course, you will need to squeeze in your annual wellness visits if you haven’t already.

3) Stash Money in your Emergency Fund

You never know when the unexpected will happen, and the best thing you can do is prepare yourself. An emergency fund is essential for financial peace of mind. Ideally, it’s a good idea to keep at least three to six months’ worth of living expenses in a rainy day fund. However, even just a couple hundred dollars can go a long way in protecting you financially.

If you already have an emergency fund, you may want to consider switching to a high-yield savings account. This move will allow you to collect more interest on your rainy day stash than a traditional bank would offer.

4) Set your Financial Goals for Next Year

Don’t wait until January to start thinking about your financial goals for the new year. By waiting until then, you’re losing out on a whole month where you should be doing instead of just planning. Instead, take time at the end of the year to create your financial goals for 2019.

Think about what you want to save for, how much debt you want to pay off, and how you can tighten your budget. Write down your goals, and go into detail on what you need to achieve each month in order to accomplish your annual goals.

• 15 Personal Finance Goals to Consider

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5) Up your Retirement Contributions

For the tax year 2018, individuals can contribute up to $18,500 of their pre-tax income into a 401(k) account. If you haven’t contributed the maximum allowable amount, you may want to throw some extra money into your 401(k) before the end of the year.

If you have a traditional or a Roth IRA (Individual Retirement Account), you can contribute up to $5,500, granted you are under the age of 50.

6) Check your Credit Report

If you haven’t checked your credit report yet this year, now is the time to do so. You’ll want to pull your credit report from one (or all) of the three credit reporting agencies, which include Equifax, Experian, and Transunion.

You can check each of these reports free once every year. Checking your credit report is important to see if there are any errors. To check your credit report for free, go to AnnualCreditReport.com. The website allows you to easily check any report for free – however, it does charge a fee to show you your credit score.

7) Review your Beneficiaries

Most of us are guilty of not checking our beneficiaries often enough. If you’ve gone through any notable life event this year, such as getting married or having a child, then you will especially want to take a look at your beneficiaries. This includes looking at any life insurance policies you have, checking and savings accounts, retirement accounts, and any type of investment account.

8) Give Money Away

If you plan to make any charitable donations, the end of the year is the last opportunity you have to put that money towards your 2018 taxes. Whether you give money to your favorite cause, a place of worship, or donate clothes, all of those can be used for tax deductions.

When making charitable donations, just be sure to keep all receipts or documents on hand to claim on your taxes.

9) Plan Next Year’s Vacations and Trips

Have a dream trip in mind for the next year? Make that dream become a reality by planning for it now. That way, you can create a savings plan to ensure you have it already fixed into your budget for the new year. You will also have plenty of time to take advantage of travel rewards, which usually require at least three or four months to build up.

Related:

• 100 Goals to Focus on for a Successful Year

• The Ultimate Personal Finance Checklist (with Free Download)

What money moves do you plan to make before the end of the year?