As 2014 draws to a close, it’s time to take a look at some important financial tasks that need to be taken care of as soon as possible. Below are a number of the most important. Enjoy.
Dash away that Debt. Okay, we know it’s the middle of the holiday season but, frankly, now is the best time to go on a “debt diet”. First, list all of your debts from biggest to smallest and then focus on the biggest and start paying it off with as much money as you possibly have left over while still paying the minimums on the others. Repeat this process until your debt is paid down and watch as 2015 terms into your biggest, and best, financial year ever.
Give the gift of less Taxes. If any of your investments are losing money, now is the time to consider selling them at a loss in order to pay less taxes. Keep in mind that there are some “no no’s” to avoid, including buying the same amount of stock or securities within the next 30 days.
Plan your financial (retirement) feast. One of the traits that happy retirees have is spending 5 hours or more per year on planning their retirement. Whatever the formula they have, they’ve figured out how much it’s going to take in order to be able to live like kings (or at least close) once they stop working full-time. To do this takes time, effort and planning, so make sure to include it in your financial plans now.
Give to the max when it comes to 401(k) contributions. Many companies that offer 401(k) plans also offer matching plans that magic every dollar you put in up to a certain dollar amount. This is, for all intents and purposes, free money, so why not contribute the maximum amount to your 401(k) and take advantage of every dollar you can get your hands on?
Gift yourself the money in your flexible spending account. If you have a flexible spending account, that special, tax-free account that allows you to contribute money for your healthcare coverage, be sure to use as much as possible before the year ends.
If you haven’t started checking off these financial tasks on your list, it’s time to get started before 2015 arrives and you start falling behind! Good luck, and may you have the best year of your financial life in 2015!