BUFFALO, N.Y. (WKBW) — As we near the end of the year, it’s a good time for some financial feedback.
There are some things you want to do right now to make sure you’re finishing out 2024 on the right financial foot – and also setting yourself up for the start of 2025.
“There’s a lot of opportunity to take advantage of and try to squeeze that in before the holidays hit,” explained Sarah Blankenship from Wilcox Financial Group.
So what should you be thinking about before the end of the year?
Here’s a breakdown:
- Connect with your CPA or financial adviser
- Find out if the experts suggest anything when it comes to end-of-year retirement contributions or donations
- Look at where you’re keeping your money, and if a different type of account could make you more money
- Don’t forget about money you put aside in your Flexible Spending Account
- Stick to your holiday budgeting – and consider using just cash when you shop to fight the temptation to spend
- Look at your budget heading into the new year – and get intentional about where and how you want to spend over the year
When it comes to your Flexible Spending Account, or FSA, most have a policy that requires you to use the money you put aside by the end of the calendar year. If you have money left on yours, and you’d like to spend it, an easy way to do it is to go to Amazon, and type in “FSA eligible items only.” Your return results will show you things you can buy with that leftover money.
As you take a look at where you’re keeping your money – a high-yield savings account could be the way to go. That way your money is working for you by earning interest.
“It’s having that money sitting in an account earning interest for doing nothing – versus keeping it under your mattress, keeping it in your checking account,” explained Kelly Russ, who is a client of Blankenship’s.
And as you head into 2025, really sit down and look at your budget to get an idea of what your expenses will be, and how you can save in the new year. Blankenship says it doesn’t matter how you do it, but it’s an important step to take to be financially successful.
“There’s apps, Excel, a notebook, whatever works for you,” she said. “Taking a moment to look at that and get intentional with your money.”
