The Time is Now

The Time is Now

The year might be almost over, but there is just enough time left to make sure you start 2020 on the right financial foot. Make that happen by ticking off the following items.

Max Things Out

If you have an investment account that features tax breaks, you should take advantage of it. We’re talking about accounts like a 401(k), an IRA, a 529 or a health savings account (HSA). All of these offer tax breaks, so make sure you’ve made the max contribution — or as much as you can safely spare — before the year ends. If you don’t max the accounts before the end of the year, you’ll miss out on deductions.

Set New Goals

Now is the time to formalize your 2020 financial goals. Any goal you have in mind — padding your emergency fund, paying down credit card debt, etc. — will be easier to complete if you have a solid, detailed strategy laid out beforehand.

Review Your Plan

Don’t go into 2020 with a budget from 2019. Sit down and review your budget to make sure it’s optimized for saving. There’s a good chance you’ll find some places where you can reduce spending and funnel that toward investments and savings for 2020.

Use It Up

As USA Today reports, if you have funds in a healthcare flexible spending account (FSA), you should try to deplete them. Many FSAs don’t allow you to carry over money into the new year. You can use your FSA up by pre-ordering prescriptions or stockpiling other over-the-counter medicines. FSAstore.com is also helpful as everything you order there qualifies.

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