If you want to build momentum for your New Year’s money resolutions, set some financial improvements into motion before the end of the year.
Here are six easy-to-implement steps to help boost your net worth going into the new year.
2. Use or lose your FSA balance Being smart about your money often begins with employer-sponsored retirement, insurance and health benefit programs, says Marc Scudillo, a CPA and certified financial planner with EisnerAmper Wealth Management in Iselin, New Jersey. She is also a fan of cash-back rewards and interest-free credit card promotions to help pay for holiday expenses . Just be sure to calculate the payment that will be due so that you’re confident you can pay off the balance before the interest-free period ends. And keep an eye on your credit limits; having more than 30% of a card’s limit in use can start to hurt your credit score. But your score will rebound as you pay down the balance.
4. Prepare now for tax time “I always make my CPA earn her keep,” Williams says. She does that by having her tax adviser send her a list of receipts and documents to gather that will be needed for her particular tax situation. Don’t miss: Elon Musk flaunts 2021 tax tab on social media: ‘I will pay over $11 billion in taxes this year’
6. Keep your life-after-work goals in mind Check retirement plan limits and see if you can kick your contributions up a notch or two.
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