8 Year-End Financial Tips
Here are a few tips that could help you finish out the year with more cash in your pocket and help you stay focused on your financial goals going into the new year.
Make a Christmas spending budget – and stick to it! Reduce holiday spending by giving friends the gift of time. Offer coupons for free babysitting or home-cooked meals.
Cancel monthly subscriptions. Fees for services like video and music streaming, gaming, cloud storage, etc., can add up. Save money by reviewing your bank statement for monthly subscriptions and cancel the ones you don’t use.
Check your insurance coverage. When’s the last time you shopped around for insurance quotes. You may be able to save on coverage or by bundling your home and auto insurance. Visit our website at ArizonaFederal.org/Insurance or call (602) 683-1045 to receive a no-cost, no-obligation insurance review.
Decrease your tax bill. There's no time like the present to take deductions and decrease your tax bill. Make your January mortgage payment before the end of the year and get the deduction this year. The same holds true for state, local and real estate taxes. (Consult your tax professional for tax advice.)
Donate to your favorite charity. Put it on your credit card by December 31, and you’ll get the deduction this year – even though you won’t pay for it until next.
Fund your 401(k) to the max. If this year's been good to you, fund your 401(k) to the max. If you’re 50 or older, you may be eligible for an additional catch-up contribution. Consult your tax professional for tax advice.
Use it or lose it! If you have a medical Flexible Spending Account, make sure to spend the funds before the end of the year. Visit the dentist or doctor before year’s end or use it to purchase eye glasses or other qualified medical expenses. (Consult your plan for limitations.)
Create financial goals and a budget for the New Year. How much do you want to save? What big-budget items do you want to buy and how will you fund them? Use a personal financial management tool like Arizona Federal's Money Management tool that helps you track your spending for all your accounts, right from your desktop or smartphone. Log in to your Arizona Federal account to get started!