Before Year End…

by Galia Gichon on December 18, 2007

There are a few key things you can do with your finances before 2007 is over. It can really help your checkbook and pocketbook. Just because you are in the middle of your holiday festivities, it does not mean you should not do positive things for your personal finances. Not sure where to begin?

1) Spend less than $20 per gift. Liz Pulliam Weston wrote a great article: “20 Easy Gifts That Aren’t Gift Cards” on MSNMONEY.com. These include: Netflix, Photo Stamps, Kiva, Reusable Bags and more!

2) Continue paying off your debt. Really try not to use your cards this season and don’t stop paying your credit cards.

3) If you have a 401k at work, see if you can catch up before year-end and maximize your contributions to take advantage of the $15,000 a year into your 401k.

4) Put off buying mutual funds in January. Many mutual funds declare capital gains in December and you could be hit with a tax bill right away.

5) Use it or lose it. You have probably seen this in eyeglass store windows. Use up your flex spending dollars at work. If you do not, you will lost it. This is for those extra medical expenses (eyeglasses, prescriptions). Do not miss out on those hard-earned dollars. Plus, check with your benefits department to see what new items they covor.

6) Get your papers together. If you have moved recently, let your employer know right away. You want to make sure you get all those W-2s. Also, take this “quiet” time and start organizing your tax receipts and charitable donations. It will make tax time much less stressful.

8) Clean out your closet. Besides the obvious, the reason is to donate any clothing or other items you do not use anymore to your favorite charity. It is a great tax deduction!

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