Your Year End Naughty and Nice List

Media / Blog

Your Year End Naughty and Nice List

Prev

Does Whole Foods Equal Your Whole Paycheck?

December 14, 2014

As we rapidly approach year end, making a list for Santa shouldn’t be the only list that you make.  It is also the time of the season to be making some end of the year smart money moves.  Here are my quick five to do’s and NOT to do’s before the end of the year.

To Do’s

  1. Use up your FSA- You can only carry over $500 to 2015, so make sure you use the other money or you will lose it.
  2. Donate to charity- Especially your non-cash charitable contributions. Make sure to get a receipt for tax purposes.
  3. Match gains and losses- Look through what positions to sell to match losses against gains. Not every position will be a winner.
  4. Max out 401(k)- If you have a pay period left and are way behind in contributions, you might do 100% of the last paycheck.
  5. Make a holiday shopping list- Unless you want a holiday financial hangover, making a good list will ultimately save you money.

NOT To Do’s

  1. Mutual fund purchases- Be careful on the date you purchase a fund in a non-qualified account.  You might eat the capital gains for the entire year.
  2. Take your bonus- If your company offers a year-end bonus, see if it makes sense to defer it into 2015 from a tax perspective.
  3. Buy winter gear- It may be cold outside, but buying winter gear at this time of year will be even colder on your wallet.
  4. Buy a new car- Wait until Presidents day weekend where you can expect to get better deals.
  5. Join a gym- You can expect to see better pricing come January.

Written by: Ted Jenkin
Request a FREE consultation: www.oxygenfinancial.net

Next

Four Financial Ideas On Your Work Anniversary

Sign Up

Sign up for our exclusive Sunday Paper with a weekly market commentary, insightful personal finance blogs, and life changing education guides.

Email sign up

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.

This site is published for residents of the United States only. Registered Representatives of Kestra IS and Investment Advisor Representatives of Kestra AS may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed. Not all products and services referenced on this site are available in every state and through every representative or advisor listed. For additional information, please contact Kestra IS Compliance Department at 844-553-7872.

PLEASE NOTE: The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. Kestra IS and Kestra AS makes no representation as to the completeness or accuracy of information provided at these web sites. Nor is Kestra IS and Kestra AS liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this web site. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.