Important Money Conversations To Have Around The Holidays
Most of us like to swipe our cards during the holidays and ignore important money conversations until an uneventful January appears. Unfortunately, this is a great way to spend money during the holidays and miss out on the financial opportunities of the new year.
Instead of falling into such a trap, browse these 9 important money conversations and make sure you touch base with each before the holidays are over. Whether you’re single or married with children, taking account of your money during the holiday season is sure to set you up for more financial success in 2023.
Money Conversations You Should Have Before The New Year
Before the New Year, you should discuss your money and the financial aspirations you have for the future. Take a look below to find the money conversations you should have around the holidays:
- Financial planning
- Employee benefits
- And more…
Max Out Your 401(k) Contributions
All 401(k) plans through employers have an end-of-the-year contribution deadline. This is a great time to throw in any extra money you have to “catch up” with your 401(k) and reach the deferral limit – especially if you were given bonus money during the holidays. Make sure you’re getting the most out of your employer’s match.
Assess Your Investments
If you have investments in stocks, bonds, or crypto, consider tax-lost harvesting strategies if you want to lower your capital gains tax for the year. If you have an underperforming investment, cut your losses by selling it. You could offset up to $3,000 of your regular income for tax season.
Calculate Your Donations
The end of the year is a good time to get all of your annual statements and documents together to know where you stand financially. Part of this is calculating your charitable giving for the year.
Conduct A Tax Review
If you’ve had any big milestones this year, like getting married, birth, divorce, death, or retirement, consider tax changes that could impact you in the coming months. This is a good time to defer or accelerate things like property sales, bonuses, deductible expenses, or any other things that could benefit you come tax time.
Update Insurance Policies
Many insurance policies, Whether, it is life, health, car, or other, reinstate annually. The holidays are a great time to shop around and make sure you’re getting the best price for your coverage. It’s also an ideal time to cancel any renewing subscriptions you may not need in the new year.
Create A Financial Plan For 2023
If you want to improve your circumstances next year, don’t head into 2023 without a financial plan. This plan should contain your current money situation, financial goals, and the strategies you’ll implement to achieve them.
Review Your Employee Benefits
Check out the details on things like your employee 401(k) allocations, health insurance, life insurance, and health spending account, if you have one. It’s a great time to make any changes you may prefer before the new year and pay period start.
Consider Estate Planning
Estate planning prepares you and your loved ones for unpleasant surprises down the road. No matter your age, if you have assets and family be sure your will is updated annually. Review it carefully if you’ve undergone any big life changes and, if you have many assets, be sure to have money conversations with your beneficiaries and a lawyer to keep everyone in the loop.
Review Your Debt
While you may be tempted to ignore that pending credit card bill until after the holidays, it’s important to take note of where you are when it comes to debt. An end-of-the-year reflection is great to break down what you owe and how you’ll pay it back. It may also be a time to consider debt consolidation.
Even if you have your debt under control, you may run into a financial emergency before the year’s end. If this happens, and leaves you feeling trapped financially, consider a payday advance to get you through until next month.
A payday advance from Carolina Payday Loans, Inc. can help you get money during the holidays for urgent costs you didn’t expect. After completing the loan process in less than an hour, you could cover a bill from $100 to $550.
To qualify for payday loan cash, you’ll need your Carolina state I.D., a check from your bank account, and your latest pay stub. These loans are typically paid back during your next pay period, although the terms may vary.
To apply, submit the quick cash online document on our homepage. You’ll get a call from one of our representatives who will explain the process and arrange to meet with you. At our local office, your documents will be reviewed quickly and, if approved, you’ll have your cash that same day or the next business day.
Face Your Finances Today
Money conversations may not be easy to have, especially if you’re short on money during the holidays. Nevertheless, they are vital if you want to improve your financial situation and have a stronger, happier, and more financially secure 2023.
If you’re finding it hard to have these conversations because of pending urgent bills, consider a payday advance to get you by until next month. Our representatives are waiting to have a light-hearted and helpful money conversation with you now – complete the online form to receive a call or call us directly!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.