End-of-Year Financial To-Do List: Key Tasks to Start 2025 Off Right

1. Review Your Financial Goals

Take time to assess your progress toward the goals you set at the beginning of the year.

• What went well? Celebrate your successes.
• What needs improvement? Identify areas for growth in 2025. Set new or updated goals that reflect your current financial situation and aspirations.

2. Maximize Retirement Contributions

Make the most of tax-advantaged accounts like a 401(k) or IRA.

• 401(k): For 2024, the contribution limit is $23,000 (or $30,500 if you’re 50 or older). Check your contributions and increase them if you can.
• IRA: Contribute up to $6,500 (or $7,500 if you’re 50 or older) by the tax deadline in April 2025.

3. Review Your Budget

Reflect on your spending and saving habits in 2024.

• Identify areas where you went over budget and find opportunities to cut back.
• Update your budget for 2025 to account for changes in income, expenses, or goals.

4. Pay Down Debt

Use any year-end bonuses, gifts, or extra income to chip away at high-interest debt.

• Focus on credit cards, personal loans, or other high-interest balances first.
• Set a repayment plan for 2025 to stay on track.

5. Check Your Insurance Coverage

Review your insurance policies to ensure they meet your needs.

• Health insurance: Are you covered for upcoming medical expenses?
• Home and auto insurance: Verify your policies are up to date and compare rates to see if switching providers could save you money.
• Life insurance: Update your beneficiaries and coverage as needed.

6. Spend Your Rewards and Credits

Check for unused credit card rewards, gift cards, or loyalty points. Some may expire at the end of the year, so now is the time to redeem them for cash back, travel, or other perks.

7. Give Back

The holidays are a great time to contribute to causes you care about.

• Make charitable donations: Contributions made by December 31 may be tax-deductible.
• Volunteer your time: Giving doesn’t have to be monetary to make an impact.

The Bottom Line.

Ending the year with a clear financial strategy sets the tone for a the incoming year. By tackling these tasks now, you’ll have peace of mind knowing you’ve done everything possible to improve your financial health and reach your goals in the new year. 💪

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