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GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by The end of the year is a busy time for any middle-class family. There\u2019s preparing for the holidays, protecting your kids against the seasonal crud, and gearing up for the financial challenges and opportunities of the new year. But getting everything in order financially can feel like just another stressor \u2014 especially if you\u2019re not sure where to start.<\/p>\n A simple checklist can help. After all, you use lists to manage everything else in your household, from grocery shopping<\/a> to chores to getting everyone to their activities on time. Why not use one to get your financial affairs in order as you move into the new year<\/a>? <\/p>\n To learn what items deserve a spot on an end-of-year money checklist, GOBankingRates turned to Connor Bauserman<\/a>, a financial planner at Preferred Financial Group<\/a>.<\/p>\n<\/p>\n Reset After Holiday Spending \u2014 and Plan Ahead for Next Year<\/p>\n While the bulk of holiday spending<\/a> is already behind most families, the end of the year is still the right time to assess the damage \u2014 and prevent it from repeating next year.<\/p>\n Bauserman said one of the most common mistakes he sees is overspending during the holidays without a clear plan.<\/p>\n \u201cIf you don\u2019t go into Christmas with a budget, things can get out of hand fast,\u201d he said.<\/p>\n He said holiday promotions \u2014 from Black Friday and Cyber Monday to weekly seasonal deals \u2014 can create pressure to spend more than planned, especially when purchases are justified as \u201ctoo good to pass up.\u201d<\/p>\n Now\u2019s the time to review December spending, pay down any balances where possible and create a simple savings plan for next year\u2019s holidays. Bauserman recommends setting aside a small amount each month.<\/p>\n The average family spends about $1,600 during the holidays<\/a>, and when that expense hits all at once, it often ends up on a credit card or comes straight out of savings. Bauserman said spreading that cost out by saving roughly $134 a month can make the season far less financially stressful.<\/p>\n Embrace Automation<\/p>\n One of the easiest year-end upgrades families can make is automating their finances where possible, especially with savings and investing. <\/p>\n \u201cThis ensures that you\u2019re prioritizing saving over spending,\u201d Bauserman said. \u201cIt also allows families to save for things like holidays throughout the year, which helps regardless of income.\u201d<\/p>\n With automatic transfers in place \u2014 whether to a high-yield savings account<\/a>, brokerage account<\/a> or retirement plan<\/a> \u2014 your financial goals are being worked on in the background, even when you\u2019re not actively thinking about them.<\/p>\n Maximize Your Tax Strategy<\/p>\n Taxes should be a central part of any end-of-year financial checklist. Waiting until tax season can mean missed opportunities. Bauserman said families with taxable investment accounts may benefit from tax-loss harvesting<\/a>, which involves selling investments at a loss to offset gains or reduce future tax liability.<\/p>\n \u201cYou can also maximize your tax deductions, including HSA contributions, and minimize small-business taxes by making business purchases to go against business revenue,\u201d he said. \u201cBe sure to work with a tax professional to see what deductions you qualify for.\u201d<\/p>\n Review and Increase Your Retirement Contributions<\/p>\n Increasing your contributions to retirement accounts is a perennial New Year\u2019s resolution \u2014 and one you can start right now. Bauserman recommends reviewing your accounts and looking for ways to increase contributions to your 401(k)<\/a>, IRA or Roth IRA.<\/p>\n \u201cMost of these can be made before April 15 for the previous year, but some contributions must be made before calendar year-end,\u201d he said.<\/p>\n Even small increases can have a meaningful impact over time, especially when paired with consistent contributions and employer matches.<\/p>\n<\/p>\n The Bottom Line<\/p>\n Your family\u2019s New Year\u2019s resolutions may include improving your finances, but there\u2019s no reason you can\u2019t get started now. By reviewing holiday spending, automating savings, tightening your tax strategy and boosting retirement contributions, you can head into the new year with more clarity \u2014 and far less financial stress.<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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