May 26, 2022

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Year-end money moves to make before 2022

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Get ahead of holiday bills

Take inventory of what you spent this holiday season, so you know what to expect when the bills arrive in January.

If you incurred any debt, come up with a plan to pay it down. Prioritize aggressively paying down the highest interest card first, said Abbey Henderson, CEO of Concord, Massachusetts-based Abaris Financial Group.

If the debt is overwhelming, consider consolidating it through a balance transfer card with a zero or low interest rate or personal loan.

“Consolidate as long as you can commit to getting it paid off and are not just running up another card,” she said.

Review your budget

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Look at medical expenses

Max out your retirement contributions

Then, if you have already maxed out your 401(k) or don’t have one, do the same with your individual retirement account or Roth IRA. The maximum contribution this year is $6,000, or $7,000 if you are age 50 or older.

Even though you have until April 15 to fund your retirement savings account out for 2021, doing it now will enable you to start saving for 2022 in January, Sun said.

Automate

https://www.cnbc.com/2021/12/23/year-end-money-moves-to-make-before-2022.html