End-of-year Financial Planning

By Cyprus Credit Union | Oct 14, 2021 8:02:00 AM

We’re already in the last quarter of 2021! It’s time to start thinking ahead about some of your end-of-year financial moves. Here are some ideas to help you start the upcoming year with good financial footing.

Evaluate Goals

Did you make financial goals at the beginning of the year? Now is the time to take a look at them and see how you've been doing. If you're not quite on track to accomplish them, that’s okay. Do what you can for the rest of the year. If necessary, re-work your goals and get ready for next year.

Charitable Donations

Have you made charitable donations throughout the year? Make sure you've been organizing your donation documents so they're ready to go for next year's tax season. Remember, there are some exceptions when it comes to charitable giving. You can find what does and doesn’t qualify by visiting the IRS website's "Charitable Contribution Deductions" section.

Contribute to Retirement

If you haven’t hit your retirement cap yet, consider adding a little more money to your retirement fund. The IRS publishes the current allowances and limitations for contributions online. Click here to be taken to the “Retirement Plans” section of the IRS website.

Keep Paying Down Debt

Wouldn't it be great to start the new year with as little debt as possible? Focus on your higher interest-rate debt first, as this will save you more money in the long run.

Gather Tax Documents

Tax season will be here before you know it, so start getting ready now. Begin setting aside all important documents that you may need from this year.

Topics: donations, financial goals, charity, Debt, financial planning, retirement, taxes