With fall in full swing and winter on the horizon, it’s a good time to start thinking about year-end finances and how to get ahead in 2025. Some of these tips are about preparing for the future while others are about making the most of what you have at your disposal now—it’s all about finishing the year strong and being in a positive, proactive mindset in the New Year. (Don’t forget about planning your holiday spending, too!)
Here are three easy, effective year end financial tips for individuals and families. For personalized advice that reflects your long-term goals, please contact us. An Interior Savings advisor would be glad to meet with you.
Review your benefits (and use them!)
Did you know it can be difficult to get an appointment with a registered massage therapist (RMT) in December because so many people are trying to use the last of their annual benefits? The same goes for chiropractic adjustments and other medical services that are commonly covered by group benefits plans. Don’t miss out on potential benefits because the clock runs out—if you need new glasses, a fresh supply of contact lenses, an appointment with your therapist, some dental work or even acupuncture, review your benefits and use them while you can. These services can improve your quality of life without being paid out of pocket, so take advantage of them!
Review and adjust your budget
We’ve written about budgeting a number of times because it will always be an important part of your financial success. Year end is the ideal time to review your budget, identify areas for improvement and make adjustments. This may involve addressing your discretionary spending or making changes to lower your fixed expenses. It could also include revisiting your insurance policies, registered savings accounts and other investments. Please explore our website to read more on this topic or reach out to an Interior Savings advisor for personalized guidance that reflects your income, expenses and goals. We’d be glad to help!
Consider charitable donations
As a credit union that puts our members first, we believe in giving back—but there are tax perks to being generous, too. Charitable donations that total up to $200 receive a federal tax credit of 15%, and donations that add up to over $200 in total receive a federal tax credit of 29%. While you can claim donations to registered charities for up to five years, it often makes sense to claim them annually. Knowing this, it’s best to plan out any final philanthropic gestures for the calendar year and put them into action. Remember to keep your donation receipts on hand for tax season! And if you have any questions, just let us know.
Speak to your advisor to learn more
If you’d like to speak to an Interior Savings advisor and get financial advice that reflects your individual needs and goals, please contact us. We’d be glad to answer your questions and offer tailored, effective financial guidance that improves your financial health. Thanks for reading and speak soon—we’re ready to get started when you are.