Just before the end of the year could be the best time to boost your finances.
When it comes to making your investments make money in the next 12 months, consider these suggestions from the financial website Kiplinger.
First, take a look at your portfolio of stocks to see if it needs to be rebalanced.
It’s been a volatile few months and you may need to make changes to ensure your holdings are aligned with your goals.
And you may also need to make adjustments given the possibility of higher interest rates next year.
There are also several moves you can make to lower your tax bill.
If you plan to itemize, consider prepaying some deductible expenses such as mortgage payments.
You may also be able to lower your tax bill by prepaying first quarter college tuition.
If you have a flexible spending account, check it to make sure you’re not going to lose any unused funds.
Usually, you can roll over up to $550 of unused funds in an FSA for two-and-a-half months.
But this year, you may even be able to roll it over through the end of next year.
The additional grace period is allowed under COVID-19 legislation, but check to see if your employer offers it.
Also, check your credit card rewards balance before year-end to make sure they don’t expire anytime soon.