The end of the year is approaching and it's a great time to take steps that can help improve your personal finances.
Here are 10 finance steps to consider before the end of 2023:
If you're not retired, review your contributions to retirement accounts such as IRAs.
If you or your spouse is 72 or older, Required Minimum Distributions (RMD) must be taken before Dec 31st. Otherwise you could incur an additional 50% penalty tax.
Make charitable contributions that you want to be able to claim as a deduction on this year’s tax forms.
Compare this year's spending against your budget and make any necessary adjustments for next year.
Do you expect to earn more next year? Consider putting all or part of your expected increase into savings.
Check your asset allocation and make any necessary changes.
Take some time to define your family's financial goals and concerns for next year:
Do you want to save more for retirement? Or for college?
Is a particular budget category consistently over-budget?
Do you expect any unusually large bills next year such as college tuition or a new roof?
Taking the time to address these items now can help make next year a success. Need Help? We are ready to help you with these steps, contact us today! Not a BMA Financial Member yet? We invite you to schedule a FREE financial assessment to see how we can help you manage God’s money, God’s way, for God’s glory!
Steve Crawley, PhD BMA Financial Executive Director