(WTNH)– Friday is the first day of December, which means the end of the year is coming up fast. We have steps you should be taking to stretch your dollar in the new year.
It’s a busy time of year from shopping to the holiday gatherings. But as we get into the final month of the year, it’s important you take a moment to think about your money.
Matthew Carbray, of Ridgeline Financial Partners, told us five things to do before year’s end. Starting with a review of your retirement contributions.
“A lot of people are leaving money on the table. Most company plans will provide a match but it’s contingent upon you saving at a particular level. Whether that be 3 or 6 percent. Make sure you’re at least at that level so you’re not leaving any employer money on the table,” said Carbray.
You’ll thank yourself in the New Year. Remember to make those charitable donations before years end, which turn into tax deductions.
For parents with future college students, he suggests you consider the state’s CHET program which is the Connecticut higher education trust.
“It’s the state’s 529 version that allows you to save money for future college expenses. You also are getting a state income tax credit on contributions up to $5,000 if you’re single, and up to $10,000 if you’re married, per household,” said Carbray.
Lastly, your healthcare. Now’s the time to “opt in” or make changes. If you have a flexible spending account, you want to pay it down before the end of the year.