As the year draws to a close, it's time to unleash your financial goddess and sweep in some dazzling changes to set the stage for a prosperous future. If, like many fabulous women out there, you're reflecting on your financial journey and feeling that your money goals need an extra dash of magic, fear not! Here are five enchanting money moves to make before the year bids adieu – because why not step into the new year with a financial tiara glittering with success?
1. Revitalize Your Retirement Kingdom: Dive into the treasure trove of your retirement accounts and see if your contributions align with your royal ambitions. If the crown feels a bit light, consider boosting your contributions. Picture this: Your 401(k) or 403(b) is your financial ballroom, and increasing those contributions is like adding more sparkle to your dance floor. Unlike Cinderella's magic, the deadline is real – make those contributions before the clock strikes midnight on the financial calendar!
For instance, if your retirement fund were a fairy godmother, it would grant your financial wishes when you need them most. So, wave that wand and make it happen!
2. Weave Tax Advantage Spells: Unleash the power of financial alchemy by harvesting tax losses. Imagine your investments as potions; some may not have turned into gold just yet. By selling those underperformers before the year concludes, you can conjure up tax advantages. In the magical realm of self-directed brokerages, this tax-loss harvesting is your secret spell to offsetting gains and keeping more gold coins in your treasury.
Let's say your investments are like a magical garden, and some plants need a little extra care. Prune away the underperformers, and watch your financial garden flourish with newfound vitality.
3. Spread Joy with Charitable Magic: ‘Tis the season for giving, and what better way to spread joy than making charitable donations? Your generous heart can weave magic into the lives of others, but remember, the spell must be cast before the clock strikes midnight on the year. If you're a philanthropic enchantress, consider bundling your contributions into a magical gesture that resonates throughout the kingdom of giving.
Think of your charitable donations as spells that ripple through the universe, creating positive change. Casting these spells before the year ends ensures that your benevolence echoes into the realm of 2023.
4. Master the Art of FSA Alchemy: Your Flexible Spending Account (FSA) may be a magic pouch for health expenses, but it comes with a catch – the use-it-or-lose-it provision. Picture your FSA as a magical potion; it must be consumed by year-end, or it vanishes into thin air. However, fear not, as this provision doesn't apply to Health Savings Accounts (HSAs), the true wizards of flexibility.
Imagine your FSA as a spellbook with a deadline. Flip through its pages and zero-out those funds before they turn into pumpkins. It's not about magic wands; it's about mastering the art of financial spells.
5. Craft Your Benefit Elixirs: As the year concludes, revisit the mystical realm of your workplace benefits. Many employers, like wise sorcerers, conduct benefit enrollment periods at the year's end. Channel your inner potion master and review these benefits, tweaking them to better match your ever-evolving situation or needs.
Envision your benefit elections as elixirs tailored to your unique needs. This magical process ensures that the potions you choose align with the adventures that await you in the coming year.
In the grand tapestry of financial empowerment, these money moves are your spells, your incantations for a prosperous and enchanted future. So, don your financial tiara, unleash your inner money sorceress, and let the magic of thoughtful financial planning carry you into a dazzling new year! After all, financial wisdom is the most empowering spell of them all. Cheers to a year-end full of sparkle, success, and financial enchantment!
