4 Money Moves to Make Before 2021

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2021 will be here before we know it!  2020 has been quite the year, so give yourself a pat on the back for getting through it.  Before you wrap up 2020, here are a few money moves to make before 2021 to finish your financial year out strong:

Donate to Charity Before Year-End

It always feels good to give, especially this time of year.  If you have anything to spare, consider donating to a cause that is near and dear to your heart.  You may be able to take the donation as a deduction on your taxes next year.  Even if you can’t, there are many, many worthy charities out there that could use your help.  Consider what’s most important to you, and, if you’re able, reach out and lend a hand.


Spend Down Your HSA Balances

If you have money in an HSA (Health Savings Account), it may expire at the end of the year.  Not spending down those balances is leaving money on the table.  Most people know that you can use an FSA to pay for doctor visits and prescriptions, but FSA funds can also be used for a variety of over-the-counter health-related items.  You can check eligibility for HSA items here or check the IRS website for a list of eligible items.


Check Your Credit Reports

Ideally, you should be checking your credit report a few times a year using annualcreditreport.com . However, at minimum, you should check your credit report at the end of the year.  This will give you a good financial snapshot of where you are.  It also is an opportunity to review your report for any entries that you don’t recognize.  If you do see items on your credit report you don’t recognize, it’s possible you have been the victim of fraud.  There is a process to dispute charges, and the sooner you recognize them, the better.


Review Your Tax Withholdings

Many of us like getting that big return at tax time.  However, changing your withholdings can mean more money in your pocket throughout the year. Think carefully about the withholding and exemptions you’re claiming. Consider adjusting them to reduce the amount withheld in tax from each paycheck.  You will want to be careful here, though: you don’t want to adjust your withholdings down too low and end up owing taxes.

Set out to make these money moves before 2021 so you can start the New Year on a strong financial footing.  From all of us here at Apprisen, we wish you a happy holiday season and a prosperous new year!

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