Editor’s note: This is a guest post by Brooke Niemeyer, Editorial Partnerships Manager at Policygenius.
There’s only a little bit left of 2017. That means now is the time to do a last-minute financial tuneup to kick off the new year in a good place. Where do you start? We’re glad you asked. We’ve got some easy things for you to do — and still make it in time to bake cookies with the family.
Spend your FSA
Yep, we’re starting out this by telling you to spend money. Flexible spending accounts are use it or lose it, so you definitely want to use it before the end of the year. Pick up health essentials like bandages or contact solution to make sure those funds don’t go to waste.
(Note: There are some exceptions that allow you to roll over up to $500 or offer a grace period after the new year. Check with your human resources department to find out what your program entails).
Check your budget
It’s good to take a look at your budget every few months to see where things stand and if anything should be tweaked.
“There are many ways to reduce even the expenses we most take for granted,” Brian Davis, co-founder of rental investing site SparkRental, said. “Do you need cable TV, if you have Netflix? Do you need to eat lunch out every day, when you could bring leftovers from last night’s dinner? And so it goes for every expense in our budget.”
Keep your good habits
“Don’t blow all of your financial goals in the last few weeks of the year,” Sharon Podobnik Peterson, founder of subscription box service Go Love Yourself, said. “Advertisements will have you believe that you’ve saved all year just to treat yourself … but unless that’s truly the case, don’t start your 2018 already at a deficit.”
Check your credit
This doesn’t take very long and is really important. Why? Lots of places look at your credit before deciding to do business business with you, from your cell phone provider to mortgage lenders.
You can get a copy of your reports from the three major bureaus for free every 12 months by going here.
Set a reminder to do it again
If you get your reports more than every 12 months, you’ll pay a fee. But you can keep an eye on your scores during the year using one of the several personal finance sites out there that offer them for free. Many credit card providers offer these as a free perk as well. Set a reminder to look at them once a month for any signs of trouble, like a sudden drop.
Make sure you weren’t Equihacked
In case you missed it, there was a major Equifax data breach earlier this year, potentially impacting an estimated 145.5 million people. If you haven’t checked to see if you are one of them, now’s the time — just visit EquifaxSecurity2017.com. Equifax is offering affected consumers free credit monitoring and identity theft monitoring, but you only have until the end of January to sign up.
Update your passwords
While we’re talking hacking, it’s worth reminding you to reset your passwords. This is a good thing to do at least once a year. Try to use a different password on each site — it’s a pain to come up with new ones, but doing so means potential hackers won’t get access to multiple accounts. A password manager can help.
Max out your 401(k) contributions
You can put $18,000 in employee-sponsored plans (plus an extra $6,000 catch-up contribution for anyone 50 and older), per the IRS. If you can’t reach that amount, at least make sure you’re contributing the amount an employer matches. Otherwise, you’re leaving free money on the table.
Get life insurance
Life insurance rates are currently the lowest they’ve been in 20 years, so it’s the perfect time to get this part of your financial house in order. Plus, it’s easier than you may think to find life insurance. Bonus: Check this article out to find out how buying life insurance can help you reach your 2018 goals.
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