9 important money moves to make before the end of the year

Core Insights - The end of the year presents an opportunity for individuals to enhance their financial situation through strategic money moves aimed at reducing tax liabilities and increasing savings for a more secure financial future in 2026 [1][2] Financial Strategies - Budget Checkup: It is essential to review and adjust the budget based on actual spending versus expected spending to identify areas for potential savings or income increases [3] - Emergency Fund: Maintaining an emergency fund covering 3 to 6 months of living expenses is crucial to avoid high-interest debt during unforeseen circumstances [4][5] - Utilizing FSA Funds: Employees should use their Flexible Spending Account (FSA) funds before the year-end to avoid losing unspent contributions, which are capped at $3,300 annually [6][7] - Subscription Audit: Consumers are encouraged to review and cancel unused subscriptions, as the average monthly spending on subscriptions can exceed $200, leading to significant annual costs [8] - Health Appointments: Making medical appointments before the insurance deductible resets on January 1 can lead to cost savings if the deductible has already been met [9][10] - Maximizing Tax-Advantaged Accounts: Contributions to accounts like 401(k)s and IRAs can lower taxable income, and individuals should aim to maximize contributions before the tax filing deadline [11][12] - Re-evaluating Taxable Investment Accounts: Annual tasks such as rebalancing and tax-loss harvesting in taxable brokerage accounts can optimize investment performance [13] - Paying Down High-Interest Debt: Reducing high-interest debt, even by small amounts, can improve financial health and reduce interest payments over time [14] - Refinancing Opportunities: With recent interest rate cuts, individuals should consider refinancing existing loans to potentially lower monthly payments and overall interest costs [16][17]