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Your financial to-do list for December
Try not to blow that holiday bonus all in one place
Join more than 350,000 subscribers and keep yourself informed with a selection of The Week’s most interesting, enlightening and entertaining stories - plus daily puzzles.
Join more than 350,000 subscribers and keep yourself informed with a selection of The Week’s most interesting, enlightening and entertaining stories - plus daily puzzles.
We've taken your hectic holiday schedule into account with this month's to-dos: All five painless tasks below can be completed at home, while you're cozied up by the fire, sipping a glass of eggnog under the holiday lights.
1. Review your retirement and brokerage accounts
Log into your retirement and brokerage accounts and perform our investing check-up in five painless steps. If it looks like you'll need to rebalance — or even just need a reminder of what exactly that entails — consult our guide to rebalancing an investment portfolio. Check in with your accountant to see if there's any action you need to take before the end of the year.
2. Make any charitable contributions
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If your company doles out bonuses around the holidays, now is the time to make sure you use that money wisely. Review which areas of your financial picture could best use that little boost: Does your retirement account need maxingout? Do you need to pay down any debt? How about padding that emergency fund you've been working on? Since you may not have budgeted for a windfall, use it to give your finances a leg up.
4. Re-evaluate your budget
We're in the home stretch: How is that budget looking? If your finances took a bit of a beating during the month, sit down and take a "Money Minute" to figure out how you can improve in the new year. Is there one section in your MoneyCenter that has a pattern of going overboard? Is there anywhere that needs a little more room? Review our 50/20/30 guide to budgeting — and set yourself up to start 2014 on the right financial foot.
5. Pinpoint your money goals for 2014
Use those quiet days after the holidays to sit down and think big picture: Are you hoping to buy a home in 2014? Renovate the real estate you already have? Maybe you'll be walking down the aisle with your partner this year or even welcominga little one. Whatever your dream for the new year, make sure you have a clear idea of what you're aiming for. With a little planning, you'll be celebrating your successes at this time next year.
