Five End of Year Savings Tips

As we approach the end of the year, there is no better time to evaluate the progress you have made towards your savings goals, set some new ones for the upcoming year, and see if there aren't a few specific ways you can still save some money before the year is over.

There's nothing like starting a new year with peace of mind and a positive financial outlook. Here are five end of year savings tips to consider:

  1. Cancel any non-necessities and sock away that money. Do you have a gym membership you're not really using? A monthly subscription to a magazine you don't have time to read? Do you really need those extra cable channels you're paying for? Now is the perfect time to evaluate any services or automatic subscriptions you're paying for but don't really use, and instead put that money towards your savings goals.
  2. Save the extras. If you receive a bonus from work or a cash gift during the holidays, it can be tempting to go right out and spend it. Instead, take a moment to think about your long-term savings goals and how this extra, unexpected cash can help you achieve them. Better yet, if you have some debt to pay down, consider putting it towards that. By paying down high-interest debt you are also saving because you'll spend less over the long term in interest rates and fees.
  3. Use, don't lose your vacation. Remember that time is money, so if it's possible, schedule some time off if you are in danger of losing your vacation time. Some employers may also allow you to cash out your overage vacation so that you don't forfeit it, so check with your human resource department or supervisor to ask about their policy. Read the 10 things you can do to protect your money before traveling.
  4. Contribute more to your workplace retirement plan and reduce your taxable income. You have until December 31 to contribute up to the maximum of $18,000 for 2017 to your 401(k) or similar workplace retirement plan. If you're age 50 or older, you can contribute an extra $6,000, for a maximum of $24,000. For IRA contributions, you can contribute up to $5,500 if you are under age 50, and $6,500 if you are 50 or older. Get the answers to the FAQs or IRAs here.
  5. Make your charitable giving donations before the end of the year. If you're planning to purge some clothes or other household items and donate them to charity, or make a cash contribution to a charitable organization, be sure to do so before the end of the year so that you can deduct these from your 2017 taxes. Keep in mind that you can only deduct charitable donations if you itemize them on Tax Form 1040, Schedule A. This is common among homeowners, but less common among renters.

Are you trying to save money? Let America Saves help you reach your savings and debt reduction goals. It all starts when you make a commitment to yourself to save. Take the first step today and take the America Saves pledge to save money, reduce debt, and build wealth over time. And it doesn't stop there. America Saves will keep you motivated with information, advice, tips, and reminders to help you reach your savings goal. Think of us as your own personal support system.

TAKE THE PLEDGE


Work bonuses or cash gifts received during the holidays can help beef up your savings account. Consider saving, not spending, this "extra" money: http://bit.ly/2zOgBSc

Tweet this now

 

Take the Pledge

I pledge to save money, reduce debt, and build wealth over time. I will encourage my family and friends to do the same

Take the America Saves Pledge

Tip of the Day

  • Written by Tammy G. Bruzon | January 16, 2017

    Set aside your #taxrefund for unexpected repairs or emergency expenses http://bit.ly/2hTMMpt @AmericaSaves

Saver Stories View all »

Another Dream Realized

Written by Tammy G. Bruzon | November 7, 2014

Mary Brown was already a disciplined individual when she came to Wisconsin Saves coordinator Wisconsin Women’s Business Initiative Corporation (WWBIC) in last summer. She had successfully completed her bachelor’s degree with the assistance of her husband and son, and was now ready to tackle her next big dream – homeownership.

Read more...

Learning to Save

Written by Katie Bryan | October 28, 2013

Kisha Barns’s financial situation was undisciplined, unrestricted, and impulsive before she came into contact with her local America Saves campaign, Charlotte Saves.

Read more...

Taking Steps Toward Financial Fitness

Written by Tammy G. Bruzon | November 7, 2014

Nicky Vasquez learned about Virginia Saves when she attended her first class with Bank On Virginia Beach. The instructor shared how important it was to have a written savings goal, and the entire class joined Virginia Saves as the first step toward financial fitness.

Read more...

Receive Updates

Sign up for Texts

Written by Tammy G. Bruzon | July 15, 2014

Sign Up

Sign up for Emails

Written by Super User | September 16, 2013

Get Emails

Take the Pledge

Written by Super User | September 16, 2013

Start Saving