Smart Financial Moves to End 2024 on a High Note

From savings strategies to tax prep, finish the year with confidence.

As the year comes to a close, it’s the perfect time to take stock of your financial health and prepare for a strong start to 2025. Whether you’re reflecting on accomplishments or setting new goals, these actionable tips will help you wrap up 2024 on a high note.

1. Perform a Financial Checkup

Start by reviewing your budget and spending for the year. Did you stick to your plan, or were there unexpected expenses? Assess how well you met your 2024 financial goals, such as saving for a vacation, reducing debt, or building an emergency fund.

Use this information to identify areas for improvement in the coming year. For a clear picture of where you stand, review your account balances, outstanding debts, and investments.

Pro Tip: Utilize ElectronicEdge online banking or our mobile app EdgeMobile to track spending and generate reports for a detailed breakdown.

2. Maximize Year-End Contributions

Tax-advantaged accounts like IRAs and HSAs can be powerful tools for saving. Depending on your plan, contributions made before December 31 might be tax-deductible.

If you have an employer retirement plan with matching contributions, consider increasing your contributions to take full advantage of this benefit. It’s free money for your future!

Pro Tip: Not sure how much to contribute? Log in to your account for insights into your contribution limits.

3. Review Your Credit and Financial Health

Your credit score plays a crucial role in your financial opportunities, from securing loans to qualifying for the best interest rates. Check your credit report for any errors or discrepancies that could impact your score.

Pro Tip: By law, you can access one free annual credit report each year to check out your credit score. To access your free credit report, visit www.AnnualCreditReport.com or call (877) 322-8228.

4. Use Rewards and Points Before They Expire

Do you have unused credit card rewards or loyalty points? Year-end is a great time to redeem them for holiday gifts, travel, or other expenses. Many programs reset annually, so don’t let your rewards go to waste.

Pro Tip: Consider consolidating points across accounts for maximum value.

5. Stay on Budget This Holiday Season

The holidays can bring financial stress, but a little planning goes a long way. Create a realistic spending plan for gifts, travel, and entertainment, and stick to it.

If unexpected expenses arise, consider using a low-interest personal loan or FinancialEdge credit card to avoid high-interest debt. We also offer holiday savings accounts to help you prepare for next year’s celebrations.

6. Organize for Tax Season

Getting a head start on tax preparation can save you headaches in April. Begin gathering important documents, such as receipts, charitable donation records, and mortgage interest statements.

Some home loans for example, come with tax advantages. Reach out to us if you have questions about how our products can help.

7. Plan for a Strong 2025

Once your 2024 financial review is complete, shift your focus to planning for the year ahead. Set clear, specific financial goals, such as paying off a percentage of your debt, increasing your emergency fund, or saving for a large purchase like a car or home improvement project.

Break each goal into manageable steps, like contributing a set amount to savings every month or automating bill payments to reduce late fees. Small, consistent actions can lead to significant progress over time.

Don’t forget to explore tools and services that can help you succeed. Our mobile and online tools and low-interest loan options are designed to make reaching your goals easier.

By taking time to plan now, you’ll start the new year with confidence and a clear roadmap for achieving your financial dreams.

Let Us Help You Wrap Up 2024 Strong

The end of the year is a busy time, but taking control of your finances now will set you up for success in 2025. Log in to your account today to review your progress, or explore our resources to learn how we can help you achieve your goals.

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