December 2023 Financial Check In
“Debt is like any other trap, easy enough to get into, but hard enough to get out of.”
-Henry Wheeler Shaw, American humorist
Charitable Giving
Most people feel extra charitable around the holidays and driven to do so to have a positive impact on the charities and causes they care about.
To Do: Be intentional with how much and to whom you will give to this year. Determine if there are any tax deductions opportunities for you.
Free Weekly Credit Reports Expires 2023
Throughout the Pandemic and until the end of the year, you can receive a free weekly credit report, available at annualcreditreport.com from the 3 major credit bureaus, Equifax, Experian, and Transunion. The expanded access is set to expire at the end of the year.
To Do: Get a free credit report by going to annualcreditreport.com or by calling 877-322-8228.
Complete a Roth Conversion
You have until the end of the year to complete a Roth conversion for the 2023 tax year. Keep in mind a conversion is a taxable event and may affect what you pay for Medicare Part B and Part D, Income Related Medicare Adjustment Amount (IRMAA) surcharge, in future years.
To Do: Learn more or evaluate if a Roth conversion is right for you with your financial planner.
Look for Unclaimed Funds
You may have money floating around that never made it into your bank account. Unclaimed funds could be savings and investment accounts, forgotten rental deposits, and dividends that never were delivered. But to get it, you need to know where to look.
To Do: Visit MissingMoney.com | Search for Unclaimed Property and see if you unclaimed property.
Don’t bust your budget.
- Holiday gifts, decorations, travel, and food costs
- Charitable donations
- Greeting cards and postage
- School Holiday Parties
- Season activities
- After Holiday Clearance Sales
- Heating bill
- Winterizing your home and car
- Property taxes
- Next year’s planner and calendar
