Before you immerse yourself fully in the spirit of the holidays, take some time to review your finances and ensure you can enjoy this time worry-free. Here are a few suggestions that should make your holiday merrier!

Financial Advice

• Take full advantage of your retirement plan contributions by December 31st. This includes putting money in your 401(k) or 403(b) accounts. For most workers, the maximum you can contribute in 2019 is $19,000. The benefit of a retirement plan is that you can grow your savings tax-deferred until the time of withdrawal.

• Review all budgets and expenses. If you are a business owner, you should review your personal and business expenses and budgets separately. This is a good time to reflect on what future changes might be necessary to your spending, earnings and savings.

• Organize your insurance policies then contact your insurance agents and investigate if it is possible to re-bid them and what the value and outcome of such a financial move might be. Maybe you have been driving for years without an accident or ticket. Can your auto insurance be adjusted for this? Or, perhaps you actively participate in a wellness program. Can that help to lower your monthly health insurance premiums? Insurance is a significant expense so try maximizing the benefits while reducing the costs.

• Invest in a lower interest-rate credit card. This will allow you to maximize your credit. The same holds true for your bank accounts. There are certain requirements that will allow you to bank at a much lower cost by negating monthly maintenance fees, etc. While this may seem to be a small savings at first all savings add up to give you a healthier bottom line!

• As you prepare for the holidays make your list and check it twice. Look for sales, pay cash for your purchases instead of using credit cards and find creative ways to cut back. You might seem like a Scrooge in December – but come January you’ll thank yourself!

Contact the experts at ORT Consulting for more ideas about enhancing your wealth!