End of Year Money Moves

Amy Schultz
Share via

As we come to the end of the year, we like to take a moment to reflect on the past year, and what a year it’s been 😏

At Bolder, we believe that there are no wrong moves, just opportunities to continuously be better, to learn more about yourself and what you value. So, we like to take the end of the year to reflect on what went well, and take a moment to set some intentions for the new year.

Here’s our checklist to check-in with ourselves and get intentional for 2022 ✌️

Holiday Spending 🎁

As we get into the loveliest time of the year, it might be helpful to set some financial boundaries for the holidays. Who are you buying gifts for, and how much will you be spending? 

Be charitable this season. Decide on your favorite causes, and remember that it also helps in lowering your taxable income next year!

Spending on yourself, with the sales, there’s always temptation to spend more and buy things you’ve been looking forward to, go for it, but also remember to return with confidence if you like!

Review How You Spent in 2021 📆

How did you spend money this year? Were there any surprises? Did your spending increase or decrease? Any lessons learnt on how you’d like to spend money in 2022?

Be kind to yourself, there’s no need to judge yourself, just some self-awareness, so you’re better next year!

Make 2022 Your Best Year 🚀

Simply said, taking a moment to plan ahead, not in detail, but even at a high level will help - here’s what we love to do: decide and set some key goals for yourself, and your money. 

Is it a trip you want to take? Quit your job? Or even buy a house, deciding and setting yourself a clear goal is so helpful and easy. Once you have it you’ve given your money purpose, and the surest way to achieve the goals faster.

Money Checklist ✅
  • Check to see if you need to use your FSA/dependent care FSA by the end of the year.
  • Check up on your emergency fund. If you used it, good! Time to replenish it or build one if you don’t have one, make sure atleast 3-6 months of expenses.
  • Review your beneficiaries for life insurance and other money accounts - make sure they’re up to date
  • Check on 401(k) contributions - the limit is going up to $20,500 for 2022, so if you can max out the contributions starting next year
  • Make contributions to tax-advantaged accounts - if you have an IRA or HSA, the more you add now you can reduce the amount of income tax you need to pay.
  • Use up your PTO! We usually take fewer holidays, but if there was any year to take that PTO do it now! And plan for 2022, so you can start saving for those trips.
  • Adjust tax withholdings and insurance plans to match this year’s milestones. Whether you had a baby, or got a raise, or even adopted a pet - this will have an impact on your insurance and your tax payments
Most Importantly 👇

Making the best money moves, we can all do a little bit of help. So, here's a tip, work with a money coach. Your coach will be your biggest supporter and your guide through each step of the way. Follow the link below to schedule a call now.

Book a Free Call