info@businessghana.com
The calendar has reached the final month of the year, giving you just days to make some year-end financial moves. These strategies can help lower your risk of identity theft and give you a better picture of your financial health.
None of them should take long — you can probably knock them out during the commercial breaks of your favorite TV shows.
© Mangostar / Shutterstock.com Mangostar / Shutterstock.com
Make a point to update all passwords for next year, especially those for bank, credit card and other sensitive accounts.
You could use a notebook and pen to record your new passwords, but a much better idea is using one of the numerous free password manager programs available. Most will generate and store strong passwords for you. Then you only have to remember one.
© Rawpixel.com / Shutterstock.com Rawpixel.com / Shutterstock.com
Federal law entitles you to one free credit report every year from each of the three major credit reporting agencies. Download one during a commercial break, and review it for mistakes or suspicious activity.
Make sure you are requesting your reports from AnnualCreditReport.com, the official website for free credit reports. Other websites might send you reports, but there’s usually a catch. For example, the site might automatically enroll you in a credit monitoring service or some other subscription program. While you’re at it, check out our Solutions Center for help with credit card debt.
© Burlingham / Shutterstock.com Burlingham / Shutterstock.com
A rule enacted in 2013 permits employers to let flexible spending account participants roll over up to $500 into the next year.
Note, however, that employers aren’t required to offer a grace period or a rollover. So, now’s the time to find out your employer’s policy. If the employer does not participate in either option, use a commercial break to go shopping. Spend that money on qualified expenses by doing things like refilling prescriptions or maybe buying new glasses.
It's not the usual blah, blah, blah. Click here to sign up for our free newsletter.
© TeodorLazarev / Shutterstock.com TeodorLazarev / Shutterstock.com
Sound time-consuming? Not really. You can do an investment review in 15 minutes or less with these steps. In a nutshell, you want to check your investment performance, review your fees and reallocate balances if needed.
While examining and understanding your investments might seem boring, it’s exciting compared with the commercials you’ll be missing.
© Andrey Prokhorov/Getty Images Stock graph analysis
Look for loser investments and consider unloading them. Selling a stock or other security at a loss can offset investment gains you’ve taken during the year, thus lowering your tax bill.
If you don’t have gains, losses can also be used against up to $3,000 of your regular income. Net losses exceeding $3,000 will be carried over to future years.
There are a couple of caveats. For starters, losses in tax-advantaged retirement accounts — like an IRA or 401(k) — aren’t deductible.
You also cannot game the system by selling a stock at a loss, then buying it back a few minutes or days later. For an investment loss to be deductible, you can’t purchase a substantially identical security within 30 days before or after a sale.
© Huntstock.com / Shutterstock.com Huntstock.com / Shutterstock.com
Have a teen in the house? Let him or her scan in the mess of paperwork you’ve been hoarding all year and then shred the originals. If that doesn’t sound like fun to your teen, you can always pay him or her a few bucks.
For those of you who are childless, never fear. This is a rather mindless year-end task that can be easily accomplished during your annual viewing of “It’s a Wonderful Life.”
© wavebreakmedia / Shutterstock.com wavebreakmedia / Shutterstock.com
This may not seem like a quick-and-easy money move, but if you have a simple estate, there’s no reason to make things complicated. Search online for “will template” and your state, and you’ll find all sorts of fill-in-the-blank wills that can be downloaded free. If you don’t have a will, these will do for now.
If that doesn’t sound like an adequate long-term solution, have your will reviewed by an estate attorney later. But even a cheap internet will that you prepare during a commercial break is better than none. Also, check out “Ask Stacy: Can I Put Together My Own Will?”
© Andrey_Popov / Shutterstock.com Andrey_Popov / Shutterstock.com
Creating a budget is easy today. All you need is the use of a free service such as that offered by our partner PowerWallet.
When you use a site or app like Mint or PowerWallet, you give it your bank account information and create expense categories. Then, your goals and spending are automatically tracked and updated. You can get started during a commercial break.
If you want to stick to the old-fashioned method of budgeting with paper and pencil, no worries. Just check out our free budgeting worksheets.
© Ruslan Guzov / Shutterstock.com Ruslan Guzov / Shutterstock.com
The end of the year is a good time to review your designated beneficiaries and update them as needed. Did you get married? Divorced? Have kids? Have a falling out?
Make sure you have the right people listed as your beneficiaries on accounts such as:
© SpeedKingz / Shutterstock.com SpeedKingz / Shutterstock.com
At the next commercial break, grab a bag and hurry through the room picking up everything you no longer love. I’m talking old knickknacks, excess blankets and outgrown toys, among other things. When you are folding laundry, set aside everything that is too small, too big or too dated for you.
Load it all up in the car, and the next time you’re out, drop it off at the local thrift shop, mission or Goodwill store. Ask for a receipt. Not only will you start 2018 with a less-cluttered house, but you will also get a nice deduction for your taxes.
