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Now is a good time to get started on some important year-end financial tasks. Wouldn’t you rather enjoy the holidays with family and friends than scramble to meet

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Here’s a list of 10 smart money moves to consider—some that need to be addressed by December 31 and others that are an important part of a year-end financial check-in.

Most of them can be accomplished quickly, but the benefits can last a lifetime.
1.     Size up your portfolio.

This year’s stock market swings may have changed your mix of stocks and bonds. You may need to bring your portfolio back in line with a diversified mix that is appropriate

for your situation (read Viewpoints: “The pros’ guide to diversification”). For help analyzing your overall portfolio, choosing a target asset mix, and rebalancing your

portfolio to bring it in line with that target mix, use Portfolio Review (login required).
2.     See if you may be able to put any losses to work.
Ten things to do before year end

Tax-loss harvesting might sound complicated, but the principle is pretty simple. Offset your realized taxable gains on your investments (capital gains) with losses (capital

losses). That means selling stocks, bonds, and mutual funds that have lost value to help reduce taxes on gains from winning investments. (Of course, you don’t want to

undermine your long-term investing goals by selling an investment just for tax purposes.) Tax-loss harvesting needs to be done by December 31. For more information, read

Viewpoints: "Harvesting losses: One benefit of a correction."
3.     Give to a charity or your family.

Give to others. Charitable donations are an effective way to reduce your taxable income when you itemize on your tax returns. If you’ve been meaning to make a donation

and want to lower your tax bill for 2015, be sure to make your contributions by December 31. Now is also a good time to clean out a closet or basement and donate clothing

and household goods. Remember to get receipts for non-cash donations.

Give to family members. You are able to give up to $14,000 a year to as many individuals as you choose without paying gift taxes, which helps reduce the amount of your

estate. You can give cash, stocks, bonds, and portions of real estate. You must do this by December 31. Read Viewpoints: “Getting serious about your giving?”
4.     Bundle your tax write-offs.

One way to maximize the value of tax deductions is to bunch two years’ worth of itemized deductions into a single year, especially if you expect your income to be higher.

For example, if you have unreimbursed work expenses that you incurred early in the year, you might be able to pull next year’s expenses into this year and double up your

2015 deduction.

Consider making an extra mortgage payment or prepay taxes (state and real estate) to allow additional deductions. For tax-deduction tips, read Viewpoints: “Tips for

deducting more at tax time.”


5.     Max and match: Reduce your taxable income and save too.

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 Even if you contribute regularly to your 401(k) or 403(b), take a few minutes to see whether you can make an additional contribution before the end of the year—especially

if you aren’t on track to contribute the full amount your employer matches. The maximum you can contribute in pretax dollars for 2015 is $18,000, or $24,000 if you’re

age 50 or older, and contributions must be made by December 31, 2015.

You may be able to reduce your taxable income1 by making a contribution to an IRA or spousal IRA. While you can make an IRA contribution for 2015 by April 18, 2016 (the

tax-filing deadline for 2016 due to a federal holiday), doing so now will give your money more potential to grow in a tax-advantaged way. The maximum contribution is

$5,500 per person ($6,500 if you are age 50 or older) or 100% of employment compensation, whichever is less. For age-based tips on retirement savings, read Viewpoints:

“Retirement roadmap: rules of the road.”
6.     Use the money in your flexible spending account.

There are two types of flexible spending accounts that allow you to set aside pretax money and then reimburse yourself, with calendar-year “use-it-or-lose-it” deadlines:

health care and dependent care. The U.S. Treasury Department has relaxed the rules a bit this year. Employers can allow participants to carry over up to $500 in unused

funds into next year, so make sure your balance doesn’t exceed that. Some plans allow you to submit 2015 claims until March 2016—check with your employer.
7.     Do a financial reality check.

Understanding how you are saving and spending can be a valuable step to helping put your financial house in order. You don’t necessarily need to manage every penny.

Consider our guidelines: Not more than 50% of your take-home pay should go to essential expenses, 15% of your pretax income to retirement savings, and 5% of your

take-home pay to short-term savings. Use our saving and spending checkup to see where you stand.
8.     Check the beneficiaries on financial accounts.

When reviewing your investments, also make sure you have designated a beneficiary for each account. This can be as important as writing a will, but it isn’t as complex. It is

especially important if there have been changes in your life, such as a birth, a death, or a change in marital status.

One important point to keep in mind is that retirement accounts pass directly to named beneficiaries, rather than becoming part of your estate. This can provide significant

tax advantages for your heirs.

If you are married, keep in mind that most employer-sponsored retirement plans automatically designate your spouse as the beneficiary unless you name another

beneficiary and your spouse has consented in writing. For more details, read Viewpoints: “Five ways to protect what’s yours.”


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 9.     Go for tax-free growth: Consider converting a traditional IRA to a Roth IRA.

Who wouldn’t want the tax-free growth potential and withdrawals in retirement that a Roth IRA offers?2 The problem is, not everyone can contribute to a Roth IRA because

of income limits. But you may be able to convert existing money in a traditional IRA or other retirement savings account into a Roth IRA. Because pretax contributions and

gains in a traditional IRA are generally considered taxable income when you convert, later in the year is a good time to take a look. That's because you have more

information about your taxable income for the year, which may enable you to convert a more targeted amount to ensure that the income from the conversion doesn’t bump

you into a higher income tax bracket.

If you don’t have an existing traditional IRA, you may want to open one, make a nondeductible contribution, and convert it to a Roth IRA before it accumulates any earnings.

That way it would not be considered taxable income. See if a conversion may make sense with our Roth Conversion Evaluator.
10.     If you’re age 70½ or older: Take your minimum required distribution.

Beginning when you turn 70½, IRS regulations generally require you to withdraw a minimum amount of money each year from your tax-deferred retirement accounts, like

traditional IRAs and 401(k) plans, or pay penalties of up to 50% of your minimum required distribution (MRD).3

If you reached 70½ this year, you have until April 1, 2016, to take your 2015 distribution, but it still might be a good idea to do so before the end of this year. Why?

Because if you wait, you’ll have to take two distributions in one year (the grace period applies only to your first distribution, so your 2016 MRD will have to be taken before

December 31 of next year). That could push you into a higher tax bracket for 2016.

Essential Money Skill 2 Save it

      SAVE IT                                                                                                                    reusable facemask

OK, we have covered that you need to find ways to make money and control the money you make, simple huh? Well if it was so simple you wouldn't be reading this and seeking help just like me I personally am always looking for a better way and something I can adapt for my nee

I was going to start out by saying, “let us look into nature for more examples of saving and redistributing resources but in all honesty I just couldn't go there. Let's talk planer, you have come up with a budget that allows you pay your bill and have something left over so what do you do? Run out and spend the surplus? NO! The first thing you do is start a saving plan, look for somewhere to store your money, not CD (certificate of deposit) that come later. Look for a saving institution that will give you the highest rate of return on your money, check out credit unions they have good saving plan, what you want to do is build a nest egg that will carry you if you have and immediate or emergency need, the standing rule is three to six months of your pay. This is not easy but worth aiming for, if you take ten percent of your gross take home pay and divide that into different areas of saving that should help you build you nest egg, you don't have to put the whole ten percent in that one account but that's a good percentage to shoot for.

Another good point to no is that if you qualify for a 401k thru your employer get in as soon as you can, many employers have matching programs, this is free money so go get it, you can find all kind of information in most financial institutions but the buck stops at the IRS so check their website first www.irs.gov very helpful website. Start slow when funding your 401k or IRA until you have the swing of things use two or four percent of the ten percent you set aside. Another note for you to understand is that ten percent is the amount that you are paying yourself first! It is vital that you understand this, this money is not for entertainment, this small percentage is what will fund you nest egg and set the stage for you to have funds to invest for profit. You can borrow money to invest but like the song say's GOD BLESS THE CHILDTHAT'S GOT HIS OWN, and this is a sure fire way to get it, you just have to discipline yourself and have the desire to get in done.

There are two very powerful allies you have on you side in this endeavor, COMPOUNDING AND TIME. The definition of compounding say's; The ability of an asset to generate earning, which are then reinvested in order to generate their own earnings. In other words, compounding refers to generating earnings from previous earnings. This is also known as “ compound interest”. Now imagine doing this with a sum of money for threes years, five to ten years, even one year. I am not going to give you any numbers that is for you to figure out I am just giving you the concepts of ideas.

So now hopefully some time has passed and you have save some money to work with. You should have several pools (accounts) designated for specific purposes and needs such as. A retirement account which can consist of a 401k or IRA (wroth) or investment account just for the retirement age. Next a saving/emergency account, these funds should only be used for immediate needs, like auto repair's appliance replacements unforeseen home repairs, you can even divide the two saving and emergency so you have more control of the money and what it is used for. *note whatever you designate each account for you must stick to it for it to be successful, and now the investment account. You want to get this one as good as you can because this account is the one you are hope to show profit from and one that can become a vessel for accomplishments or can crash and burn losing all your money. In using this account as in all the other accounts you acquire you need to do your homework but in this one it would be to your best interest to study everything you can about investing such as “investing for profit” “return on investments”, “minimum risk”, “high risk”, “business structures”, you don't have to have a masters in business, but it is to your best interest to be knowledgeable if you want to succeed. You can always just stick with first few accounts mention and you can be fine. Remember all of this funding is to come from the 10% of your net income that you will pay yourself first. It may seem a little hard but practice practice and when you think you understand practice some more. This will not happen over night and you will need to discipline yourself and be patient. Remember the longest journey start with a single step.

 This can be used as the basic framework for any savings plan for beginners and young people who have not had any real training in financial matters. The main two factors you need to focus on are coming up with a good plan for yourself that fit's your needs and stick-ability (see it through to the end).

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