From our friends at How to Money:
Let us elaborate on these:
Review 2022 financial (and non-financial) goals. This is self-explanatory. Look over your goals and see what can still be finished.
Max out Roth IRA. You can contribute $6000 as a lump sum or in smaller increments. Technically, you have until April 15 of next year to do this, but do it now! (Income restrictions apply).
Max out HSA. The HSA is a great savings tool! You can contribute up to $3650 (individual) for 2022. Make sure you are in a qualified High Deductible Health Plan. Also, make sure you invest the HSA balance.
Spend FSA money. In contrast to the HSA, you want to SPEND FSA money as it is lost at year-end.
Add to 401(k). Please do this every paycheck.
Apply for financial aid. Many deadlines are approaching for college students. Don’t forget financial aid.
Consider a ROTH conversion. If you have a lot of non-Roth IRA money, AND you had a very low income this year (due to unemployment/illness/etc.) it may be tax advantageous to convert that money to Roth and pay the income taxes now.
Plan Holiday gifts. Set a budget.
Tax Loss Harvesting. This is a more advanced strategy, but you may be able to get some deductions for this year’s brutal market while still remaining invested in the broad market.
Rebalance your portfolio. Not necessarily an end-of-year activity, but not something to forget.
Begin 2023 gift fund.
Open a new Rewards Credit Card. Can be done anytime, but if you haven’t opened any new cards this year (and you have great credit, pay on time, etc.) you may be missing out on some offers.
