Commonwelath Financial Network warns us to avoid making the end of the year more stressful than it needs to be. By checking some items off your list earlier, you'll be free to focus on what's important during the holidays-spending time with family and friends.
Are you ready for colder weather and the end-of-the-year rush? Consider using some of these tips to help you save money and time as winter approaches.
Ready your home and car
- Heating and cooling account for almost half of home energy costs. Ensuring that your windows and doors are sealed tight and that you have sufficient insulation will go a long way toward keeping heating bills in check.
- Have your home heating system serviced by a professional to avoid emergency problems down the road. Drain your irrigation system to ensure that water won't freeze in the lines. If you have an old furnace, consider upgrading to a more efficient model. You may even want to schedule an energy audit to help you identify ways to boost your home's efficiency.
- Be sure to clean out your gutters. Clogged gutters can cause water to back up against the house, damaging roofing, siding, and wood trim. Debris-filled gutters can also lead to leaks and ice dams.
- Check your car battery and tires. Be sure that your car's emergency kit is fully stocked with extra gloves, hats, socks, blankets, boots, washer fluid, a flashlight, a car charger for your cell phone, a shovel, and flares.
- Get a head start on your holiday shopping. Making a list well ahead of time and budgeting for each item can help you cut back on spontaneous last-minute spending. Plus, fall can be a good time to find deals on certain items, such as appliances, patio furniture, jeans, candy, cookware, cars, electronics, and toys.
- If you're traveling by air for the holidays, start looking for flights as soon as possible. You may find that booking one-way tickets on separate airlines is cheaper than purchasing a round-trip ticket from one carrier.
- Make your supermarket points work for you. If you bounce from store to store, weigh the possible benefits of sticking to one during the holiday season and applying your points to a larger purchase.
Max out your retirement contributions
- Are you taking full advantage of your retirement account? The end of the year is a good time to reevaluate your contributions based on what your employer is willing to match. Check the 2014 retirement plan limits below to ensure that you're making the most of your contributions.
Invest in your health
- Don't put off getting in shape until the New Year-start now! Check with your employer and health insurance provider about discounts or reimbursements for fitness and wellness activities.
- Review the balance in your flexible spending account (FSA). FSAs require special attention so that you don't lose unused funds at year-end. Under a new law, companies may allow employees to roll over $500 in FSA funds to the next year. Be sure to check the rules of your FSA plan and review your available balance.
Take a break
- More than a third of companies don't allow employees to roll over vacation days into the next year. If this is the policy at your workplace, make a plan to take advantage of your vacation days before year-end.