Money Moves to Make by the End of the Year

Written By Guest Post
Last updated September 24, 2021

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Personal Finance
November 1, 2020

Simple. Thrifty. Living.

Financial advisors will offer plenty of advice on money moves to make by the end of the year. But you don’t need to see a financial advisor to know what to do — there are some common sense money moves that anybody in 2020 should be doing in order to improve their financial success in both the immediate future and further down the road.

If you haven’t been doing this already, definitely start as soon as possible. You might think that you can’t afford to have more money taken out of your paycheck, but since 401(k)’s are pre-tax, you probably won’t even notice the difference. An added bonus is you pay less state and federal taxes too, and build much more in your retirement as the compound interest grows over the years.

Health insurance is a big concern for many in 2020 and beyond. But you can alleviate some of that worry by putting all that you can into your HSA account by the end of the year. A big benefit of HSAs is that they roll over at the end of the year, so not only do you also keep your taxable income low by contributing the most pre-tax, but you also build up a lot of cash for qualifying health expenses.

Regular savings accounts just aren’t earning much interest, but you can change that by making a money move and putting your savings into a high-yield savings account that also gives you access to your cash when you need it. Some accounts give up to 2% and provide you with a debit card so you can access your funds.

Get the jump in 2020 on saving for a child or grandchild’s college education. Contribution amounts vary by state, but many of them offer state income tax credit or deductions, enabling you to put plenty away each year.

One of the most important money moves you can make by the end of the year, and every year after 2020, is to review your budget and expenses, and set new financial goals for yourself or your family.

Be honest with yourself about your spending habits — are there some things you can do without or have wasted money on? Set a goal to eliminate them from your expenses. These can include magazine or streaming service subscriptions, too much eating out, or even those expensive coffees from chain coffee shops every day.


Set goals for savings and retirement funds, build up an emergency fund, and see where else you can cut costs, such as with car insurance or homeowners insurance deductibles. Even switching to another cell phone carrier service can sometimes save you money each month, and you’d be surprised how much you can improve your financial future by setting goals and sticking to them.

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