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12 Smart Money Moves to Make Before the End of the Year

Financial goals may make their way onto your list of New Year's resolutions, but there's no reason to wait til January to set yourself up for financial success. "Ending the year on a strong financial note gives you a solid base to begin the new year," explains Mary Beth Storjohann, financial coach and founder of Workable Wealth. "Instead of having to get everything organized and begin creating a plan, you'll already have one in place and know where you stand. And that makes it easier to pursue your goals." Here are 12 super-smart money moves to get you started. 1. Max out your retirement contributions. Depending on the type of account you have, you could contribute anywhere from $5,500 to $18,000 to your retirement savings plan this year. And while you could wait until April to max out your contributions, you'll benefit more by bulking up your account now, says Deacon Hayes, financial coach and speaker. Not only will you reduce your taxable income for this calendar year, but contributing now could help you file your taxes—and put that refund check in your pocket—that much sooner. 2. Open a Roth IRA. If you don't already have a retirement savings plan,

Financial goals may make their way onto your list of New Year's resolutions, but there's no reason to wait til January to set yourself up for financial success. "Ending the year on a strong financial note gives you a solid base to begin the new year," explains Mary Beth Storjohann, financial coach and founder of Workable Wealth. "Instead of having to get everything organized and begin creating a plan, you'll already have one in place and know where you stand. And that makes it easier to pursue your goals." Here are 12 super-smart money moves to get you started.

1. Max out your retirement contributions.

Depending on the type of account you have, you could contribute anywhere from $5,500 to $18,000 to your retirement savings plan this year. And while you could wait until April to max out your contributions, you'll benefit more by bulking up your account now, says Deacon Hayes, financial coach and speaker. Not only will you reduce your taxable income for this calendar year, but contributing now could help you file your taxes—and put that refund check in your pocket—that much sooner.

2. Open a Roth IRA.

If you don't already have a retirement savings plan, don't wait another year to begin. Start with a Roth IRA now. "If I had a perfect boyfriend, his name would be Roth," laughs Elle Kaplan, finance expert and founder of LexION Capital. "A Roth IRA will allow your money to grow tax-free year after year for retirement. Even a few dollars from each paycheck will make a huge difference. You can take small steps towards retirement now, instead of climbing a mountain later in life"

3. Spend down your flexible spending accounts.

Some employers offer lucky employees accounts out of which they can pay for their eligible out-of-pocket healthcare expenses with pre-tax dollars, saving them beaucoup bucks. But the catch, says Storjohann, is that you can't carry any money in the account into the new year. "So take the time to squeeze in doctors appointments, dental check ups, get those new glasses, and prioritize taking care of your health to maximize your dollars saved," she says.

4. Contribute to your health savings account.

Like a flexible spending account, a health savings account allows you to accumulate tax-advantaged money set aside for medical expenses—but unlike a flexible spending account, money stashed in a health savings account can be rolled over from year to year. So if you're lucky enough to have one, add to it now, Hayes says. "This one of the few other ways that you can reduce your taxable income," he says. "It also gives you the ability to make sure that you have money for next year's medical expenses, so you can worry less in 2016."

5. Set aside money for yourself.

"Setting money aside is about more than affording a spa-day," says Kaplan. Not only can marking money as meant for you improve your well-being, she says, it can make you feel as if you can achieve anything—the perfect emotion to start the new year. "Opening your own business, buying a home, and almost every goal starts by putting you first financially," Kaplan says. "Start with 20 percent of your paycheck, and invest it in improving yourself financially. You'll be thanking yourself for your whole life."

6. Create a plan for extra cash.

A recent survey shows less than one-quarter of American workers expect to receive a holiday bonus this year. But if you're one of the lucky few anticipating a Christmas cash infusion, "have a plan in place for where you'll allocate it before you receive it," advises Storjohann, who encourages considering a 50-30-20 split. "That means putting 50 percent toward debt, 30 percent toward savings, and 20 toward a personal splurge," she explains.

7. Make charitable donations by December 31.__

Contributing to causes or organizations you care about doesn't just give you the warm-and-fuzzies—it also reduces your tax liability, explains Hayes. "If you itemize your deductions, charitable donations can decrease your tax liability," he says. Deductible donations include everything from giving away your gently used clothing to sending checks to a local charity. Just keep the receipts as proof. "This will not only help a good cause, it may also put you in a better financial position," Hayes says.

8. Say "no" to credit card debt.

'Tis the time year when we can all justify charging something so that we can stash it beneath the tree. "But don't be lulled into thinking it's no big deal," warns Kaplan. "Thanks to interest, you'll end up paying for that $20 Christmas sweater three times over if you can't make payments on time." Instead, consider starting an all-cash diet this season. "Leave the plastic at home, and only take your budget in cash to the mall," advises Kaplan. "Once you're out of cash, that's all you've got. You won't have a credit card whispering in your ear when you see that expensive dress."

9. Figure out where your money is going.

You may avoid budgeting with the same fervor you sidestep filing your taxes, "but until you know where your money is currently going, it will be hard to make the necessary adjustments so you can begin to put it toward what matters most to you," points out Storjohann. Ease into budgeting this month, she recommends, by tracking your cash flow. "Identify what aligns with your priorities and what doesn't," Storjohann says, and adjust as needed for the new year.

10. Create goals for the next year.

Why wait until January—when you're besieged with pressure to make other resolutions—to come up with a clear financial plan? "Heading into the new year with goals that are specific, measurable, attainable, relevant, and timely will keep you from having to figure it out in January," says Storjohann. Whether you want to get out from under debt or buy a new home, ask yourself how much you need to save to meet your goals so that you can put your plan into action ASAP, she says.

11. Take advantage of tax credits.

There are dozens of tax credits that can save you mega moolah when you file—and you may not even be aware of them. "These include credits such as the qualified plug-in electric drive motor vehicle credit, where you can get up to $7,500," says Hayes. "Unlike a tax deduction, a tax credit you get dollar-for-dollar back. Meaning that if you owe $7,500 in federal taxes, you would get that exact amount back—assuming you qualify for the credit." For a full list of tax credits of which you can take advantage, visit here.

12. Start building an emergency fund.

Even the best laid plans for the new year can go terribly awry. So plan for the best and the worst by starting an emergency fund now, suggests Kaplan. "With six to eight months of living expenses saved up, you won't be scrambling for money or piling on debt in a bad situation," she says. "This should be set-it-and forget it money—you'll be glad you didn't touch it when a rainy day pops up." By setting up an auto-transfer now, says Kaplan, you'll start the new year with savings.

__Which of these super-smart money moves will you make before the end of the year?