As the year winds down, it’s a great time to reflect, regroup, and refresh your financial plans. Preparing now can pave the way for a strong financial start in 2024, and Members Exchange Federal Credit Union (MEFCU) is here to help. With a proactive approach, you can make smart moves to maximize savings, tackle goals, and ensure you’re ready for the year ahead.
Assess Your Budget and Spending
Before diving into new financial goals, take a moment to review your spending habits over the past year. Are there patterns or areas where you can cut back? Once you’ve pinpointed areas for improvement, create a budget for 2024 that prioritizes your goals.
MEFCU’s digital banking tools make it easy to track spending and build a personalized budget. With features like online banking, mobile apps, and e-Statements, managing your money has never been more convenient.
According to Investopedia’s annual financial planning checklist, reviewing your spending is one of the key steps to preparing for the year ahead. Focus on eliminating unnecessary expenses and reallocating funds toward savings or debt reduction to strengthen your financial foundation.
Boost Your Retirement Contributions
Now is the time to maximize your retirement savings before the year ends. According to Bankrate’s tax planning strategies article, as 2024 comes to a close, make sure you’ve maximized your retirement contributions. For 2024, you can contribute up to $23,000 to your 401(k) if you’re under 50, and up to $30,500 if you’re 50 or older. Additionally, you have until April 15, 2025, to make IRA contributions for the 2024 tax year.
Members Exchange offers competitive savings options and Individual Retirement Accounts (IRAs) to help you secure your financial future. Contact a representative to explore how these solutions can align with your long-term goals.
Explore Loan Refinancing Opportunities
The end of the year is also an excellent time to review your current loans. Could you benefit from lower monthly payments or reduced interest rates? With MEFCU’s competitive loan refinancing options, you may be able to save money and improve your overall financial health.
From auto loans to personal loans, MEFCU has been a trusted partner for 70 years, helping members take control of their debt and reach their financial goals.
Take Advantage of Year-End Tax Strategies
Don’t miss out on valuable tax-saving opportunities as the year comes to a close. Here are a few strategies to consider:
- Tax-Loss Harvesting: Offset capital gains by selling investments that have decreased in value.
- Charitable Contributions: Donate to qualified charities by December 31 to claim deductions on your 2023 tax return.
- Flexible Spending Accounts (FSA): Use any remaining FSA funds before they expire at the end of the year or within a grace period.
MEFCU’s financial experts can guide you through these strategies and help you make informed decisions about your taxes.
Set Clear Financial Goals for 2024
What do you hope to achieve financially in the new year? Whether it’s building an emergency fund, paying off debt, or saving for a big purchase, setting clear goals will keep you focused and motivated.
With MEFCU’s Kasasa checking accounts, which offer rewards and ATM fee refunds, or our competitive savings accounts, you’ll have the tools to make progress toward your goals.
Review Your Insurance and Credit Health
Take some time to review your insurance coverage to ensure it meets your needs. From health and life insurance to property coverage, now is the time to update policies if needed.
Additionally, Bankrate’s financial checklist for 2023 states to get a free copy of your credit report and check it for errors or discrepancies that could impact your financial health. Members Exchange offers credit monitoring services to help you stay informed and proactive.
Start the Year Strong with MEFCU
Don’t wait to take control of your financial future. Completing this year-end financial checklist can help you prepare for a strong start in 2024. Members Exchange Federal Credit Union is here to support you every step of the way, whether it’s with budgeting tools, loan refinancing, or savings solutions tailored to your needs.
With over 70 years of experience, MEFCU is proud to serve our members across Mississippi. Our service areas include Hinds, Madison, Rankin, Simpson, Copiah, Attala, Claiborne, Covington, Holmes, Jasper, Jefferson, Jefferson Davis, Jones, Lawrence, Leake, Lincoln, Neshoba, Newton, Scott, Smith, Warren, Winston, and Yazoo Counties, providing trusted financial expertise to communities throughout the state.
Contact us today to learn more about how Members Exchange can help you thrive in the new year. Visit our branches, explore our online services and blog, or call us at (601) 922-3350 or 1-800-748-9459. Your financial security is our priority, and we’re here to help you make 2024 your best year yet.
