OPINION: Forget about New Year’s resolutions. Keep it simple with these “one and done” steps now. Best of all, they will improve your financial situation for the whole of 2023. Here are 5 things to do today:
Forget about New Year’s resolutions. Keep it simple with these “one and done” steps now. Best of all, they will improve your financial situation for the whole of 2023.1. Increase your 401 contributions to the max: In 2023, you can contribute a lot more to your retirement account. The maximum 401 contribution elective salary deferral is $22,500, up from $20,500 in 2022. If you are 50 or older, the catch-up provision allows an additional $7,500 to be put into retirement, up $1,000 from 2022.
2. Pay any deductible expenses in 2022: The standard deduction is $12,950 for singles and $25,950 for couples in 2022. If you are close to being able to itemize, consider paying some 2023 deductible expenses this year and earning the deduction. Doubling up on a charitable donation or paying in full for medical procedures may cost you dollars this year but will save you in federal income taxes. Also consider paying real estate taxes or other taxes that qualify for itemization.
By shopping around and increasing your deductible, you have some control over lowering your insurance costs. According to Jim Laberge of Laberge Insurance in Middlebury, Vt.: “Lots of variables go into pricing your premium but your time is always well spent talking to your agent to be sure all your available discounts are taken into account.
5. Diversify direct deposit: Most employees pick one account to deposit their paycheck. Instead, create a system to have your paycheck directly deposited to different accounts based on your needs. By setting up safety-savings, college-fund and home or mortgage accounts, and having the balance go to your checking account, you know what you can spend monthly. Most payroll services allow up to five places for your paycheck to go.
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