End-of-Year Financial Tips to Finish Strong

As the holidays take over and we’re busy making plans for the new year, it’s a great time to give your finances a little TLC. Whether you’re looking to start 2025 on the right foot or squeeze in some last-minute wins, we’ve got some simple, practical tips to help you end the year strong.

1. Check Your Budget One Last Time

We know, budgets aren’t exactly exciting, but they’re the backbone of your financial health. Take a quick look at your spending so far this year. Are you on track, or do you need to rein it in for these last few weeks? Even a few small changes—like cutting back on takeout—can give you some extra wiggle room.

2. Review Your Goals

Did you set some financial goals back in January? (Or maybe you meant to and forgot—no judgment here!) Now’s the time to check in. Whether it’s paying off debt, saving for a vacation, or building an emergency fund, see where you stand and adjust as needed for the new year.

3. Max Out Retirement Contributions

If you’ve got a 401(k) or IRA, consider topping it off before the December 31 deadline. Not only are you investing in your future, but you could also score some sweet tax benefits. Win-win!

4. Use Up Those Flexible Spending Accounts (FSAs)

Got money sitting in an FSA? Don’t let it go to waste! Many plans have a “use-it-or-lose-it” rule, so schedule that eye exam, grab some new glasses, or stock up on eligible items before year-end.

5. Take Advantage of Tax Deductions

Donations to charity, business expenses, and even student loan interest might help reduce your tax bill. Keep track of your receipts and consider making some extra contributions before the year ends. Every little bit helps come tax time!

6. Automate Your Savings for 2025

Why not get a head start on next year? Set up automatic transfers into your savings account or create a plan to build your emergency fund. (P.S. Old Ocean’s savings accounts make it super easy!)

7. Pay Down High-Interest Debt

Debt dragging you down? Use any end-of-year bonuses, side hustle income, or holiday cash gifts to tackle those high-interest balances. Your future self will thank you.

8. Protect Your Credit

Take a minute to review your credit report (you can check it for free at AnnualCreditReport.com). Look for any errors or suspicious activity, and report them ASAP. Staying on top of your credit now will make life easier when you need it for big purchases down the line.

9. Plan for Holiday Spending

Still shopping for gifts or planning your holiday meals? Set a firm budget and stick to it. Pro tip: using a prepaid debit card or cash can help keep spending under control.

10. Lean on Old Ocean FCU

Need a little extra support? Whether it’s a low-interest loan, advice on tackling debt, or a savings plan that works for you, we’re here to help you finish the year strong and start 2025 even stronger.

The end of the year is a time to reflect, reset, and make plans for the future. A little effort now can go a long way in helping you hit your financial goals and start the new year with confidence. From all of us at Old Ocean Federal Credit Union, happy holidays and cheers to a financially fabulous 2025! 🎉