• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Masters Advisors

  • About Us
  • Our Approach
  • Our Services
  • Corporate
  • Blog
  • Contact
  • Client Log-in
Client Log-in Contact Us

The Master’s Minute

Helpful Tools and Tips

The Master’s Minute – Savings, Spending, and Giving

December 7, 2021 by Lyle E. Hershey

Here we are in the final month of the year! This is typically a busy time of year for most all of us. We certainly hope you are taking the time to enjoy meaningful Christmas gatherings and year-end celebrations with friends and family.

As we approach year-end, it is an opportune time to evaluate three key financial categories:

  1. Savings – Make sure you are maximizing all the savings vehicles available to you. If you have not maxed out your 401k or other employer sponsored plans, you may still have time to get more contributions into your plan. If you are getting a year-end bonus, you could consider contributing a sizable portion of that amount to your retirement savings plan. Even though you have until April 18, 2022 to make IRA contributions, year-end planning will help you determine if, and when, you are going to make those IRA contributions. Also, it is a good time to consider making additional contributions to Health Savings Accounts, or 529 College Savings Plans.
  2. Spending – It is certainly prudent to regularly review your spending. However, in this age of monthly subscription services, year-end is an opportune time to make sure you are getting value from all your monthly subscriptions. An extra $10 or $20 a month of unnecessary subscription fees can add up over time. In general, it is a great idea to carefully look at your spending history and make sure you have not slipped into any frivolous spending patterns.
  3. Giving – Did you remember to give to all the charitable organizations that you intended to support this year? If you have not automated your giving to your church, it is important to tally that giving before year-end. Charitable giving can also be an important tax planning tool. Determining how additional charitable giving could positively impact your tax situation would certainly be a valuable exercise. Christmas is also a traditional time of giving financial gifts to our family. Naturally, it is a suitable time to evaluate how much you will gift to your family this year.

One of the many benefits of working with us at Master’s Advisors is that we will help you stay accountable to your savings, spending, and giving goals; and checking in on yourself from time to time is never a bad idea.

Filed Under: Master's Minute

Primary Sidebar

Categories

  • Behavioral Finance
  • Blog
  • Client Service
  • Current Newsletters
  • Faith Integration
  • Financial Planning
  • General
  • Investing
  • Market + Industry
  • Master's Minute
  • Master's News
  • Personal Development
  • Strategy
  • What's the Point?

Search Blog

Archives

Footer

Receive Master’s Minute Blog Articles Today

  • This field is for validation purposes and should be left unchanged.

480 New Holland Ave
Suite 7201
Lancaster, PA 17602

  • 
  • 

Contact Us

Albridge log in | Client log in

© 2023 Master’s Advisors • Developed by TinyFrog • Important Disclosures | Privacy Policy

Securities offered through Securities America Inc., member FINRA/SIPC. Master's Advisors is not affiliated with the Securities America companies. Advisory services offered through Securities America Advisors, Inc. This site is published for residents of the United States and is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security or product that may be referenced herein. Persons mentioned on this website may only offer services and transact business and/or respond to inquiries in states or jurisdictions in which they have been properly registered or are exempt from registration. Not all products and services referenced on this site are available in every state, jurisdiction or from every person listed. This communication is strictly intended for individuals residing in the states of CO, DE, FL, IL, IN, KY, MD, ME, NC, NE, NJ, OH, OK, PA, SC, TN, TX, VA, VT, WV, WY. No offers may be made or accepted from any resident outside the specific state(s) referenced. PLEASE NOTE: The information being provided is strictly as a courtesy. When you link to any of the websites provided here, you are leaving this website. We make no representation as to the completeness or accuracy of information provided at these websites. The company is not liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third party technologies,  websites, information, and programs made available through this website. When you access one of these websites, you are leaving our website and assume total responsibility and risk for your use of the websites you are linking to. All images and Content Copyright © 2020 Masters Advisors, Inc. Securities America and its representatives do not provide tax or legal advice; therefore it is important to coordinate with your tax or legal advisor regarding your specific situation.

Securities America Form CRS

Check the background of this firm on FINRA's BrokerCheck.