These 3 Savvy Financial Decisions in the Next 6 Weeks Could Set You Up for Success in 2024

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The year is almost over. Read on to see how certain smart choices in the next six weeks could help you start 2024 in a better place financially. 

Can you believe that in just a matter of weeks, 2023 will be a thing of the past? It’s certainly been an interesting year for a lot of people. We’ve seen inflation cool (albeit modestly), mortgage rates soar, and borrowing costs rise on the heels of the Federal Reserve’s interest rate hikes.

And that’s just on a broad economic level. Your personal financial situation may or may not have improved in 2023 depending on how things shook out for you.

But either way, you may be eager to kick off 2024 in a strong place financially. These smart decisions over the next few weeks could allow you to do just that.

1. Have a potluck Thanksgiving dinner instead of preparing everything yourself

You may have a long list of grocery items you’re planning to buy so you can whip up your usual Thanksgiving feast for 20. It’s noble to want to do all of the work. But the cost there may be significant.

A better bet? Keep your savings intact by asking for help. Instead of covering each and every item on your Thanksgiving menu, make it a group effort. Assign each person on your guest list a side, dessert, or beverage so you don’t have to spend hundreds of dollars to get everyone fed.

2. Steer clear of stores on Black Friday if you don’t have specific items you’re looking for

It can be very tempting to shop on Black Friday when you see prices getting slashed left and right. But if you don’t have specific items on your list that are set to go on sale on Black Friday, then you’re better off opting out.

Stay out of stores that day, and don’t browse for deals online. Instead, take a hike, dive into a good book, or find a way to keep busy that doesn’t include shopping.

Opting out of Black Friday could help you avoid credit card debt late in the year. And that could make it so you’re able to start off 2024 with a clean financial slate.

3. Unload underperforming investments

It’s a good idea to put your money to work by investing it. But that doesn’t mean every stock or asset you choose is going to be a winner. If you have specific investments that have been performing poorly all year long, you may want to sell them at a loss before 2023 comes to an end.

Capital losses can be used to offset capital gains. And even if you didn’t sell investments at a profit, you can use up to $3,000 in losses to offset ordinary income.

So if there’s a bum stock in your portfolio that’s unlikely to recover, consider selling it sooner rather than later to reap some tax savings. That way, when you go to file your 2023 return in 2024, you may be looking at either a larger refund or less of an IRS bill.

The moves you make in the next few weeks could have a big financial impact in the new year. Do your best to avoid raiding your savings and racking up credit card debt. Also, be smart with selling investments to enjoy your share of tax benefits.

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