by Chelsea Springli 
The year is quickly coming to an end (not soon enough for most of us) so it’s time to get your finances in order. It’s not too late to end the year on a high note by creating healthy new money habits. The end of the year is a great time to evaluate your financial situation from the past year. That way, you can make meaningful adjustments to start the next year strong.
Here are five money moves to make before the end of the year.
Maximize Your Retirement Contributions
Why is maxing out your retirement contributions important? Since contributions to a 401(k) are made with before-tax income, your monthly salary decreases each pay period. This means that you’ll end up paying less in federal and state taxes. You’re paying less to the government each month and more to yourself while giving those funds time to compound and grow. Even though you likely can’t touch those funds until you’re 59 ½, you’re saving money on taxes now and saving for your future at the same time.
According to the IRS, the 401(k) limit is $24,500, with an $8,000 catch-up for most 50+ participants and an $11,250 catch-up for ages 60–63 in 2026.
Action item: Review your retirement contributions and contribute as much as possible.
Max Out Your HSA
Health savings accounts enable individuals to put money aside for qualifying health expenses, tax free, for individuals who have a high-deductible health plan. Using the money is also tax free. The main advantage of these accounts is the tax savings. Contributions are tax-deductible and distributions for qualified health expenses are tax-free. Plus, the more money you have saved in your HSA, the more money you have to lean on when an expensive medical bill arises.
Action item: Review your HSA contributions and contribute as much as possible.
Maximize Your Savings
If you’re still holding your emergency fund in a traditional savings account, it’s time to make a switch because you’re missing out on interest earnings. The credit union’s High Yield Online Savings account gives you the freedom to manage your account completely online while you earn higher than average yield on your balance. By switching to an account with a higher yield, your money is constantly working harder for you. When you need to access the funds, it’s easy to transfer to your checking account.
Action item: Transfer your emergency fund savings to a High Yield Online Savings account.
Update Your Beneficiaries
The end of the year is a good time to review your designated beneficiaries and update them as needed. Did you get married? Divorced? Have kids? Have a falling out? Make sure you have the right people listed as your beneficiaries on all your accounts. In case something unimaginable happens to you, the beneficiaries listed are legally obligated to your money, even if that’s not what you would want. Updating your beneficiaries only takes a couple of minutes but can give you peace of mind knowing what will happen to your assets if you were to pass. The credit union can easily help you update the beneficiaries on your accounts with us.
Note that you should check your beneficiaries for accounts outside of Alltru too. This could include an insurance policy, retirement accounts, and other beneficiary-designated accounts.
Action item: Review the current beneficiaries on your accounts and update them to reflect your wishes.
Modify Your Tax Withholdings
While it can be nice to get a big, fat check each spring from the IRS, it’s not so nice to know that you also gave Uncle Sam an interest-free loan for the year. (I assure you that he wouldn’t return the favor for you.) So, if you are getting a significant tax return each year, it’s time to adjust your withholdings. By adjusting your tax withholdings, you can have more wiggle room in your monthly budget. This can be used to boost your savings, pay off debt, or give you more allowance for groceries, home maintenance, or other family expenses.
Action item: Review the last year’s tax return and see how large of a refund you received. Adjust your tax withholdings for a closer to breakeven amount.
Look Ahead to Next Year
You likely picked up on the pattern in this article: contribute as much money as possible to your various accounts, except your taxes. Depending on how much you saved and spent this year, you may not have the funds on hand to maximize your contributions this year. If this is you, review your budget to see how you can save more money each month. If your budget allows, contribute more to your retirement, HSA, and emergency fund with each paycheck. It’s easy to set up with automatic transfers. That way, you’ll be closer to maximizing each account at the end of next year because you contributed all year.
Make Impactful Changes
A new year is a great time for a fresh start, but you don’t have to wait until January 1 to make impactful changes. I checked the action items off my to-do list last weekend and discovered that my dad was still the beneficiary for my car instead of my husband. I also reworked my budget so I can contribute more to my 401(k) and less to tax withholdings! Take the time this week to review the action steps and start making smart money moves.
