7 Financial Tips to Close the Year Out Well

November 29, 2022

2023 is just around the corner, so it’s time to start thinking about finishing off the year on a financial upswing. The year-end is often a time of economic stress for families, but it doesn’t have to be if you plan ahead. At OneAscent, we strive to help our clients prepare for the end of the year, so they can enter the next with confidence and financial goals to look forward to. 


What Should I be Thinking About in the Last Quarter of the Year?

Several financial hurdles are presented to us in the last three months of the year, and we can prepare for them easily if we take some time to stop and think about our goals. This season, you should be talking to your family and financial advisor about three things: 

  • Spending
  • Taxes
  • Next year’s goals

Talk with your financial advisor about these three financial strategies for the end of the year so you can enter the holiday season with joy rather than financial anxiety. 


End-of-Year Investment Tips

If you’re getting ready for holidays, vacations, and New Year’s financial goals, our end-of-year financial checklist can help you get started: 

  • Review your goals with your financial advisor – One of the biggest focuses of end-of-year financial planning is your investment portfolio. Your yearly spending and upcoming tax season are important, but don’t miss the opportunity to focus on the money you are making from your investments.  Review your investments and the goals you’re working toward with an advisor to ensure you’re on track for where you want to be by 2023. 
  • Review your household budget – In the new year, you may be dealing with a different financial situation than you were in 2022. As your lifestyle and means change, you should sit down with family members to discuss household goals, spending habits, and savings plans that will help everybody move forward. 
  • Max out your retirement contributions – Now is the time to get as close as you can to maxing out your retirement plan contributions for the year. At the same time, you should review your retirement investments with your advisor to ensure they’re performing as expected and still aligned with your goals for the future. 
  • Review tax withholdings – Do you think you’ll get too much back in April of next year? Or perhaps you’re likely to owe in a few months and need to start putting away tax withholdings now. Your financial advisor can help you readjust your withholding amount to ensure at tax time, you’ll receive the right amount back for your financial goals. 
  • Plan for the future – What do you have planned for next year? Travel expenses, holiday gift-giving, life changes, and other events can all add to the financial obligations you need to plan for in advance. If you start saving now, you can go into the new year confidently prepared. 
  • Determine your charitable giving strategy for the year – The holidays are prime time to donate to charities, as many will host end-of-the-year fundraisers in November and December. If you are looking for a way to give back to your community in a big way, start researching organizations now.


OneAscent can help you step into 2023 with financial confidence. Talk to your OneAscent advisor today to start planning for your holidays and New Year the right way. 



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