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December 5, 2013

With the end of the year approaching, it’s a wonderful time to begin organizing your finances for the new year. We’ve put together a list of important financial planning topics that warrant consideration.

Flexible spending accounts

Money that you’ve put away in your flexible spending accounts (FSAs) must be used by year-end or it will be forfeited. Now’s the time to schedule those doctor’s appointments you’ve been meaning to attend to or to stock up on items that are eligible for flexible spending. Doing this as soon as possible may help relieve some last-minute headaches and ensure that you don’t lose your hard-earned dollars.

Additionally, open enrollment begins around this time of year for certain employee benefit plans. So if you’re not using an FSA, take stock of your average expenses that would qualify. This can help you determine whether setting up an FSA for 2014 makes sense for you. If you already use an FSA, assess how much extra you have left in the account or how much of a deficit you ran and use it to calculate your allotment for the new year. To read all the Daily Record articles Gary has been published in, click here: View all articles . . .