EP:56 The Holiday List

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The Personal Finance Holiday List

This is the holiday season and you probably deserve to give yourself the gift of of financial fitness.  At the end of the year during holiday season there’s still time to wrap up 2016 and put a big bow on it.  The Personal Finance Holiday List focuses on maximizing deferred savings, reducing taxes, giving gifts that keep on giving and optimizing your credit profile so you’re not paying the interest that allows other customers to get teaser rates.  Keeping yourself financially fit ultimately allows you to go out and buy gifts for whoever you may desire, you included.  Just remember, charity starts and home, then travels abroad.

-Miles.

Open for Enrollment

Open Enrollment Options.

Open Enrollment

Annual “Open Enrollment” selections, elections and options are typically around October and November of every year.  Most employees carryover the same options year after year, sometimes this is a big mistake, they’re leaving money on the table and that is not how the game is played.  Much like you would review every line of tax deductions for expenses and credits at tax time, the same should be done to ensure annual elections are “optimized”.  Everyone wants to get the most for their money, with that in mind making a decision for the entire year can be tricky.  It’s necessary to consider everything from frequency doctor visits, dental visits, eye care, prescriptions, relocating or even if you don’t go to the doctor much more than preventative care and checkups here and there.

Consider everything from possible savings by reducing coverage, adding life insurance amounts, and of course the possible tax advantages of an FSA or HSA to help offset those wonderful co-pays and deductibles.  I always wondered who came up with the “co-pay”, like really, a $10. co-pay?!?! Why? It’s always been a pain to make sure you have $10. or $15. in my pocket just for the co-pay!

-Miles.