Want to save money in 2021? There are many money-saving opportunities — including tax savings — that you can realize if you take action before the year ends. Here are just a few examples of what to consider:
• Do you own a business? Even if it’s just a side-hustle to make extra money, you can save on taxes if you make planned purchases this month. For example, if you need a new printer, buy it in December. That way, it will be deductible this year.
• Check your subscriptions. Many types of subscriptions — publications, online apps, memberships — automatically renew in December. If you subscribe to something you no longer want, cancel it this month. Otherwise, you might be stuck paying the renewal fee.
• Review your investments. Sit down with your advisor and go over your investments and other savings. There might be year-end opportunities you can take advantage of. Also check for investments or financial instruments that may be set to automatically renew this month.
• Watch for price hikes. It’s common for companies to raise prices at the beginning of a new year. Review your bills for announcements of fee increases. Some of those may be negotiable. You might also want to make other changes to reduce the impact.
Taking time this month to review expenses and investments could save you a bundle in 2021. It’s worth the effort!