As the year winds down, it’s the perfect time to get your finances in order. While the holidays might have you focused on spending, the end of the year is actually a great opportunity to save and plan for the future. The expert team at Bank of America in Bend, Oregon (the CVSC branch!) has some fantastic tips to help you make smarter financial decisions and set yourself up for a successful new year.
Review and Refresh Your Budget
Before you can save, you need to know where your money is going. The first step is to take a good, hard look at your spending habits over the past year. Use a mobile banking app or online tools to track your expenses by category. Have you been spending more on dining out than you thought? Or are subscription services adding up? Identifying these trends is the key to making a plan.
Once you have a clear picture, you can refresh your budget. Look for areas to cut back on; even small changes can make a big difference. Maybe it’s reducing a few unnecessary subscriptions or cooking at home more often. Every dollar saved now is a dollar you can use for your goals later.
Maximize Year-End Savings Opportunities
Before the calendar flips, consider opportunities to stash away extra savings. This could mean topping off your emergency fund, contributing more to retirement accounts, or putting end-of-year bonuses to work. If you’ve underspent in certain categories—like eating out or travel—redirect that money toward savings goals. Small, intentional choices now can add up to a stronger financial cushion as the new year begins.
Strategize Your Holiday Shopping
Holiday shopping doesn’t have to derail your savings goals. The team at Bank of America, Bend, Oregon, recommends creating a specific holiday budget and sticking to it. Make a list of everyone you need to buy gifts for and set a spending limit for each person. Consider creative and thoughtful gifts that don’t cost a fortune, like homemade treats or a fun experience. (Pro tip: both are readily available at the CVSC with stores like Local Acres Marketplace and Dick’s Sporting Goods).
You can also take advantage of rewards programs and credit card points. Many cards offer extra points for holiday shopping categories, which can help you earn rewards while you spend. Just be sure to pay off your balance to avoid interest charges.
Tackle High-Interest Debt
High-interest credit card debt can weigh heavily on your financial health. The final stretch of the year is an ideal time to evaluate your repayment plan. Stopping by the CVSC’s Bank of America branch can give you insights and options for consolidating debt, managing payments, or exploring balance transfer opportunities. Reducing debt before the new year not only lightens financial stress but also gives you more flexibility for future goals.
Prep for Tax Season Early
Even though filing deadlines aren’t until spring, year-end is when the groundwork gets done. Organize receipts, charitable donation records, and key financial documents now so tax season feels smooth instead of stressful. Check if you’re eligible for deductions or credits that require action before December 31, like retirement contributions or charitable giving. Getting ahead of these details keeps surprises to a minimum and puts you in control.
Plan a Fresh Start With Bank of America Bend, Oregon
With your budget checked and your benefits squared away, you’re in a great position to step into the new year with confidence. Now is the perfect time to think about what matters most to you. Maybe it’s saving for a family getaway, tackling a student loan, or finally building that rainy-day fund.
Stop by the CVSC Bank of America Bend, Oregon, branch today (on the corner next to Crumbl) and keep yourself on track for the future.
