New Year of Savings

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Happy New Year!  One good deed a month could make 2024 a financially savvy year.

January – Interest rates have risen dramatically in 2022 due to the Fed’s efforts to combat inflation. If possible, pay off holiday credit card debt that could be charging double-digit rates!

February – Getting a raise? Consider adding the extra money to your retirement savings plan. The IRS increased the contribution limits for 2024 so check that you’re saving up to the new limits. Alternatively, if you’re retired, consider starting a travel savings account for the next vacation.

March – The U.S. Dollar is still strong, meaning the conversion to foreign currencies is favorable for Americans.March is considered a low-season travel month to Europe, so often there are better deals and less crowds. Many of us put off international travel due to COVID, so perhaps this is an opportune time?

April – If you are part of the 74% of Americans who receive a tax refund annually, consider using that money to pay your property tax bill, make an extra principal-only payment on your mortgage, or replenish your emergency funds savings.

May – For the average American household, almost half the energy bill goes to heating and cooling.[i] Consider home maintenance like sealing air leaks, upgrading insulation, changing furnace filters, HVAC tune-ups or renewable energy alternatives before the heat of summer or cold of winter hit.

June – Vegetables fresh from our garden are less expensive than canned and frozen foods. They are nutritious and fun to grow too! If you don’t have a green thumb, consider a small weekly adjustment like meal prepping lunch instead of buying take-out.

July – Cash in on summer sales. Some big retailers offer a prime day of savings mid-year where you can stock up on goods for a bargain.

August – Summer gas prices tend to spike! Save at the pump and enjoy the gorgeous sunny days with a bike ride, or carpooling with friends and colleagues.

September – Some superstitious investors say September is traditionally a bad month for the stock market. If tradition holds true, consider repositioning cash on the sidelines and buy stocks at a discount for a potential long-term gain.

October – In October, auto dealers try to make room for the next year’s models. If you’re in the market to buy a new car, now may be the time to strike a deal.

November – Charitable gifting can be a win-win strategy where you save on taxes (or get a tax deduction) for gifting, and the charity can receive your gift with limited or no tax due on the gift received. In addition to cash donations, other gifts you may want to consider include appreciated assets or your Required Minimum Distribution (RMD). Consult your CPA to incorporate planned gifting into your tax strategy.

December – Hopefully, you now have a few extra dollars to spare. Kick off the New Year by starting an investment with your accumulated savings. A globally diversified portfolio of equities and bonds will help you keep up with inflation, and build future stability and security.


The commentary on this website reflects the personal opinions, viewpoints and analyses of Kondo Wealth Advisors, Inc. employees providing such comments, and should not be regarded as a description of advisory services provided by Kondo Wealth Advisors, Inc. or performance returns of any Kondo Wealth Advisors, Inc.  Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Kondo Wealth Advisors, Inc. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.