Last month you may have seen the proposal to end federal tax benefits for 529 college savings plans, which sparked intense backlash and was withdrawn quickly. Even if you haven’t been following that news, or aren’t yet saving for your children’s education, 529 plans are an interesting example of how the wealth-minded manage their finances.
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It’s been another big year for student loans. As the $1.2 trillion in outstanding education debt continues to grow, the Class of 2014 became the most indebted ever, with recent college grads owing $33,000 on average and the number for graduate/professional degree borrowers often closer to the six-figure range.
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The holiday season can be a frenetic one as you juggle your normally busy work schedule with the added stress of shopping, social engagements and travel. But it’s also an important time of year to think about your finances. Not only is this a chance to get your financial house in order for 2015, but it also allows you to take advantage of certain money-saving measures that must be implemented before Jan. 1.
Here are 5 financial moves to consider between now and ringing in the New Year:
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