There's a Filipino tradition of getting your financial ducks in a row before the new year starts. But growing up, we only ever talked about this tradition on... New Year's Eve?
The tradition always baffled me. we seemed to only talk about it when it was too late to make a real impact on your finances. Why would anyone put their relatives in a post-holiday shopping anxiety spiral?
In an effort to get you in tip-top financial shape long before the new year, I've put together an end-of-year checklist covering the following categories:
- Holiday shopping
- Mutual aid
- Student loans
- Credit cards
- Retirement
- Healthcare
- Taxes
Read the full checklist after the announcements below 👇
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✅ End-of-year financial checklist
by Leo Aquino
🎁 Holiday shopping (& general peace of mind)
- Create a shopping list and set a budget for each gift.
- Unsubscribe from companies that sell products outside of your gift list. After Halloween, marketing emails will flood our inbox with sales and fake urgency. Give your attention span and your budget a break from all the holiday ads.
- Start alternative gift-giving traditions, like white elephant or Secret Santa, which only require you to buy one or two gifts. Use an app like Elfster or DrawNames to make Secret Santa easier.
🤲 Mutual aid (& other survival)
- Make a list of annual bills that are due in January, like your car registration renewal fees or property taxes. Set that money aside in cash or in a different account before you start shopping for the holidays.
- Talk to your friends and community members about the support they need during the holidays. Make a plan for contributing time, energy, or money.
- Make a list of your own needs during the holiday season. Aside from financial needs, you may have emotional and practical needs to share with your friends.
🎓 Student loans
- Choose a new repayment plan. If you don't choose a repayment plan, you'll be placed automatically in a Standard Plan with the highest monthly payment.
- Actual deadline varies based on when you got a letter from the Department of Education, starting your 90-day window to choose a new plan.
- Put your loans on autopay to lower your interest rate by 1%.
- Deadline: December 31, 2026
- Take a screenshot of your student loan information and payment history.
💳 Credit cards
- Double-check your credit cards' rewards programs. Make sure you use any perks or rewards that are about to expire.
- Make note of annual fees. Put the dates on your calendar. If a card has a $0 balance but charges $895 per year, consider closing it to save that annual fee instead. You can also call the credit card company and ask that your account be transferred to a different credit card with $0 annual fees. Your credit card company doesn't want to lose you as a client, so they'll want to make a deal to keep you.
- Call your credit card company and see if you are eligible for a rate decrease. This option is available for people who have made consistent, on-time payments. Credit card companies often ask for your income when you do this. There are no guarantees. But it's worth a try.
🧓 Retirement
- Increase your 401(k) or 403(b) contributions so you can get as close to the IRS contribution limit as possible.
- For 2026, the contribution limit for 401(k) and 403(b) is $24,500 for people under the age of 50.
- People over 50 can contribute more, starting at $8,000 on top of the regular $24,500 limit.
- To do this, you likely have to sign in to your workplace retirement benefits portal. Then, increase the percentage that you'll be investing into your 401(k) per paycheck. Talk to someone in HR if you have questions about increasing your contributions.
- Max out your Roth, SEP, and traditional IRAs.
- For 2026, the contribution limit for Roth and traditional IRAs is $7,500 for people under the age of 50.
- People over 50 can contribute $1,100 more.
- SEP IRAs are for self-employed people. The limit is $72,000 or 25% of your total self-employed salary in 2026.
- Deadline: April 15, 2027. SEP and traditional IRAs lower your taxable income. You can contribute to any IRA by the tax deadline to offset your tax liability.
💊 Healthcare
- Use all the money in your Flexible Spending Account, a tax-advantaged account for medical expenses. Usually, you need to use all the money in your FSA by the end of the year, or you lose the money on that card. It doesn't carry over to the next calendar year.
- Stock up on tampons, sunscreen, medicine, and other items that are FSA-eligible.
- Choose a new health insurance plan.
- Open enrollment varies based on the type of insurance you have.
- The Affordable Care Act Marketplace is open from November 1 to January 7 in most states.
- If you get your insurance through work, your company sets its own dates, but enrollment periods are typically in October and November for the following calendar year.
💸 Taxes & Charitable giving
- For high earners and wealth inheritors: Lower your tax bill through charitable giving. Make a list of nonprofit organizations that you care about. Then meet with your accountant to see what donation amounts could offset your taxes. (Side note: QTW is fiscally sponsored by a nonprofit organization. You can donate to us here.)
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If you used any of these tips, please send me a quick message! I'd love to hear if this guide was useful for you. Simply respond to this email or send me a note at hello@queerandtranswealth.org