how to boost savings before 2026: Financial checklist before year-end: 5 smart ways to maximize your savings before 2026 starts

Financial planning tips: As the year comes to an end, it’s not just about holiday shopping and parties, experts say it’s also the perfect time to give your finances a strong finish and taking a few smart steps now can help lower your tax bill, boost savings, and set yourself up for a more secure 2026, as per a report.

How to Pay Down High-Interest Debt Before Year-End

High-interest debt can strain your finances, but even small efforts can make a difference. If you’re only making the minimum credit card payment, adding an extra $50 a month can help reduce your balance faster and save on interest over time, as per a Yahoo Finance report.

Perform a Budget Checkup to Track Your Spending

Your financial situation may have changed since the start of the year. Compare your monthly spending to what you expected. If you spent more than anticipated, you may need a plan to cut back or increase income. If you spent less, consider putting extra funds into savings or investments to prepare for 2026.
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Cancel Unused Subscriptions and Save Over $2,500 Annually

Many people pay for subscriptions they rarely use. C&R Research found that the average consumer spends $219 per month on subscriptions but estimates they only use $86 worth. That extra cost could total more than $2,500 annually. Review bank and credit card statements, cancel unused subscriptions, and consider services that can track recurring charges.

Consider Refinancing Loans to Lower Monthly Payments

If you have a large loan, such as a mortgage or car loan, check your current interest rate against today’s rates. With the Federal Reserve recently cutting the federal funds rate, refinancing could save you money. Keep in mind that rates depend on income, credit score, and other factors, and there may be origination fees or other costs.ALSO READ: Trump bump impact: Social Security raises 2026 benefits by 2.8% – find out how much you’ll get and what it means for retirees

Build or Maintain an Emergency Fund for Financial Security

Maintaining an emergency fund is key to protecting your finances. Without enough savings, unexpected expenses, like job loss or medical bills, may force you to rely on high-interest debt. Experts recommend keeping three to six months’ worth of living expenses in a liquid account. Those with irregular income may need more. Decide how much you can set aside each month and start contributing to a high-yield savings account.

FAQs

Can refinancing a loan save me money?
Yes, especially if interest rates have dropped since your original loan, but check fees and eligibility.

How much should I keep in an emergency fund?
Experts recommend three to six months of living expenses in a liquid account.