|
IN THIS ISSUE: Reaching resolutions, ideas to help make more money, and tax-time tips |
GOOD START
Creating realistic goals was a top reason people were able to keep past financial resolutions, says Fidelity’s 2026 Financial Resolutions study. Here are 9 ways to help your resolutions stick. |
|
HELP JUMPSTART YOUR MONEY GOALS
If you want to up your investing game …Get started: Aim to contribute at least enough to a work-sponsored plan (think: 401(k)s) to get any match your company may offer. Don’t have access to a workplace retirement plan? Check out individual retirement accounts (IRAs). They come in several flavors—2 popular ones are the Roth IRA and traditional IRA. Inch up the amount you’re contributing to retirement accounts by 1% whenever you can. Plug in your info to see
how a small change could make a big difference.
Keep it going: There are many types of investment accounts for goals besides retirement. For example, you could invest to pay for education costs or to give a young person in your life a nice financial start. For everything else, consider a
brokerage account—a flexible option with no contribution limits or early withdrawal penalties.
Learn more: Need to phone a friend? Every Tuesday at 2 p.m., Fidelity pros share insights and investing strategies, plus answers to top questions about the latest market conditions. On January 6 (psst … that’s today), they’ll discuss investing strategies for 2026 plus how the geopolitical event in Venezuela could impact markets. Sign up now to watch or
check out this page on Wednesday for the episode replay. |
|
|
If you want to earn more this year …Get started: If you’re hoping for a raise or promotion, start planning. Are there projects you could work on that’d make a significant business impact? Can you earn new, relevant credentials? Take on responsibilities outside your regular duties? Tell your manager what you’re working toward and set strategic goals to get there. That way, you’re on the same page when you ask for more. |
|
|
|
Keep it going: Start a brag folder in your email inbox so you can store compliments from coworkers and presentations or reports you’ll want to showcase. Keep a spreadsheet of your performance metrics and how they ladder up to business goals. Set up a weekly or biweekly 1-on-1 meeting with your boss to track your progress.
Don’t forget about work benefits. Taking advantage could feel like earning extra money. Some employers put money toward your student loans, fitness and commuting expenses, and even your health savings account (HSA).
Learn more: You could help boost your income in a few other clever ways that don’t necessarily require a career move. Here are 10 ways to make more money now. |
|
If you want to buy something big …Get started: Before you start thinking about a home down payment or bucket list trip, do a budget audit. Look at last year’s income, expenses, and what was left over to anticipate how this year could go. (If you’re a Fidelity customer,
Fidelity’s Budgeting Tool can whip up a personalized budget.)
Keep it going: Next, figure out how much you need to save and how long you’ll need to get there. Consider trying Fidelity Goal Booster, which can do the math for you, help you open a dedicated account for your goal, and set up automatic funding.
Learn more: For goals under 3 years away, check out these 7 ways to earn more on your cash. For goals more than 3 years away, here are
6 steps to building a long-term investment strategy.
There might also be everyday expenses that could be trimmed or nice-to-haves you can pull back on to get you closer to your money goals. Here are 9 ideas to help stash thousands. |
|
HOW TO
Save more in 2026Kickstart savings with ideas that make it fun and easy to help stash more cash for your future. |
| |
|
|
QUICK Q
What can I do now to prep for tax time?These 3 ideas can make things go more smoothly ahead of Tax Day.
-
If you’re not a DIYer, make an appointment ASAP with a tax preparer. Schedules book up well in advance. By February, you’ll likely have all the forms you need to file a return (think: a W-2 from your employer, 1099s for things like interest, dividend, and freelance payments, and 1098s for things like mortgage and student loan interest paid).
-
Reduce taxable income. You have until Tax Day to contribute to a few tax-advantaged accounts.
-
Qualified traditional IRA contributions could reduce your taxable income if you’re eligible. Check if you’re under the income limit for tax-deductible contributions.
-
If you did not reach the annual HSA contribution limit through payroll withholding, you can make deductible contributions directly to your HSA with after-tax money. These direct contributions are considered “above-the-line” deductions, which means they reduce your adjusted gross income (AGI) even if you do not itemize your deductions on your tax return.
-
Contributions to most workplace retirement plans, such as a 401(k) or 403(b), for tax-year 2025 were generally due by December 31, but sole proprietors and single member LLCs may still be eligible to make employer contributions if it is before their business filing deadline.
-
Avoid penalties. If you accidentally overcontributed to any accounts, you must remove excess contributions by Tax Day or risk penalties. (Here are contribution limits for 401(k)s, IRAs, and
HSAs.) For instance, for overcontributing to a 401(k), you could face double taxation, once now, when the excess is included in your gross income, and again when you withdraw the money; for excess contributions to an IRA, there is generally a 6%1 annual penalty until you remove the extra money, including earnings on overcontributions.
|
