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One Money Move You’ll Want to Make Before the Year Ends

This post brought to you in partnership with Wealthsimple.

Fun as it may be, the holiday season is a landmine of temptations to spend on things you don’t need. From the “AMAZING SALES” to flavored coffees marked up by 500%…it’s all too easy to blow your cash on stuff that loses its luster after exactly five minutes. One minute you’re clicking through Amazon humming along to “Jingle Bell Rock,” the next you’re staring down a cart of $200 on…gingerbread-scented candles? A sequined knit hat? Who put those in there?!

Before that happens, remember there’s one move you won’t regret: saving for the future. Which is why we’d argue that the end of the year is actually a really smart time to put some money away. Got a holiday bonus? A little extra cash from Grandma? By saving it rather than blowing it, you’re essentially “saving” yourself from yourself (no pun intended). The sooner your money’s out of sight, the less tempted you’ll be to burn through it on junk. And you’ll feel great ending the year on a high-note, knowing that you saved as much as you could for your future self. (A true reason to toast on NYE!)

Of course, you probably don’t want your money just sitting there doing nothing. You want it to grow. But if you’re not quite ready to dive into investing, you can put your money to work in a high interest savings account first. We’re big fans of Wealthsimple Smart Savings because it’s reliable, risk-free, and has a high return (currently 1.75% aka 19x higher than the national average for savings accounts). Also, fwiw, Wealthsimple’s site and app in general just have a way better user experience than most banks (as in, they’re actually nice to look at and don’t make you want to throw your phone across the room).

A high-interest savings account is crucial to any smart financial plan – and the perfect place to store your emergency fund or something you’re saving for in the short term. Get started today by checking out Wealthsimple here. There’s no account minimum, so you can start with that $5 that might’ve gone to a Grande Soy Peppermint Mocha.

Now, if you do want to invest — but still be very low-risk about it — you may very well want to consider opening an Individual Retirement Account (IRA) this month. IRAs have limits on how much you can put in each year, and there’s a strong case to be made for putting in the maximum amount so you can have as much as possible when you retire, and make the most of the tax benefits. What many people don’t realize is that you can have an IRA even if you already have an employer-provided retirement account. It’s just even more money for Future You. (And if you don’t have an employer account, you definitely want to consider an IRA so you’re not putting yourself in a really scary place down the road).

For any investing (an IRA or a regular portfolio), we are partnering with Wealthsimple to offer a special deal just for our readers — a $50 bonus off of your first $500 invested. You just answer a few simple questions and it’ll come up with a plan that makes sense for you. There’s even a Socially Responsible Portfolio that vets the ethics of the companies included. Just be sure to use this link to get the special offer!

Of course, saving doesn’t seem as exciting as a sequined dress, or 25 peppermint mochas. But the peace of mind that you’re setting yourself up for a good future is actually a huge luxury, if you choose to view it that way. You want to end the year feeling proud of all you’ve accomplished and ready to conquer the year ahead. So cheers to you, and if you do decide to invest, be sure to check out wealthsimple.com/TFD for a $50 bonus on your investment!

Image via Unsplash

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