Making smart year-end money moves

EL PASO, Texas -- We are nearly at the end of the year. Before we move into 2023, you still have the chance to make some smart money moves to end 2022 well.

While changing financial habits can be a daunting task, many financial experts agree that the final week of the year is the perfect moment to stop and reassess.

Inflation hit many consumer hard this year, and many are still reeling from skyrocketing interest rates. So, to make your money more efficient, experts recommend sitting down right now to formulate a plan to pay off those looming debts. Focus on those that have the highest, or most variable, interest rates.

While you are still sitting down, take a look back at what you spent this year. Figure out what worked well, and what did not. If possible try to cut down on unnecessary expenses so that you will have more money to funnel into an emergency fund.

Analysts with Investing Latina and Latina Money Expert say that even if you have to stop enjoying little luxuries like eating out, building a budget around beefing up your savings should be a priority.

Also, it is not too late to donate to non-profits and other approved charitable organizations to increase your tax refund. The deadline for donating this year is December 31.