Shit to get done over the holidays
By AJ Ayers, CFP
It's the end of another year. We made it.
Many of us were lucky enough to travel again and return to a semblance of normalcy post-pandemic. We've had a hell of a year. A lot has been bad, but if you're reading this, you probably have a lot of good things going for you and a lot to be thankful for. This December, perhaps as you're back in your childhood bedroom or just getting in some much-needed alone time in your apartment, is a great time to take stock of what you've accomplished and maybe use that downtime to get your personal and financial house I order to make sure 2023 starts off a little less hectic than 2022 did. The week between Christmas and New Year's always feels calm to me, like stolen extra hours while everyone is legitimately not thinking about work or getting things done. In the past, I've used this time to get the shit done that I've been putting off all year.
Here's a laundry list of things I thought you might find useful to handle during your holiday downtime. Many are financial, but all are straight-up common sense, and I guarantee they will lead to a less stressful 2023. Many of these are related to travel! It's been almost three years since the start of Covid and worldwide travel disruption. Passports have expired, airline credits are expiring, and many things have changed.
Nothing on this list is particularly hard or time-consuming. Most things on this list can be solved in ten minutes or less with a phone call or filling out an online form. I made this list because of what happens when you don't spend the ten minutes to solve these little tasks now: stress and beating yourself up later on in the year. Hey, I probably don't know you personally, but I bet you are generally pretty good at life. What's going to be really shitty is if you don't spend the ten minutes now and end up next December with an expired passport two days ahead of your best friend's wedding and the regret that you didn't check in on your 401k allocation and your money sat in cash all year doing nothing.
I imagine that not every item on this list applies to you, but even if it did, you could get this big stinky pile of shit done in about five hours.
Assess your emergency fund and make sure it's in the right place. Typically 3-6 months of living expenses parked in an easily accessible online savings account is the way to go. We like a high-yield online savings account for parking cash.
Renew your driver's license and get that Real ID. Real IDs go into effect in 2025. Get yourself to the DMV STAT.
If you've recently legally changed your name, make sure you've wrapped up the process. Read my post on getting married for specific name change tips but make sure after you've handled the big ones (social security card, passport) that you don't forget the nitty gritty ones like Jet Blue, Amtrak, and every single investment or bank account you have!
Renew your passport or apply for the first time! Hey, it's never too late to explore new places.
Renew or apply for Global Entry if you travel internationally more than once per year. This is a serious no-brainer! It takes a short application and an in-person interview to get global entry (many credit cards will reimburse you for the fee). Immigration lines at major airports like JFK and LAX can be hours long. Global entry helps you skip the line. Edit: my partner in crime Shane tells me he applied for Global Entry back in June, and they are still processing his application. With a more than six-month wait time, get your Global Entry app done now ahead of summer travel.
Review your credit card points and start using them!
Review your airline status and credits and book travel for 2023. My upgrade passes expire in January. I am a big doof! Don't be like me! Maybe you had some credits from canceled Covid travel? Check those expiration dates and book some fun trips!
Get TSA precheck if you fly more than once a year! Seriously a no-brainer to avoid security lines.
Get Clear if you fly more than ten times a year. Many credit cards will reimburse you for the fee. Going through security is actually enjoyable with Clear! Get Clear AND TSA pre-check, and you'll breeze through security.
Do you have the best credit card? Are you due for an upgrade to one of the cards (like the Amex Platinum or Chase Sapphire Reserve) with big perks. Brooklyn Fi is a Delta family so we rock the Delta Amex Skymiles Reserve for both personal and business cards.
This is an important one! Make sure your investment accounts are actually invested in the stock market. Sometimes we get halfway there with 401(k) contributions my getting the money in the account. Make sure you’ve actually allocated that money or purchased ETFs within your accounts.
Consolidate your 401ks. Roll that shit over, now. It's hard, it's boring, and your future self will thank you.
Book dental, dermatology appointments, mammograms, etc. Anything that happens annually that involves a hard to schedule professional...now is a great time to do that.
Get a therapist.
Whatever your work situation may be, schedule four days off later in the year and a little present to yourself. And plan something fun! It can be as small as a weekend away or a ten day trip to Europe to use up those airline miles.
Schedule time to volunteer and help others. At Brooklyn Fi, every employee gets two days per year for community service. Give up some of your valuable time to help someone less fortunate than you or even to plant some trees to make a community more beautiful.
Make last-minute charitable contributions and do a giving plan for next year. If you don't have a home mortgage, chances are you don't itemize your deductions, so you may not necessarily get the tax break for your contributions.
Review your homeowner's or renter’s insurance policy. Is it up to date? Do you need to update your credit card for billing? Add any expensive items like bikes, music equipment, or jewelry.
Review your car insurance policy. Shop around.
Update all the apps on your phone and stop ignoring that software update on your computer. I see you. Stop clicking "remind me later." Later is now. :)