Smart Money Podcast: 5 Financial Tasks for Fall and Kids’ Debit Cards | Personal finance

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Liz: It helps local artisans. And it also ensures that I really have something to put under the tree when the time comes.

Sean: Clever. And it also comes across as a more personal gift, because I always feel like I’m not doing as good a job as I can if I’m just buying something from the big box store, I always want to have a little more personal connection and story behind it. So that’s actually, why, in order not to spoil anything for my family or friends, when I was just traveling New York, I picked up a few things here and there that I can store as gifts.

Liz: Soft. Yes. Well, and that spreads the bill too. It’s a really smart thing to do.

Sean: Oh yes. Yes. I also did it last year, after the release of Lady Gaga’s new album. I have a lot of friends who love Lady Gaga, and so I bought a bunch of her products when it fell last May, and like that at Christmas, they weren’t thinking about her album anymore but me, because I ‘had a bunch of gifts for them that came from his business. So as much as you can spread it out, I think it’s a great idea.

Liz: It’s really smart. And speaking of averaging, that’s what we normally recommend for pension contributions. We want you to participate in every paycheque. But it’s a good idea before the end of the year to make sure you’re making the most of your retirement savings opportunities. And if you have a 401 (k) at work, for example, see if you can pop that contribution up before the end of the year. You can contribute up to $ 19,500 per year to a 401 (k) plan for 2021. If you are 50 and over, you can contribute up to $ 26,000. If you have an IRA or want to create one, you can invest up to $ 6,000 in it, either a regular IRA or a Roth IRA, if you are under 50. And you can add an additional thousand dollars, so a total of $ 7,000, if you are 50 or older.


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