If you can’t wait for 2020 to be over, you’re certainly not alone. But don’t let the myriad terrible things about the year distract you from taking care of important end-of-year financial moves. We’ve all been guilty of falling short on the plans and promises we made for what we’d accomplish while locked down, but the good news is that when it comes to your financial checklist, there’s still time left to make sure that your money is working its hardest for you. Not sure where to start? Here are four of the most important things you can do to make sure you’re in the strongest possible financial position as you head into 2021. 1. Have extra cash on hand? Use it to your benefit! The economic news has reported that those who have been able to continue working in 2020 have actually increased their savings this year. There are lots of reasons for this: We’re not spending money on commuting, on lunches out, on dry cleaning and work clothing, or on vacations. If you’ve found yourself with an excess of cash, now’s the time to make it work for you by doing any or all of the following: Make sure that your emergency cash account is fully funded. Max out your retirement account. Whether you have a 401(k), a 403 (b) or an IRA, if you haven’t reached the 2020 limits then put some of your extra cash in there. There’s an especially big incentive for those who turned fifty this year — you can exceed the limit by $6,500 as a way to catch-up on contributions. Take advantage of your brokerage account to invest your excess money. If you want to convert a Roth IRA, use the cash to cover the tax. If you’re a homeowner, check to see whether you’ll benefit by refinancing your mortgage. If you carry high-cost debt or student loans, pay them down (or off) If you are self-employed or earn 1099-NEC income, you can put your extra cash into a SEP IRA or Solo 401(k) to lower your tax liability while simultaneously saving. 2. Take advantage of the open enrollment period to review your current selections As 2021 approaches, employees find themselves in the period known as open enrollment, when they can make changes to their benefit elections and their health insurance coverage. As tempting as it is to simply leave things as they are, there’s a good chance that you can make adjustments that will put you in a better economic position. If you’re paying for coverage that you’re not using or not taking advantage of options that provide you with tax advantages, set aside some time to review while you still have a chance. Here are the things to pay closest attention to: Life Insurance Coverage – Many companies provide life insurance to their workers up to a certain amount of coverage for free, while others offer it as a box to check as though the rates being offered are competitive. The truth is that you may be paying too much, and it’s a good idea to check. It’s easy to get a quote on a private policy from the countless insurance companies that offer online quotes. Determine what coverage you need and for how long and then price it out. If you find a better deal, then drop the one from your employer, but not until after you’re sure that your new policy is in effect. Pre-tax benefits — Many companies offer pre-tax benefits like transportation vouchers or parking that were great while you were commuting, but not necessary for those who anticipate working from home for the long term. If you’re paying for any of those options, it’s probably a good idea to discontinue that benefit. Health insurance — It is never a good idea to just let your health insurance benefits stand without looking at how you are using them and whether that is likely to change. If you are in good health and not really using the coverage you might want to switch to a plan that offers greater savings, or if you’ve used it more frequently then you thought you would it might be time to switch out of the plan that you last chose to one with a lower deductible. Flexible spending accounts – These are valuable benefits because of the savings you can realize through pre-tax contributions, but only if you are making good use of it. You also want to check before the end of the year to see whether your plan allows any money left in your flexible spending account to be rolled over. If it can’t be, then you need to figure out how to spend it before the year is over, or else you’re just throwing money away. Check your retirement plan contribution levels while there is still time. Though the contribution limits for 2021 haven’t changed, the amount that you feel comfortable contributing may have.