Americans are expected to spend around $980 billion during November and December this year, continuing steady year-over-year sales growth.¹ Beyond shopping, people may have other goals to balance. Throughout 2024, Empower research found that people had a variety of plans for their money this year. Check out these ways to make progress on those goals amid the holiday shuffle.

Maximize investment accounts

Bulking up investments has been top of mind for many Americans, as 80% of people said they’d give more attention to their portfolio this year, according to Empower research. More than 2 in 5 wanted to buy more stocks (44%), and the market has been making headlines and setting records in 2024. The S&P 500 had its best nine-month start in 27 years, gaining 20.8% from January through September.² What happened in the past doesn’t mean it’ll continue, so portfolio management is key to track performance. For those looking to jump in, check how many extra dollars you have in your household budget that could be reallocated toward investments.

The same Empower study found that a quarter of people plan to increase retirement contributions this year (26%), and the calendar leaves little leeway for those who want to add. Contributions to employer-sponsored retirement plans – like a 401(k) – can be tied to paycheck schedules. Check with your employer to see how many pay periods are left and confirm how much more you can contribute before hitting the annual IRS limits. An IRA can provide additional space for money destined for retirement, along with a longer timeline – contributions can be made until the federal tax filing day of the following year.

Keep taxes in mind

Empower research found that nearly three-quarters (73%) of Americans believed their net worth would increase in 2024. Being tax-savvy now could help minimize capital gains taxes.

Looking more closely at portfolio holdings can be a strategic way to rebalance in advance of tax time – taking into account tax-loss harvesting. Selling assets with a gain along with selling others at a loss can help offset larger tax liability.

Making donations to charities that are meaningful to you (or on behalf of loved ones as presents) before the end of the year can aid in tax prep, as charitable gifts can be tax-deductible. They also may not be considered taxable when it comes to the federal gift tax.

Spend smartly

With Thanksgiving falling on Nov. 28 this year and Christmas holding firm on Dec. 25, there are only 27 days between the two holidays, which is the shortest amount of days possible (the maximum is 33).³ Shopping mainstays Black Friday, Small Business Saturday and Cyber Monday make for a jam-packed week, and just in online buys, Americans look to be preparing for a spree. They’re projected to spend more than $240 billion online from Nov. 1 through the end of the year. It’s a record-setting forecast (an 8.4% bump over last year).⁴

Setting a holiday shopping budget now could help curb many impulse buys, or perhaps items bookmarked while “dreamscrolling.”

For those considering cash gifts, going digital may be the best gift wrap. Sending cash or checks through the physical mail could lead to fraud; between 2018 and 2023, complaints of mail fraud rose from less than 60,000 to more than 250,000.⁵ Putting funds into a 529 account can be a good option for those wanting to give kids a gift that can lead to long-term value.

Early gift shoppers or those who want to stock up on items to use year-round should keep return policies in mind. As of last year’s holiday season, around 40% of retailers charged to process an online return.⁶ Other rules to watch include the window for return-eligible purchases and if restocking fees would apply.

Request time off

Some of those November and December spending dollars may go toward trips, as 28% of people plan to travel during the winter holiday season, according to Empower research. Mid- to late October is prime time for holiday airline deals to surface, based on an analysis of years of Google Flights data.⁷

In another Empower study, half of people (51%) said they strategically schedule their days off around national holidays to make the most of their time. With popular winter holidays falling mid-week on the calendar this year, planning ahead with a PTO request now could help your chances.

A third (35%) of people feel anxious requesting time off, and securing valuable days off isn’t guaranteed: Employees’ PTO requests have risen an average of 11% each year since 2019, though approvals for that time off have only gained 9% on average annually.⁸

Consulting the calendar and the wider team at this point in the year could have a big payoff. Over 4 in 5 workers (85%) say using their PTO to go on vacation increases their happiness.