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Test Your End-of-Year Financial Knowledge
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With 2023 coming to a close, set your sights on smarter financial decisions.
![](https://media-s3-us-east-1.ceros.com/mutual-of-america/images/2019/11/13/9f145ed71077e1e6ffdd8472f35c82cc/mutualofamerica-services-rgb-blue-transparent.png)
What can you do to help make sure you don’t overspend this holiday season?
Plan ahead
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Hint:
Planning ahead, shopping deals, and setting a budget are good financial strategies any time of year, and especially during the holiday season. Here’s a simple budgeting tool to help you track your spending—and avoid overspending.
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Correct!
These are all ways to prevent overspending this holiday season. Here’s a simple budgeting tool to help you track your spending—and avoid overspending.
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Shop deals
Make a budget
All of the above
B.
C.
A.
D.
How much are you allowed to contribute to a workplace retirement plan in 2024 (if you’re under 50 years old), under federal tax law?
$4,500
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Hint:
You can go to mutualofamerica.com to familiarize yourself with the contribution limits for the new year.
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Correct!
Check your contributions to your retirement plan by signing in to your Mutual of America account. Remember, if you turn 50 or older in 2024, you can make an additional $7,500 in catch-up contributions, too.
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$10,000
$6,000
$23,000
B.
C.
A.
D.
Complete
Correct!
Interest fees typically add 20% to the average credit card balance if not paid off every month.
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How much do interest and fees typically add to the average credit card balance if not paid off every month?
20%
50%
40%
100%
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Hint:
Understanding the effect of high-interest credit cards is crucial—especially during the holidays. Use the My Credit Spending Rule to Live By worksheet to help manage your credit card spending and control your debt.
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C.
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A.