The end of the year is approaching and it's a great time to take steps that can help improve your personal finances. Some items to consider:

• If you're not retired, review your contributions to retirement accounts such as IRAs.

• If you or your spouse is 72 or older, Required Minimum Distributions (RMD) must be taken before Dec 31. Otherwise, you could incur an additional 50% penalty tax.

• Make charitable contributions that you want to be able to claim as a deduction on this year’s tax forms.

• Compare this year's spending against your budget and make any necessary adjustments for next year.

• Do you expect to earn more next year? Consider putting all or part of your expected increase into savings.

• Check your asset allocation and make any necessary changes.

• Take some time to define your family's financial goals and concerns for next year:

• Do you want to save more for retirement? Or for children/grandchildren's college?

• Is a particular budget category consistently over-budget?

• Do you expect any unusually large bills next year such as college tuition or a new roof?

Taking the time to address these items now can help make next year a success.