10 money action steps to take before 2016- By Kimberly Palmer

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As the end of the year approaches, it's a good time to take stock of the financial moves you've already made -- and have yet to make -- before the year changes. Many financial deadlines pop up on Dec. 31, which means now is the time to prepare to squeeze in last-minute savings or ramp up retirement goals.
Max out your 401(k).
If you already have a 401(k) account set up through your workplace, you'll want to check to see if you are close to reaching the maximum contribution of $18,000 for the year in order to get the biggest tax benefit. (If you are age 50 or over, you can contribute an additional $6,000, also with a deadline of Dec. 31.) For those with Roth IRAs, the annual maximum is $5,500, plus an additional $1,000 for those age 50 and over, and you have until April 15 to make your contributions.
Consider a conversion.
If your income is lower than normal this year because of an employment gap, for example, then it can be a great time to convert money from a traditional IRA to a Roth IRA. That's because you'll pay less in taxes during a year when your income, and therefore your tax rate, is lower than usual. The deadline for Roth conversions is Dec. 31.
Check your insurance needs.
If you have expanded your family, changed jobs or purchased new assets, then it might be time to look over your insurance documents to make sure you're fully covered. You might need to increase your coverage to ensure your home and family is protected in case of an emergency. While there's no hard-and-fast Dec. 31 deadline for this one, the end of the year is a good reminder that insurance needs should be reviewed at least once a year.
Rebalance your investments.
Rebalancing your investments to make sure you have the right mix of diversified stocks and bonds for your age and situation is something that should take place once or twice a year at a minimum. If you've lost money in a taxable account amid the recent market volatility and want to count it as a tax write-off, then you'll want to be sure to sell the losing stock by Dec. 31.
Look backward, too.
Examining your credit card and bank statements from the previous year can help you locate expenses to trim for the coming year. Perhaps you can cut down on certain recurring expenses, such as cable, the gym or takeout. An online tool like Mint.com can help you find areas to trim.
Open a college savings account.
If you're already maxing out retirement savings and you have children, then you can put money into their 529 college savings accounts. You can contribute up to $14,000 a year (or combine up to five years in advance for a total of $70,000); the deadline for each year's contributions is Dec. 31.
Review beneficiaries.
Just as with insurance needs, beneficiaries listed on work benefits often need to be updated, especially if your family situation has changed. It's easy to forget to make updates after getting married, divorced or having children. You want to review those documents at least once a year to make sure the correct names are listed.
Take advantage of tax credits.
Deductible expenses and tax credits typically come with a Dec. 31 deadline, including those for investments in energy-efficient home improvements or certain school expenses. Make sure you retain receipts and keep them organized so when tax time rolls around in a few months, you're ready.
Make donations.
If you donate money to charity and you want those gifts to count toward the 2015 tax year, you'll want to make them by Dec. 31. As with tax credits and deductions, take care to track and retail all receipts. That goes for non-cash gifts, too, such as clothing or book donations.
Check up on your health.
If you have put money into a health care flexible spending account, now is a good time to make sure you're on track to spend all the money in the account. Eligible expenses include contacts, prescription drugs and doctor's visit copays. The deadline for making purchases is usually Dec. 31 or March 15, depending on your company's policy.

Culled from US News