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5 Strategies to Save More Money in 2014

4. Call your doctor. Health insurance isn't cheap, so make sure you're getting its full value. Keep track of your deductible and once you've reached it, schedule doctor's appointments and procedures (check that they'll be covered). If you're considering elective medical expenses—for instance, Lasik surgery or braces for the kids—try to schedule them in the same year. The IRS allows taxpayers to deduct medical expenses not covered by health insurance when they exceed 10 percent of adjusted gross income. It's not easy to reach that number, says Thomas DiLorenzo, senior manager, Employee Financial Services, EY, but with planning you may be able to take advantage of this write-off.

5. Use it, don't lose it. If there's cash left in your 2013 health care Flexible Savings Account (FSA), don't assume it's a lost cause. Some plans allow you to spend your contributions until March 2014, so check with your administrator. If you don't have an FSA, sign up for one when your employer next offers open enrollment. These accounts save you money by allowing you to set aside pre-tax dollars for medical expenses ranging from office visit copays to contact lenses and glasses. The downside is that unused funds don't roll over to the following year, so you have to guesstimate how much to put in the account.

Tackle your taxes. Don't wait until April to start working on your income taxes. Start now by setting aside all year-end documents, including W-2s, 1099s and bank statements, says Wall. Collect all your charitable receipts and organize any business expenses that you plan to write off.

Originally published in the January 2014 issue of Family Circle magazine.