Year-End Financial Checklist

Organizing Your Finances and Setting Yourself Up for Success in the New Year

As the year winds down, take the time to organize your year-end finances to make sure you don’t break your budget during the holidays. To make some smart moves for the New Year, consider the following tasks:

  1. Total up your year-to-date spending. Take a look at your spending to make sure you are on budget for the year and know what you are able to spend during the holidays.
  2. Review your credit report. You are entitled to one free copy of each of your three major credit reports from TransUnion, Equifax and Experian. If you haven’t already, take a look at your report to make sure there are no errors or irregularities.
  3. Check and rebalance your portfolio. Be sure to check if your retirement and other investments are still on track with your investment goals.
  4. Review your insurance coverage. Review the adequacy and pricing of your insurance policies. If you have made any structural changes or improvements to your home, make sure those actions are reflected in your homeowners insurance. Also, if you’ve had a major life or financial event like a new baby or the purchase of a new home, make sure all your coverage is sufficient.
  5. Update your W-2, benefits and estate, if necessary. While you’re updating your insurance and investment needs for big life events related to family, property or marital status, see if your tax withholding, employee health coverage and other benefits need the same review.
  6. Do a last-minute tax review. Review your annual income, investment and spending data to see if there’s anything you can do in the final weeks of the year to save on taxes.
  7. Get your important documents in order. Go through your files, shred what you don’t need and make sure critical information is stored somewhere safe.