The End-of-Year Money Checklist: 8 Things to Review Before December 31

Key Takeaways

• Review savings, debt and financial goals before year-end.
• Check retirement and other workplace benefits.
• Review beneficiaries and important account information.
• Identify subscriptions and automatic payments you no longer need.
• Begin preparing for tax season before documents start arriving.

Main Article

The final months of the year are a good time to review your finances while there is still time to make adjustments. You don’t need an elaborate financial plan. A focused review of a few key areas can help you enter the new year more organized and better prepared.

1. Check Your Emergency Savings

Could your savings cover an unexpected repair, medical bill or temporary loss of income?

If not, choose a realistic amount to begin adding each payday.

Progress matters more than reaching a specific number immediately.

2. Review Your Debt

Make a list of what you owe, including:

• Credit cards
• Auto loans
• Student loans
• Personal loans
• Home equity balances

Note the interest rate on each balance. That information can help you decide which debt deserves extra attention.

3. Look at Your Retirement Contributions

Check how much you’re contributing and whether you’re receiving the full employer match available to you.

Even a small increase in your contribution percentage may have a meaningful long-term impact.

4. Verify Your Beneficiaries

Life changes. Account paperwork doesn’t always change with it.

Review beneficiary designations on retirement accounts, insurance policies and eligible financial accounts to make sure they still reflect your wishes.

5. Review Automatic Payments

Look through several months of account and credit card activity.

You may discover memberships, apps, streaming services or other recurring charges you no longer use.

Canceling even a few can free up money for other priorities.

6. Check Your Credit Reports

Review your credit reports for unfamiliar accounts, incorrect balances or other errors.

Regular monitoring can also help you spot potential identity theft earlier.

7. Start Organizing Tax Records

Gather documents related to charitable donations, deductible expenses, investment transactions and other potentially important tax information.

Getting organized now can make tax season less stressful.

8. Set One Financial Priority for Next Year

Rather than creating a long list of resolutions, choose one goal you want to make meaningful progress on.

It might be:

• Building emergency savings
• Paying down a credit card
• Increasing retirement contributions
• Saving for a home
• Paying off an auto loan
• Creating a vacation fund

One clear objective can be easier to maintain than a dozen competing goals.

A short year-end financial review gives you an opportunity to see what’s working, identify what needs attention and begin the new year with a clearer plan.