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As the year comes to a close, it’s the perfect time to reflect on your financial journey over the past twelve months. Taking stock of your spending, evaluating wins, and identifying areas for improvement can set the stage for a financially successful new year. Here are 10 questions for an end of year financial checkup.
10 Questions for an End of Year Financial Checkup
Do I actually have a sense of what my spending looked like?
Understanding your spending habits is crucial for financial well-being. If you haven’t been actively tracking your expenses, it’s time to consider how you can change that. Explore budgeting apps or tools that align with your preferences to gain better insight into your financial patterns. YNAB or EveryDollar are two popular budgeting apps that you can use for a fee (after a free trial).
What were my financial wins this year?
Celebrate your achievements, no matter how big or small. Reflect on saving up for a specific goal, successfully sticking to a spending plan, or paying off debt. Acknowledging these victories can boost your financial confidence and motivate you to set new goals. Any win, big or small, is worth noting and remembering!
What were some things I wish had been different financially this year?
Take a moment to identify areas where you wish you had made different choices. Whether it’s not planning for an obvious expense, overspending, or accruing new debt, recognizing these challenges is the first step toward making positive changes in the future. Noticing these things can also help you plan your goals for the coming year.
Are there any utility bills I could renegotiate?
Consider reviewing your utility bills and explore opportunities for negotiation or discounts. Many service providers offer promotions or loyalty rewards that you might not be aware of. Take advantage of these options to optimize your monthly expenses. Calling companies directly and speaking to a real person is the best way to do this. (Here are 7 bills to negotiate yearly!)
Are there any subscription services I want to cancel?
Evaluate your current subscription services. Are there any that you no longer use or need? Canceling unused subscriptions can free up funds for more essential aspects of your life. You can even rotate streaming services from month to month depending on what show or movie you’re currently watching.
Do I want to make any charitable contributions before the end of the year?
The holiday season often inspires generosity. If you’re in a position to give, consider making charitable contributions before the year ends. Research and choose causes that align with your values.
Does my credit report show anything I need to check out?
Regularly monitoring your credit report is essential for financial health. Look for any discrepancies or suspicious activity that may require further investigation. Addressing potential issues promptly can prevent long-term consequences.
Are there any big expenses we have coming up that we need to start planning for?
Anticipate major expenses on the horizon, such as home repairs, education costs, or travel plans. Planning ahead allows you to avoid financial stress when these expenses arise.
Are there any sinking fund categories I want to adjust or change for the coming year?
Review your sinking funds – designated savings for planned future expenses. Assess whether the current allocations align with your upcoming financial goals and make adjustments as necessary. If you had saved $50/month for special events like birthdays and holidays ($600 over the course of the year) but ended up spending $800 in 2023, allot more each month in 2024.
Are there any financial goals I’d like to set for the new year?
Complete your end of year financial checkup by setting new financial goals for the upcoming year. Whether it’s building an emergency fund, investing, or achieving specific savings targets, outlining clear objectives provides a roadmap for financial success.
Going through these questions is a valuable exercise in financial self-awareness and planning. By reflecting on your financial wins, challenges, and aspirations, you can make informed decisions to pave the way for a more secure and prosperous future. Take the time to assess your financial landscape and enter the new year with confidence and purpose!
And if this post is irrelevant because you haven’ tracked your spending or following a budget, stay tuned for a series on starting with a budget in 2024.
