Year-End Checklist For Financial Success In 2023

Written By Karrissa Jyles

Here’s how to stay on track and reach your financial goals next year

As the holidays approach, you’re probably making a list and checking it twice. However, don’t forget to also make a list for your financial goals!

Your year-end checklist is a compilation of financial tasks to complete before the new year arrives to improve your financial health and wealth.

Whether your goals are to save for retirement or manage your business, here’s our year-end checklist that includes everything you need to make the new year the best one yet.

1. Analyze your financial plan

Every financial goal starts and ends with a financial plan. 

If you have one, consider your spending and savings plan, your investments, and your income. How did these things change throughout the year? Many things can affect how you use your money, such as divorce or retirement. 

Take into account how or if these things impacted your financial plan so you can strategize your comeback.

2. Review your investments

Your investments are great ways to grow your wealth. Take some time to review them and ensure they are performing as you need them to.

Take a look at your portfolio, your asset allocation, and if your investments still match your risk tolerance and financial goals. 

3. Access your debts

Took out a loan to purchase a car? Used your credit card? The end of the year is a great time to review and manage your debts.

When it comes to debt, keep these things in mind:

  • Organize your debts from lowest to highest, both in balance to interest rates.

  • Pay down your debts comfortably by starting with the lowest balance or highest interest rate.

  • If you have credit cards, make sure to use any rewards you accumulated before they expire!

4. Look at your insurance or employee benefits

You may not think twice about paying for your insurance and employee benefits, but now is the time to make sure they still serve you and your goals. 

For insurance, look at your existing coverage and policies to determine if they efficiently cover your needs. Also, don’t forget to update your beneficiaries, if need be.

For employee benefits, analyze your employer-sponsored insurance or retirement plans such as your health insurance or 401(k). Have you or your employer contributed the amount you need to reach your financial goals? 

5. Organize financial statements

If you’re a small business owner, your financial plan also includes your business’s financial goals. 

Make sure you know where your business finances stand by gathering and reviewing important financial statements like:

  • Your income statement (includes your revenue, tax expenses, cost of goods sold, etc.)

  • Cash flow statement (includes your business’s cash on hand, not credit)

  • Balance sheet (includes your assets, liabilities, and equity)

6. Check accounts payable and receivable

Another task for small business owners is to manage your accounts payable (money your business owes) and accounts receivable (money your business is owed).

Check for any past due client invoices that you are owed, and reach out to them as soon as you can for collection. Also, pay any bills or vendor invoices that are past due before the end of the year for a fresh start.

7. Consider estate planning

Whether you’re a business owner or not, it’s a good idea to think about your estate and how to protect your legacy.

Create or update your estate plan by considering any life events such as birth, death, divorce, etc. Look at your estate planning documents and ensure that everything is up to date, like your trustees, beneficiaries, and financial statements.

Get confident in your end of year financial plan

Getting ready for the new year means organizing your goals to make them happen. 

When you think about your financial goals, how do you feel? If you’re feeling like you could use some guidance, we’re here to help.

Keywords:

  • Year-end checklist

  • End of year

  • Financial plan

  • Financial health

  • Financial goals

Sources:

Karrissa Jyles
Previous

Financial Plan for Military Families Transitioning to Civilian Life
Next

Debt Reduction in 2024