5-Step Checklist to Refresh Your Finances In 2025

As we head into a new year, there’s no better time for a financial refresh! Taking a moment to reflect and plan lets you prioritize, take action, and build momentum. A checklist is a simple yet powerful tool to help you make progress and stay motivated. Even the smallest step can have a big impact, and with a little planning, you can start the new year feeling prepared.

Here’s a year-end financial checklist to get started.

1. Review Your Financial Goals and Set New Ones

Look back at the goals you set for this year. Are they still in line with what you want, or do they need to be adjusted? This is also a great time to acknowledge any financial wins you’ve already achieved. Maybe you made progress on paying down debt, started saving, or made a financial decision you’re proud of. No matter the size, these wins add up and are worth celebrating!

As you reflect on your goals, set new ones that align with what feels most important to you. Whether it’s boosting your savings or building credit, it’s helpful to break your goals down into milestones. Don’t forget to include any big expenses or life changes that you can incorporate into your plan.

Quick Action Step: Take 10 minutes to jot down one financial win from this year and at least one goal for the new year.

2. Refresh Your Budget

Your budget is the foundation of financial progress, and it’s worth revisiting as the new year rolls in. Have your expenses changed? Maybe there’s a new subscription or higher grocery costs, or perhaps your income has increased? Make sure your budget reflects where you are right now.

As you review, look for areas to adjust. Think of it as a refresh rather than a restrictive overhaul. Are there places you can save a bit more? Or maybe you can increase your income, like starting a side gig or monetizing a hobby? Either way, your budget should work for you, not against you.

Quick Action Step: Look at last month’s spending and pick one expense to adjust. You can use a free budgeting app to help you track and review your spending.

3. Take a Look at Your Financial Picture

Knowing your numbers—like your credit score, debt totals, and savings balances—gives you a clear picture of where your finances currently stand so you can make informed decisions about the progress you want to make. To get a full view of your finances, track these numbers:

• Net Worth: This is the total of all your assets (checking and savings accounts, retirement and investment accounts, real estate, etc.) minus the total of all your liabilities (mortgage, vehicle loan, personal loans, etc.).
• Debt: List any debt you have and include the balance, interest rate, and minimum payments for each.
• Credit Score: Review your credit score from each of the three credit bureaus—Experian, Equifax, and TransUnion.

Quick Action Step: Get a free copy of your credit report by going to annualcreditreport.com.

4. Check Your Emergency Fund and Retirement Savings

Think of this step as taking care of future you. Building an emergency fund and saving for retirement are two of the best ways to secure your financial future. If your emergency fund could use a boost, start with a small, consistent contribution—the habit is more important than the amount!

Check what your current retirement contribution amount is to make sure it is putting you on track to meet your retirement goals. If you can, consider increasing your contributions by 1%. It may seem small, but it can make a significant difference down the line. And while you’re at it, take a quick look at your insurance coverage to make sure it’s meeting your needs. This covers all the bases for future you!

Quick Action Step: Set up an automatic transfer or direct deposit into your savings account, even if it is a small amount.

5. Set Regular Financial Checkpoints

Schedule dates on the calendar to check in with yourself throughout the year. Regularly tracking your finances is key to staying on top of things and being able to adjust as you go. Try monthly or quarterly check-ins.

During the check-ins, review your progress, celebrate wins, and recalibrate if needed. These check-ins help you stay on course and keep your goals front and center.

Quick Action Step: Mark your calendar with a “money check-in” reminder.

Head Into the New Year with Momentum

This simple, actionable financial checklist can help you make this new year your best yet! Remember, it’s all about small, steady steps forward. Each action you take builds momentum, and before you know it, you’ll be celebrating new financial wins. So, here’s to a fresh start and a year filled with financial progress. You got this!

If you would like personalized financial guidance to help you plan for the year ahead, schedule a free meeting with one of our certified Financial Well-Being Coaches. They can help you with creating a budget, managing debt, building credit, and more. No matter where you are on your financial journey, our team of experts is here to help you achieve financial peace of mind.