Finish Strong: A Year-End Checklist for Your Finances

Step 1: Review Your Spending & Budget Habits

Before setting new goals, it helps to look back at how your money was actually used this year. Take a few minutes to review your spending and break it into broad categories like:

— Groceries

— Dining out

— Subscriptions

— Travel

— Utilities

— Entertainment

As you review, look for patterns. What categories felt manageable? Where did spending creep up more than expected? Remember: This isn’t about being hard on yourself. Instead, it’s about learning. Real numbers give you real insight, and that insight makes it easier to make meaningful adjustments moving forward.

Once you spot trends, you can use them to map out your goals for the year ahead. Maybe you want to cut back on subscriptions you rarely use, set a clearer dining-out budget, or build in more flexibility for experiences that matter to you.

Pro Tip From RRCU: Print out your last three months of statements (or jot totals down on paper) and highlight one category that surprised you. That single insight can guide a small change next year.

Step 2: Check In on Your Emergency Fund

Life happens, and that’s exactly what an emergency fund is for. As you wrap up the year, take a look at how much you currently have set aside for unexpected expenses like car repairs, medical bills, or a temporary loss of income.

A common goal is to have three to six months of essential expenses saved, but that doesn’t mean you need to get there all at once. If you’re just getting started, that’s okay. What matters most is building the habit and making steady progress over time.

If you dipped into your emergency fund this year, consider making a simple plan to replenish it. Even small, consistent contributions can rebuild your cushion and restore peace of mind.

Pro Tip From RRCU: Start with a mini goal (like saving $500) before focusing on the bigger target. Hitting smaller milestones will keep you motivated.

Step 3: Evaluate Your Debt & Repayment Progress

Debt can feel overwhelming, which is why taking time to review it, rather than avoiding it, is an essential step toward progress. Start by listing all your debts in one place, including credit cards, auto loans, student loans, medical bills, or personal loans.

For each balance, note the interest rate, minimum payment, and total amount owed. This gives you a clear picture of what you’re working with and helps you spot opportunities to save.

As you review, consider whether there are ways to make your debt work better for you. For example, if you have high-interest credit card balances and available home equity, a home equity line of credit (HELOC) could help lower your interest rate and streamline payments. Exploring solutions like these can free up cash flow and help you make faster progress.

Just don’t forget to celebrate what you’ve already accomplished. If you paid off a balance or reduced a loan this year, that’s real progress, and momentum matters. Looking ahead, choose one or two debts to focus on next year using a method that fits your style, whether that’s tackling the smallest balance first or paying down the highest interest rate.

Pro Tip From RRCU: Circle the one debt that causes you the most stress, not just the highest balance. Reducing that burden first can make staying motivated easier.

Step 4: Review Your Savings & Long-Term Goals

Next, take a moment to check in on the goals you’ve been working toward, whether that’s buying a home, planning a vacation, upgrading a vehicle, or saving for education. Progress doesn’t have to be dramatic to be meaningful. Even small steps count.

This is also a good time to review your long-term savings, like retirement contributions. If your employer offers a match, make sure you’re taking full advantage of it. And if possible, consider increasing your contribution by just 1% in the new year.

Then, if you’re building savings outside of retirement, consider whether your money is earning as much as it could. Accounts like Red Rocks Credit Union’s Reverse Tier Savings (RTS) are designed to reward smaller balances with higher rates, helping your savings grow faster from the start.

Most importantly, acknowledge the progress you’ve made. Financial growth isn’t always linear, and staying consistent matters more than being perfect.

Pro Tip From RRCU: Write down one goal you want to prioritize next year and one reason it matters to you. Connecting savings to a personal “why” makes it easier to stay committed.

Step 5: Check Your Credit Health

Your credit plays a bigger role in your financial life than many people realize. As part of your year-end review, take time to check your credit health and make sure everything is accurate and up to date.

Pull your free annual credit reports and review them for errors. Look closely at payment history and how much of your available credit you’re using. Even slight inaccuracies can impact your score, and fixing them can help give you a boost.

Strong credit can help you qualify for better loan rates and lower interest costs. If you’re unsure how your score works or what’s influencing it most, our credit score guide breaks it down in simple terms and can help you find your next steps.

Pro Tip From RRCU: Set a yearly “credit check date” on your calendar. Making this a once-a-year habit helps you stay proactive and avoid surprises when you need credit most.

Step 6: Update Your Financial Documents & Accounts

Year-end is a great time to make sure the details behind your finances are up to date. Consider reviewing beneficiaries on your bank accounts, retirement plans, and life insurance policies. Life changes happen, and keeping this information current helps ensure your wishes are honored.

Next, double-check your personal information, like your address, phone number, and email. Having accurate contact details helps prevent delays or account issues down the road.

Finally, take a few minutes to organize your important financial documents. Create one secure folder (digital or physical) labeled something like “2025 Financials.” Keeping statements, tax forms, and account summaries in one place can make tax season and future planning less chaotic.

Pro Tip From RRCU: Set aside 15 uninterrupted minutes for this step. A short, focused review once a year can save hours of stress later.

No matter where you’re starting—paying down debt, growing savings, or planning for future goals—financial well-being is a journey, not a finish line. And you don’t have to navigate it alone.

At Red Rocks Credit Union, our financial advocates are here to help you turn insight into action with guidance that fits your life. Whenever you’re ready to take your next step, we’re here to support you!