Your Year-End Financial Checklist

Finance1 year ago
Person completing items on a checklist

The end of the year is fast approaching, and with it comes a time to reflect on the past twelve months and prepare for the new year ahead. For many families, this also means taking a close look at their finances and ensuring they are on track.

If you need help figuring out where to start, don't worry! We've put together a financial checklist to help you organize and ensure you're ready for whatever 2023 has in store. Follow these steps, and you'll be on your way to a prosperous new year.


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Review your credit report and score to make sure everything is accurate

Knowing your credit score is vital for navigating the financial world today. Regularly reviewing your credit report can help create and maintain healthy credit practices to achieve your financial goals.

It's just as important to review credit reports when starting credit card accounts or taking out student loans—making sure all the information is accurate can be pivotal in making those decisions.

Taking a few seconds to check your credit reflects debt-free habits and will even help you get better rates proactively, allowing you to plan effectively for both short-term and long-term financial success.


Check your bank statements for any fraudulent activity

Good planning begins with taking precautions to protect yourself from fraud. That's why checking your bank statements regularly for any suspicious activity is essential.

A planning checklist can be a great help in this regard; it will make it easier for you to stay on top of your finances and give you peace of mind knowing that your identity is safe and secure.

Knowing your risk tolerance and planning are vital components when ensuring that your savings account is protected from thieves. With a strategic plan implemented, you will have fewer headaches and more financial protection overall.


Create a budget for the upcoming year

When creating a budget for the upcoming year, it's important to consider financial and long-term goals.

Allocate funds to ensure and grow emergency savings, contribute to retirement accounts, and maintain sufficient insurance coverage.

Planning and monitoring your financials regularly can help you reach financial success in the future. With the proper budgeting steps in place, you'll find yourself making more strategic financial decisions that can create financial security over time.


Invest in a good financial planner to help you reach your goals

Financial advisors are invaluable assets in helping individuals reach their financial goals. By taking stock of current assets, mapping out objectives, and devising a strategy to get there, an excellent financial advisor can help individuals ensure long-term success.

Financial planning isn't rocket science but can involve complicated concepts such as asset allocation, understanding risk tolerance, or creating emergency funds or retirement plans.

Seeking the help of an experienced and qualified financial professional can provide critical insights into what moves need to be made to secure your financial future. Financial advisors are also helpful for less optimistic concerns, including estate planning that can guard against legal problems arising if and when death occurs.

Investing in a good financial planner is well worth the effort. You'll be rewarded with more efficient management of your assets over the long term.


Make a plan to pay off any debt you may have

Taking on debt can be a daunting experience, but with the right plan, you can make steady progress in paying it off. Start by assessing all of the interest rates associated with your different debts and prioritize them from highest to lowest interest rate.

Focus first on paying off any credit cards with the highest interest rate, and move on. The two most popular strategies for getting out of debt are the snowball and avalanche methods; snowballing involves focusing on smaller balances first and then progressively moving up, while avalanching focuses on higher interest rates first to save money in the long run.

Either way, your goal is to increase your credit score while gradually paying down debt. Taking these steps will help ensure that you stay in control of your debt and get back to a place of financial stability without compromising your credit-building progress.


Save, save, save! Try to put away as much money as possible each month

Saving money is essential to financial planning to help set yourself up for the future. It's imperative to try and put away as much money as possible each month so that your finances are secure, no matter what happens in life.

Consider investing in a high-yield savings account or life insurance plan to make the most of it. Otherwise, you can focus on other aspects of personal finance, such as budgeting or tracking your spending. Compiling a financial planning checklist can allow you to properly monitor where your funds are going and know when it's time to reinvest them.

As we say goodbye to 2022 and look ahead to 2023, we must reflect on what we've learned this past year and how we can apply those lessons in the coming year. One area that many of us could stand to improve is our finances.

If you want to get your finances in order in 2023, here are a few things you can do:

  1. Review your credit report and score to make sure everything is accurate.
  2. Check your bank statements for any fraudulent activity.
  3. Create a budget for the upcoming year.
  4. Invest in a good financial planner to help you reach your goals.

Make a plan to pay off any debt you may have. Save, save, save! Try to put away as much money as possible each month. What are you doing to prepare for 2023? Let us know on Twitter!

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