As another year starts to wind down, it’s the perfect time to give your finances a quick checkup. Just like an annual physical helps you keep your health on track, a financial review can help you spot opportunities, avoid surprises, and start the new year with confidence.
Here are five important areas to review before December 31 rolls around.
Quick links:
Review your budget and spending habits
The last few months of the year are often the most expensive. Between holiday shopping, travel, and seasonal events, it’s easy for spending to creep up. Take a few minutes to evaluate:
- How much you’ve spent compared to your budget.
- Categories where you’ve consistently overspent.
- Areas where you’ve saved more than expected.
- Upcoming expenses before year-end.
Understanding where your money has gone can help you make smarter decisions during the busy holiday season. You can easily track all of this information within your online + mobile banking account using the Spending Trends and Savings Goals tool.
- Login to your account.
- Navigate to the Financial Wellness tab.
- Click on Spending Trends and Savings Goals.
- Gain a complete picture of your budget and where your money goes.
Check your retirement contributions
Year-end is a great time to evaluate your retirement savings progress. Even a small increase in contributions can make a meaningful difference over time thanks to compounding growth. Consider reviewing:
- Your current contribution percentage
- Whether you’re receiving your full employer match
- Any planned contribution increases for next year
- Overall progress toward retirement goals
It might be a good idea to speak with a financial advisor if you want to consider serious steps toward funding your retirement goals.
Evaluate your emergency fund
Life has a way of throwing unexpected expenses at us at the worst possible time. Whether it’s a car repair, medical bill, or home maintenance issue, having cash set aside can help prevent financial stress. Ask yourself the following questions:
- Do I have enough savings to cover unexpected expenses?
- Have I needed to use my emergency fund this year?
- Do I need to replenish savings that were used?
- Am I contributing regularly to emergency savings?
If your emergency fund isn’t where you’d like it to be, consider setting a realistic savings target for the next several months. You can set up savings goals within online + mobile banking to help keep track.
Review insurance and financial accounts
Major life changes can affect your insurance and financial needs. Fall is a convenient time to revisit account beneficiaries, coverage amounts, and important documents. Create a quick review checklist:
- Health, auto, and homeowners or renters insurance
- Life insurance coverage
- Beneficiary designations on retirement accounts
- Bank and investment account information
- Any outdated personal information
If you’re looking for new or additional coverage, you have several options available to you through our partner.
Create a plan to boost your credit score
A good credit score can help you qualify for loans and credit cards more easily. It may also help you secure lower interest rates, receive better insurance premiums and increase your approval odds for rental housing.
Credit score monitoring can help you stay informed about your credit and spot changes that may affect your financial future. Did you know you have access to free credit score monitoring within online + mobile banking? In addition to being able to view your score, you can also see:
- The major factors that affect your score
- Your debt-to-income ratio
- Custom offers that could help improve your score
- Action steps that could help improve your score
