Wrap Up the Year Right: Your End-of-Year Financial Checkup

December 4, 2024

(3 Minute Read) — As the year draws to a close, it’s the perfect time to pause and assess your financial health with an end-of-year financial checkup! Think of it as a wellness check for your wallet—a chance to evaluate your progress, set goals for the coming year, and ensure your finances align with your aspirations.

At Unitus Community Credit Union, we believe financial well-being is an ongoing journey. Here’s a step-by-step guide to conducting a year-end financial checkup to help you finish strong and start 2025 with confidence.

1. Review Your Budget

Take a close look at your budget. Ask yourself:

Did I stick to my budget this year?
Were there unexpected expenses, and how did I handle them?
Are there categories where I consistently overspend or underspend?

If you don’t already have a budget, now’s a great time to start. Tools like the Unitus Mobile App can help you with your end-of-year financial checkup by tracking expenses and setting spending limits tailored to your lifestyle.

2. Assess Your Savings

Check in on your emergency fund, retirement accounts, and other savings goals:

Emergency Fund: Aim for 3-6 months of living expenses. Did you dip into it this year? Plan to replenish it.
Retirement Savings: Have you maximized contributions to your 401(k) or IRA? Consider contributing before the December 31 deadline if your budget allows.
Other Goals: Are you saving for a vacation, home, or other big purchase? Use this time to realign priorities and make adjustments.

3. Tackle Debt Strategically

When conducting your end-of-year financial checkup, review outstanding debts, including credit cards, loans, and mortgages. Focus on:

Paying down high-interest debt first.
Refinancing opportunities to lower your interest rates.
Setting clear repayment goals for next year.

Unitus offers resources like free financial counseling to help you get ahead.

4. Check Your Credit Score

Your credit score is a key indicator of financial health, and it’s easier than ever to keep tabs on it. Unitus members can check their credit score directly in digital banking:

Go to the Tools menu.

Click on My Credit Score to review your score and get tips for improving it.

Take advantage of this free tool to monitor your credit and stay on top of your financial goals.

5. Maximize Tax Advantages

Get a jumpstart on tax season by:

Gathering documents like W-2s, 1099s, and receipts for deductions.
Reviewing your withholdings to avoid surprises next year.
Contributing to tax-advantaged accounts like HSAs or IRAs before the year-end deadline.

6. Set Goals for 2025

When conducting your end-of-year financial checkup, financial goals are easier to achieve with a clear plan. Ask yourself:

What do I want to accomplish financially next year? (i.e. saving for a home, paying off debt, starting a side hustle)
How much will I need to save each month to reach these goals?
Are there new habits I can adopt, like automating savings or using budgeting apps?

Unitus members have access to a variety of tools and resources to help you plan smarter and dream bigger.

7. Celebrate Your Wins

Take time to acknowledge your progress, no matter how big or small. Maybe you paid off a credit card, started saving regularly, or stuck to your budget more consistently. Celebrate these milestones—they’re the building blocks of financial success.

Let Unitus Help You Achieve More

At Unitus, we’re here to support you every step of the way. Whether you need a financial checkup, guidance on savings strategies, or access to affordable loan options, we’re committed to helping you build the future you deserve.

Start your financial checkup today, and let’s make 2025 your best year yet! Ready to take the next step? Visit Unitus Community Credit Union or stop by a branch to speak with our financial experts.

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