As the year comes to a close, it’s the perfect time to reflect on your financial journey over the past twelve months. Taking stock of your spending, evaluating wins, and identifying areas for improvement can set the stage for a financially successful new year. Here are 10 questions for an end of year financial checkup.

10 Questions for an End of Year Financial Checkup

Do I actually have a sense of what my spending looked like?

Understanding your spending habits is crucial for financial well-being. If you haven’t been actively tracking your expenses, it’s time to consider how you can change that. Explore budgeting apps or tools that align with your preferences to gain better insight into your financial patterns. YNAB or EveryDollar are two popular budgeting apps that you can use for a fee (after a free trial).

What were my financial wins this year?

Celebrate your achievements, no matter how big or small. Reflect on saving up for a specific goal, successfully sticking to a spending plan, or paying off debt. Acknowledging these victories can boost your financial confidence and motivate you to set new goals. Any win, big or small, is worth noting and remembering!

What were some things I wish had been different financially this year?

Take a moment to identify areas where you wish you had made different choices. Whether it’s not planning for an obvious expense, overspending, or accruing new debt, recognizing these challenges is the first step toward making positive changes in the future. Noticing these things can also help you plan your goals for the coming year.

Are there any utility bills I could renegotiate?

Consider reviewing your utility bills and explore opportunities for negotiation or discounts. Many service providers offer promotions or loyalty rewards that you might not be aware of. Take advantage of these options to optimize your monthly expenses. Calling companies directly and speaking to a real person is the best way to do this. (Here are 7 bills to negotiate yearly!) Read More→