The holidays are a time of joy and celebration, but they can also bring financial stress. Between gift shopping, travel expenses, and year-end financial tasks, it’s easy to feel overwhelmed. To help you finish the year strong and set yourself up for success in 2025, we’ve created the 12 Days of Financial Wellness — actionable steps you can take this season to boost your financial health and peace of mind.
Day 1: Review Your Budget
Take a close look at your holiday spending plan. Have you accounted for all your expenses, from gifts to festive meals? Adjust your budget as needed to avoid overspending and keep your financial goals on track.
Day 2: Maximize Tax-Advantaged Contributions
If you haven’t yet maxed out contributions to your 401(k), IRA, or HSA, now’s the time to do it. These accounts offer significant tax advantages that can reduce your tax bill and grow your savings.
Day 3: Plan Your Charitable Giving
The holidays are the perfect time to give back. Research charities that align with your values and consider setting up a donor-advised fund for larger gifts. Don’t forget to document your donations for potential tax deductions.
Day 4: Assess Your Investments
Take a moment to review your investment portfolio. Are you properly diversified? Does your asset allocation match your risk tolerance and financial goals? Now is a good time to rebalance if needed.
Day 5: Check Your Credit Report
Request a free credit report and review it for any errors or signs of identity theft. Keeping your credit in good shape can save you money on future loans and improve your financial health overall.
Day 6: Update Your Beneficiaries
Have you had any major life changes this year, like getting married, divorced, or welcoming a new child? Make sure your beneficiary designations on accounts like your 401(k) and life insurance policies are up to date.
Day 7: Create a Holiday Shopping Plan
Avoid last-minute splurges by planning your gift shopping in advance. Set spending limits for each person on your list and stick to them. Look for deals, but only buy what aligns with your budget.
Day 8: Start Your Emergency Fund (or Add to It)
If you don’t already have three to six months of expenses saved, consider starting an emergency fund. Even setting aside a small amount each month can make a big difference over time.
Day 9: Consider Tax-Loss Harvesting
If you have investments that have underperformed this year, you might be able to sell them to offset capital gains and reduce your taxable income. Talk to a financial advisor to see if this strategy is right for you.
Day 10: Review Your Insurance Policies
Ensure your coverage matches your needs. This includes health, home, auto, and life insurance. The holidays are a good time to evaluate whether you need to make changes to your policies.
Day 11: Set Financial Goals for 2025
What do you want to achieve financially in the coming year? Whether it’s saving for a home, paying down debt, or planning for retirement, write down your goals and create a roadmap to achieve them.
Day 12: Schedule a Consultation with a Financial Advisor
Kickstart your new year by consulting a financial advisor who can help you fine-tune your strategy. At Halter Ferguson Financial, we specialize in creating personalized financial plans to help you achieve your unique goals. Let us help you navigate 2025 with confidence.
The Gift of Financial Wellness
Taking small steps toward financial wellness now can make a big difference in the year ahead. Whether it’s optimizing your budget, giving to a cause you care about, or setting new goals, these 12 actions can help you end the year on a positive note. If you’re ready to take the next step, contact Halter Ferguson Financial today and let’s make 2025 your best financial year yet.