2024 Year-End Financial Checklist
As 2024 comes to a close, your Year-End Financial Checklist can ensure you’re ready to take on 2025 with confidence. Think of it as a clean slate—wrapping up this year’s loose ends and setting yourself up for a successful 2025. Whether it’s fine-tuning your budget, making last-minute tax moves, or rebalancing your portfolio, these steps can make all the difference.
Here’s your ultimate year-end financial checklist.
Reflect on Your Financial Goals
What were your big financial goals for 2024? Did you hit them, or did life throw a few curveballs? Take a moment to assess what worked and what didn’t. This reflection is key to refining your goals for the new year.
If a major goal, like saving for a down payment or paying off debt, fell short, ask yourself why. Was it unexpected expenses? Unrealistic planning? Use these insights to adjust your approach for 2025.
Maximize Your Tax Savings
Before December 31st, take advantage of any tax-saving opportunities:
Retirement Contributions: Contribute as much as you can to tax-advantaged accounts like 401(k)s or IRAs.
Tax-Loss Harvesting: Offset gains by selling underperforming investments.
Charitable Giving: Donations made before year-end can reduce your taxable income—and help causes you care about.
Proactive tax planning now can mean a smaller bill come April.
Review and Adjust Your Budget
How did your spending match up to your budget this year? If you overspent in some areas or found unexpected savings in others, now’s the time to realign.
A fresh start for 2025 could include:
Redirecting funds to priorities like retirement savings or an emergency fund.
Cutting back on unnecessary expenses.
Even small tweaks to your budget can make a big difference over time.
Rebalance Your Investment Portfolio
The end of the year is the perfect time to review your investment strategy. Check whether your portfolio’s asset allocation still aligns with your goals and risk tolerance.
Markets change, and so should your portfolio. Rebalancing ensures you’re not taking on too much—or too little—risk as you work toward long-term goals.
If you’re unsure, consider consulting a financial advisor to fine-tune your approach.
Don’t Let FSA Dollars Go to Waste
If you have a Flexible Spending Account (FSA), check for any unused funds. These accounts often follow a “use it or lose it” rule, so make sure you spend those dollars before the deadline.
Eligible expenses could include medical visits, prescriptions, or even new glasses. Don’t leave money on the table!
Check Your Debt and Credit Health
Debt can feel like a weight dragging down your finances. Take this time to assess where you stand:
Make extra payments on high-interest debt to reduce the burden heading into 2025.
Review your credit report for any errors and work on improving your credit score.
A healthier credit profile opens the door to better financial opportunities in the new year.
Update Your Estate Plans
Life changes—your estate plan should, too. Review and update your will, power of attorney, and beneficiary designations on retirement accounts and life insurance.
Taking these steps ensures your loved ones are protected and your wishes are honored.
Plan for Major 2025 Expenses
Are there big financial events on the horizon? Whether it’s buying a home, starting a family, or taking a dream vacation, early planning is key.
Start setting aside funds now to avoid financial stress later. Consider opening a high-yield savings account to grow your money while you save.
Meet with Your Financial Advisor
Even if you’re confident in your financial plan, a year-end check-in with a professional can uncover opportunities you might have missed.
At Halter Ferguson Financial, we specialize in creating personalized strategies that align with your goals. Let us help you make the most of this year-end review and prepare for an even better 2025.
Celebrate Your Progress
Financial planning isn’t just about numbers—it’s about progress. Take a moment to celebrate how far you’ve come this year, even if it feels small. Every step toward your goals is worth recognizing.
Ready to Start 2025 Strong?
The end of the year is a chance to reset. By tackling this checklist now, you’re laying the groundwork for a financially secure and successful 2025. If you need help with any of these steps, the team at Halter Ferguson Financial is here to guide you.
Contact us today and let’s start the new year on the right financial footing.