{"id":7133,"date":"2026-01-02T10:33:01","date_gmt":"2026-01-02T16:33:01","guid":{"rendered":"https:\/\/stpaulfcu.org\/?post_type=education&#038;p=7133"},"modified":"2026-01-02T10:40:47","modified_gmt":"2026-01-02T16:40:47","slug":"your-complete-new-year-financial-to-do-list","status":"publish","type":"education","link":"https:\/\/stpaulfcu.org\/education\/your-complete-new-year-financial-to-do-list\/","title":{"rendered":"Your Complete New Year Financial To-Do List"},"content":{"rendered":"\n<p>A new year brings new opportunities \u2014 and when it comes to your finances, there\u2019s no better time to reset, refocus and make plans. Here are eight financial tasks to tackle in the new year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-1-review-last-year-s-spending\"><strong>1. Review last year\u2019s spending<\/strong><\/h2>\n\n\n\n<p>Before you look forward, take a moment to look back. Go through your checking account and credit card statements to see where your money was spent last year. Identify your biggest spending categories and look for unnecessary expenses. You can use budgeting apps to help categorize your spending.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-2-set-clear-financial-goals\"><strong>2. Set clear financial goals<\/strong><\/h2>\n\n\n\n<p>Ask yourself: What do I want to accomplish, financially, this year? Clear goals will provide motivation and direction and keep you on track. Some examples of financial goals include paying off debt, saving for a trip, building an emergency fund and increasing your investments.<\/p>\n\n\n\n<p>Be sure to make your goals SMART: Specific, Measurable, Achievable, Relevant and Time-bound.<\/p>\n\n\n\n<p>Once you\u2019ve clarified your larger goals, break them down into monthly or quarterly milestones so you can track progress regularly.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-3-rebuild-or-start-your-emergency-fund\"><strong>3. Rebuild or start your emergency fund<\/strong><\/h2>\n\n\n\n<p>An emergency fund is your financial safety net. Without the money to cover an unexpected expense, you can easily fall into debt when life happens.<\/p>\n\n\n\n<p>If you don\u2019t have a fully funded one yet, aim to build three to six months\u2019 worth of living expenses now. You can open a high-yield savings account to store your fund so it collects interest. It\u2019s also a good idea to automate deposits so you never forget to feed your savings.<\/p>\n\n\n\n<p>Start small \u2014 even $20\/week helps.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-4-create-or-update-your-monthly-budget\"><strong>4. Create or update your monthly budget<\/strong><\/h2>\n\n\n\n<p>If you don\u2019t have a budget, create one now. List your monthly income along with all expenses and categorize all your spending (needs, wants, savings). Subtract expenses from income and adjust if you\u2019re overspending. Next, set a dollar amount for each spending category. Your budget is ready to use!<\/p>\n\n\n\n<p>If you already have a budget, take some time to review and tweak it to reflect any changes in your life or income.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-5-check-your-credit-reports-and-score\"><strong>5. Check your credit reports and score<\/strong><\/h2>\n\n\n\n<p>Credit impacts your ability to borrow, rent or even get hired. Before you usher in the new year, get your free reports from all three bureaus at <a href=\"https:\/\/www.annualcreditreport.com\/\">AnnualCreditReport.com<\/a>. Look for errors or signs of fraud.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-6-tackle-high-interest-debt\"><strong>6. Tackle high-interest debt<\/strong><\/h2>\n\n\n\n<p>Start the year with a plan to pay down debt \u2014 especially high-interest balances like credit cards.<\/p>\n\n\n\n<p>You can choose to use the avalanche method by paying off the debt with the highest interest first, or the snowball method, in which you pay off the smallest balance first. To speed up the process, allocate windfalls like bonuses or tax refunds toward your debt.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-7-maximize-retirement-contributions\"><strong>7. Maximize retirement contributions<\/strong><\/h2>\n\n\n\n<p>Make retirement savings a priority, whether you\u2019re just starting out or increasing contributions. Contribute to your 401(k), especially if there\u2019s an employer match, or open\/fund a Traditional or Roth IRA.<\/p>\n\n\n\n<p>The earlier you invest, the more time your money has to grow.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-8-cancel-unused-subscriptions\"><strong>8. Cancel unused subscriptions<\/strong><\/h2>\n\n\n\n<p>Review your checking and credit card accounts to check how much money you\u2019re spending on subscriptions. Cancel any service you don\u2019t really need or use.<\/p>\n\n\n\n<p>Use our guide as your complete financial to-do list each and every new year!<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new year brings new opportunities \u2014 and when it comes to your finances, there\u2019s no better time to reset, refocus and make plans. Here are eight financial tasks to tackle in the new year. 1. Review last year\u2019s spending Before you look forward, take a moment to look back. Go through your checking account [&hellip;]<\/p>\n","protected":false},"featured_media":7134,"template":"","education-category":[194],"class_list":["post-7133","education","type-education","status-publish","has-post-thumbnail","hentry","education-category-tips-resources"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Your Complete New Year Financial To-Do List - St. Paul Federal Credit Union<\/title>\n<meta name=\"description\" content=\"A new year - there\u2019s no better time to reset, refocus and make plans! 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