5 Things Worth Reviewing Before December 31st

1. Review Your Cash Flow and Spending Patterns

A lot happens in a year — expenses shift, priorities change, routines evolve. Looking back at your spending can help you understand whether your money aligned with what mattered to you this year.

A few simple places to look:

• Review bank and credit card statements for subscriptions or recurring charges you no longer use.
• Notice any spending categories that crept up unexpectedly.
• Consider whether your current habits still support your financial goals for the year ahead.

This isn't about judgment — it's about awareness. Even one or two small adjustments can help you start the new year with a clearer picture.

2. Revisit Savings and Emergency Reserves

Emergency funds rarely feel urgent until the moment they're needed. If you used some of your savings this year, or if your monthly expenses changed, this may be a good time to reassess the amount you'd like to keep set aside.

You might consider:

• Comparing your current savings to your essential monthly expenses.
• Rebuilding any withdrawals taken earlier in the year.
• Setting up or adjusting automatic transfers going into 2026.

Financial professionals often reference having several months of essential expenses available, but the right amount depends entirely on your situation and comfort level. Even small, steady contributions can help rebuild or strengthen your foundation over time.

3. Double-Check Tax-Related Items Before December 31

Some financial decisions must be completed before year-end to count for the current tax year. A brief review can make next spring feel a little more organized.

Common year-end items include:

• Reviewing charitable contributions made throughout the year.
• Checking balances in Flexible Spending Accounts (FSAs), especially those with "use it or lose it" rules.
• Evaluating whether your tax withholding still reflects your current income and household structure.
• Organizing documents for income earned outside your primary job.

If you experienced major changes this year — starting a business, purchasing a home, a change in marital status, or significant income shifts — connecting with a qualified tax professional may help you identify considerations you haven't yet explored.

4. Reassess Your Investment Contributions

The end of the year is a natural point to look at whether your investment contributions still line up with your long-term plans. This review doesn't require predicting market movement; it's simply about understanding whether your current contributions reflect what you intended this year.

Questions you might ask:

• Did you contribute what you planned to your retirement or education accounts?
• Are you considering adjusting contributions for 2026?
• Do your workplace plans — such as 401(k)s, HSAs, or FSAs — need updates based on new annual limits?

These small reviews help ensure your financial strategy remains aligned with your goals and current circumstances.

5. Update Beneficiaries and Key Documents

Beneficiary designations often get overlooked, yet they are among the most important details in your financial life. They override wills and trusts, so reviewing them annually helps ensure they still reflect your wishes.

While you're reviewing accounts, you may also want to look at:

• Life, disability, or long-term care insurance coverage.
• Estate planning documents, such as wills or powers of attorney.
• Contact information associated with your financial accounts.

Life circumstances can shift quickly. Keeping these documents current helps reduce confusion for loved ones and brings clarity to your overall financial picture.

Final Thought

You don't need a perfect system to finish the year well. A short, intentional review — even one section at a time — can help you enter January with clarity instead of clutter. Focus on what matters most to you, take it step by step, and give yourself credit for the progress you make.

If you'd like to talk through any of these areas or explore how they may apply to your situation, our team at McKee Financial Resources, Wealth Management Services is always here to help you think things through.

McKee Financial Resources, Wealth Management Services

Celebrating 40 Years of Excellence Since 1985

For 40 years, we've watched December arrive with the same mix of celebration and quiet urgency. The year-end financial review hasn't changed much since 1985—it's still about pausing, taking stock, and making intentional adjustments before the calendar resets. What has changed is how quickly life moves and how easily those small reviews get postponed. That's why we've always believed the best year-end checklist isn't the longest one—it's the one that actually gets completed. Pick what matters most, handle it thoughtfully, and enter the new year with clarity rather than clutter. That approach worked in 1985, and it still works today.

Disclaimer: This material is for informational and educational purposes only and should not be considered financial, legal, or tax advice. Please consult a qualified professional for personalized guidance based on your individual circumstances.

Copyright © 2025 Anthony S. Owens. All rights reserved.