Checklist #50 · Planning
Annual Financial Reset
A comprehensive yearly review of goals, plans, investments, insurance, and financial positioning — the most important 2 hours you'll spend on your finances all year.
25 action items~30 min to complete6 sections
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📊
Year-in-Review
0/4 completed
Calculate and record your ending net worth vs. starting net worth for the yearKey
Calculate your savings rate for the year: (Total Saved ÷ Gross Income) × 100Key
Review your budget performance: major categories where you overspent or underspentAction
Evaluate goal progress: which goals did you hit, which fell short, and why?Action
📈
Investment Portfolio Review
0/5 completed
Review your investment portfolio's asset allocation vs. your target allocationKey
Confirm you are contributing enough to capture the full employer 401(k) matchWatch out
Review your investment account fees — expense ratios and any advisory feesAction
Harvest tax losses in taxable accounts before December 31 if applicableAction
Maximize IRA contributions for the year (deadline: April 15 of following year)
🛡️
Insurance & Estate
0/4 completed
Review all insurance coverage: life, disability, health, auto, home, umbrellaKey
Confirm all beneficiary designations are currentKey
Review your will and powers of attorney — update if circumstances have changed
Check that your emergency fund is still sized correctly for your current expensesAction
🧾
Tax Planning for the New Year
0/4 completed
Review anticipated changes in income for the coming year and adjust W-4 withholdingAction
Confirm HSA and FSA contribution limits for the new year and maximize themKey
Review your tax bracket and identify any optimization opportunities for the year ahead
Set up quarterly estimated tax payments if you have self-employment or investment incomeAction
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Goals for the New Year
0/4 completed
Set 3 specific, funded financial goals for the coming yearKey
Identify one financial 'stretch goal' that would change your trajectory if achievedAction
Review your career and income trajectory — is it aligned with your long-term financial plan?
Set a date for next year's annual financial resetKey
⚡
Quick Wins to Execute Now
0/4 completed
Shop your car insurance and home insurance — loyalty rarely paysAction
Negotiate or cancel unused subscriptions identified in the year-end review
Call your credit card issuer and request an annual fee waiver or downgradeAction
Review your credit report for errors at AnnualCreditReport.comKey