How to Give Yourself an End-of-Year Financial Review

As the year draws to a close, it’s the perfect time to give yourself an end-of-year financial review. Taking stock of your finances now will help you enter the new year with confidence and a clear roadmap for success. Here’s how you can create a solid plan with actionable steps and financial resources that can guide you along the way. 

Step 1: Review Debts and Create a Payoff Plan 

Take an honest look at your debts. Are you making progress? If not, it’s time to strategize with one of these popular methods: 

• The Avalanche Method: Pay off debts with the highest interest rates first, working your way down. 

• The Snowball Method: Tackle the smallest debts first, gaining momentum as each one is paid off. 

Need a little help managing your debt? SCU’s personal loans or low-interest credit cards can simplify your repayment process and save you money on interest. 

Step 2: Automate Your Savings 

Consistent saving is easier when it’s automated. At SCU, setting up automatic transfers is a breeze. Move a portion of your paycheck from your checking account to a savings account or even a specialized Holiday Club Account—perfect for planning ahead. 

Step 3: Review Progress on Your Financial Goals 

Reflect on the financial goals you set last year. Did you: 

• Save for a big purchase? 

• Build your emergency fund? 

• Stay within budget? 

If you need extra tools for tracking your progress, SCU’s free financial education resources can help you set realistic milestones and achieve them. 

Step 4: Evaluate Retirement Accounts and Investments 

Your retirement savings are a cornerstone of long-term financial security. Use this time to check: 

• Employer Contributions: Are you maximizing your employer’s match on a 401(k) or 403(b)? 

• IRA Contributions: Have you hit the yearly limit? 

• Investment Fees: Ensure you’re minimizing fees while aligning your portfolio with your goals. 

Reach your financial goals with expert guidance from SCU Retirement and Investment Services. Our professional will work with you to create a plan that keeps your investments on track. 

Step 5: Set Financial Goals for 2024 

Looking ahead to the new year, focus on setting SMART goals: 

• Specific: Define exactly what you want to achieve (e.g., save $5,000). 

• Measurable: Break your goal into smaller, trackable steps (e.g., automate your savings). 

• Attainable: Stay realistic about your income and expenses. Ensure you can cover your bills while saving. 

• Relevant: Align your goals with your values and life plans (e.g., an epic summer vacation with friends). Focusing on what you care about fuels your motivation. 

• Timely: Set clear deadlines for each milestone. If you’re saving for a vacation, set a budget and determine how much to save per paycheck. 

If you need help setting your goals, SCU can help! Check out our financial tools, such as budgeting calculators and free coaching resources. 

Membership Matters at Scott Credit Union 

At SCU, membership matters, and we’re here to help you reach your financial goals. From online budgeting tools to low-rate loans and savings accounts, we’re committed to helping you succeed. 

Kick off the new year with confidence and a financial plan. Visit your nearest branch or explore our resources at scu.org to take the first step toward financial wellness. Together, let’s make it your best financial year yet. 

Wishing you a financially healthy new year from all of us at Scott Credit Union!