Written By
Lee Przybyla, CFP®, Vice President Financial Planning
As we settle into the new year, it’s the perfect time to pause, reflect, and set a clear course for your family’s financial well-being. In this article, you’ll find a practical checklist and guidance to help you make the most of this annual reset.
Why the New Year Matters
The start of the year offers a unique opportunity to establish intentions, revisit your goals, and ensure your financial plan is resilient, intentional, and aligned with your family’s values and vision.
- Review spending patterns from the past year and set new priorities.
- Align your financial goals with upcoming life events and aspirations.
- Maximize contributions to retirement and investment accounts.
- Revisit your estate and legacy plans.
- Ensure your portfolio and risk level align with your current outlook.
New Year Financial Health Checklist
1. Review Spending and Cash Flow
Take stock of your spending over the past year. Identify areas where you stayed on track and where you may have overspent. Adjust your budget to reflect new priorities, upcoming expenses, and opportunities to save or give more intentionally.
2. Set Goals for the Year
Define what you want to achieve financially this year. Are you saving for a major purchase, planning a family trip, or increasing your charitable giving? Clear goals help guide your decisions and keep you accountable.
3. Maximize Retirement Contributions
Review your retirement accounts and contribution limits for the new year. Consider increasing your 401(k) or IRA contributions, especially if you received a raise or bonus. Early action can help you take full advantage of compounding growth and potential tax benefits.
4. Review Your Beneficiaries
Update beneficiary designations on retirement accounts, insurance policies, and trusts. Life changes—such as marriage, divorce, or the birth of a child—are important triggers for this review. Keeping your records current ensures your intentions are honored.
5. Analyze Your Risk Level and Portfolio
Schedule a portfolio review with your advisor. Assess whether your investments align with your risk tolerance, time horizon, and goals for the year. Market conditions and personal circumstances change—your portfolio may need to adapt accordingly.
Additional Steps for a Strong Financial Start
- Revisit Your Estate Plan: Update wills, trusts, and powers of attorney to reflect any changes in your family or financial situation.
- Plan for Taxes: Tax statements such as W-2s, 1099s and K-1s will start arriving. Keep them organized for April taxes and consider estimating your tax liability early.
- Communicate as a Family: Consider holding a family meeting to discuss goals, values, and legacy plans for the year ahead.
Final Thoughts
The new year can serve as a powerful checkpoint in your financial journey. By reviewing your spending, setting clear goals, maximizing retirement contributions, confirming beneficiaries, and checking in on your portfolio, you can set your family up for a year of progress and success. Request an appointment to discover more about Sendero® and how we can help you build peace of mind.
Disclaimer: This material is for informational purposes only and is not intended as investment, legal, tax, or financial advice. The views and information expressed in this article should not be construed as a recommendation to buy or sell any security or to adopt any strategy. Any examples or illustrations provided are hypothetical and for discussion purposes only. Investing involves risk, including possible loss of principal. Readers should consult their own advisors regarding their personal circumstances.
