The end of the year can feel like a rush of celebrations, school breaks, and wrapping up work projects, but it’s also the ideal time to see where your money stands. Like an annual physical exam, a quick financial health checkup can set you up for a smoother start in the coming year and help you spot money-saving opportunities before tax season hits.
1. Start With the Big Picture
To start, look at your full financial landscape. Evaluate your checking and savings accounts, credit cards, loans, retirement accounts, and anything else that affects your bottom line. But remember, the goal is not to judge yourself. You’re just gathering facts.
Ask yourself whether your account balances are trending in the right direction or whether major expenses/life changes shifted your usual spending habits. This will help you set a baseline of expectations before you dive deeper.
2. Review Your Spending
Next, scroll through your statements from the past few months to see if you can spot any new habits or patterns. Are you spending more than you expected in certain categories? Are your subscriptions and memberships still worth it? Did any “temporary” expenses become long-term habits?
The review process may reveal some easy fixes, such as unused subscriptions that can be cancelled or spending categories that need to be adjusted to reflect your real lifestyle.
3. Check Your Emergency Fund
How is your emergency fund? Do you still have one? Is it time to rebuild? Ideally, you want a fund large enough to cover a few months of essentials, but the right amount depends on your comfort level and circumstances.
If you dipped into your emergency fund in 2025, think about why. Are there adjustments you can make to your spending categories that could prevent the same fate in 2026?
Even if you haven’t touched your fund in years, it’s wise to assess your savings. Rising costs might mean your fund needs refreshment. Also, if the account holding your emergency fund isn’t paying interest, consider shifting it to a high-yield option that also offers quick access, like a money market account.
4. Check Your Credit Report
If you aren’t already in the habit, start checking your credit report regularly—at least once a year. Spotting mistakes or suspicious activity early makes a difference, especially given the current prevalence and financial impact of scams.
You are entitled to one free report from each of the three major credit bureaus every week via annualcreditreport.com. You can also get free reports from Equifax at any time if you meet certain criteria, like when you are unemployed, receiving public welfare assistance, have been denied credit, or suspect fraud.
With your report in hand, give yourself a moment to review your personal information. Then, check for accounts you don’t recognize, payment discrepancies, or anything that looks off. If you find an error, dispute it right away.
5. Look at Your Debt
Once you’ve reviewed your credit report, make a list of all your outstanding debts, including mortgages, car loans, student loans, and credit card balances. Go through your mail to find any notices of unpaid bills or accounts in collections. Take inventory, but be kind to yourself. Your goal is to devise a plan, not assign shame or blame.
Review your balances and interest rates and assess whether you made progress this year. If not, decide on a new payoff strategy. Are there debts you can consolidate to lower your interest rate? If you are struggling to make headway, talk to your creditors. They may be able to help you lower your rates or monthly payments. Even small adjustments can help you pay down your debt faster.
💡 Tip: If you are overwhelmed by debt, consider enlisting the help of a debt counselor. Maps members are eligible for free financial counseling through GreenPath Financial Wellness, which offers debt management services and one-on-one options to manage credit card debt, student loans, and homeownership.
6. Evaluate Your Savings Goals
With your debts catalogued, it’s time to examine your savings goals. Did you set any savings goals for 2025? Did you save anything outside of your emergency fund? Whether you’re saving for a home, a vacation, or just breathing room, goals evolve.
So, take a look at how close you are to hitting your savings targets and whether your contributions match your priorities. Are there any new goals you want to add for next year? If so, now is a great time to set some intentions. To make things easier in 2026, shift to automatic transfers or direct deposit. Automating even small amounts can take the pressure off and keep your goals moving without constant check-ins.
7. Check on Retirement
Year-end is also a good moment to make sure you’re on track for retirement (even if retirement age feels distant). For example, if you’re eligible for an employer-matched retirement plan, nudge your contributions up so you’re not leaving any free money on the table. If your budget allows, aim for the maximum your employer permits. Even a small bump—just a percent or two—can move you a little closer to the retirement you want.
Speaking of which, this is also a good time to review how much you’ve contributed to any tax-advantaged accounts like a 401(k), IRA, or HSA. Maximizing those contributions (before April 15, 2026) helps build savings while potentially reducing next year’s taxable income.
Next, review your portfolio to see if it still aligns with your goals. And while you’re at it, confirm that your beneficiary designations, will, and other estate documents still reflect your wishes.
8. Prepare for Tax Season
Getting a head start on taxes now means fewer surprises in the spring. So, start by pulling together the basics like your income records, receipts or documentation for potential deductions, and information about any charitable gifts. Then, check out the IRS Get Ready page for tips on what is new and what to consider before filing—especially if you experienced big changes in the last year.
Also, if you know more changes are coming, like a raise, side hustle, or a new child, this is the right moment to adjust your withholdings so you’re not scrambling later. A little prep now can make tax season a lot less chaotic.
💡 Tip: As a Maps member, you get exclusive discounts on TurboTax and H&R Block tax prep. Check out our Tax Season page for tax prep tips and discounts.
9. Reassess Your Insurance Coverage
If it’s been a while since you reviewed your insurance policy, you may not be getting the most competitive rate. In fact, some home, life, and auto insurers count on people sticking with the same policy out of habit. So, it’s worth regularly comparing your options to make sure you aren’t overpaying (or less protected than you think). Check your auto coverage every six to 12 months and your home insurance at least once a year—especially if you’ve recently moved, gotten married, or had another major life change.
You don’t have to abandon your current provider, and you don’t need to wait for your policy to expire. Ask your insurer—or a Maps insurance agent—to review your coverage and pricing. Also, if you haven’t bundled your policies yet, that’s another way to potentially cut costs. Then, while you’re reviewing everything, make sure your beneficiary information is up to date and accurate.
💡 Tip: If checking for better rates sounds like a headache to you, let Maps do it for you. We have our own independent insurance agency that partners with multiple carriers (like Safeco, Foremost, PEMCO, Mutual of Enumclaw, and Progressive) to match you with multiple quotes and levels of coverage to suit your needs.
10. Make Charitable Donations
If you want to claim a charitable donation on your 2025 tax return, be sure to make those donations before December 31, 2025. In general, you can deduct up to 60% of your adjusted gross income through charitable donations (with some limitations). So, keep track of your tax-deductible donations, no matter the amount. And, if you don’t have enough room in your budget to donate, but wish you could, consider a plan for next year that includes as savings account for donations and charitable causes.
As you run your annual financial health checkup, remember that this assessment isn’t just about fixing things, so acknowledge what went well, too. Celebrate what you saved or paid off—even if you just managed to stay afloat during a fairly hectic year. Those wins matter.
Then, throughout 2026, keep an eye on your accounts and credit report. Quick, regular monitoring makes it easier to spot unauthorized charges, unexpected fees, or odd activity as soon as it happens. And, as always, if you need help budgeting, investing, or protecting yourself and your assets in the coming year, let us know. We are happy to provide personalized insights and guidance to help you meet your financial (and personal) goals.
Want more financial wellness tips?
- Learn how to give yourself a cybersecurity makeover.
- Find out how financial stress affects your physical health—and learn how to regain control.
- Discover the roadblocks that might be keeping you from financial independence.