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INTRODUCTION
Every season has different financial needs and demands. For example, during the fall financial check in, you may focus on your wedding or Christmas shopping. Maybe this year you planned to get married. Maybe you are trying to get out of debt. Or, maybe you are saving for a new dog. Whatever your plans for the year, it is good to check in with your money to make sure it is working for you. Even Taylor Swift is intentional about managing her wealth, and so can you. Whether planning your dream wedding, saving for a big goal, or building a life of financial freedom, taking control of your finances now can set you up for success in the New Year. Here are 16 key money tips to guide your winter financial check-in.
TALK ABOUT MONEY WITH YOUR PARTNER
Learn to talk about money constructively with your partner. If you are in a relationship, engaged, or married, finances will play a massive part in your future life together. Regular money dates with your spouse or partner are essential for a healthy future in the relationship. Spend some time discussing money topics in your relationship. Schedule “money days” to discuss your budget and debt payoff strategies and set joint saving goals. This is also a good time to align on spending priorities and ensure both partners are on the same page. Talking openly about finances fosters trust, reduces financial stress, and keeps you working together toward shared goals.
CHECK YOUR NET WORTH
Take a snapshot of your current financial status by calculating your net worth. Your net worth is all your assets (savings, investments, property) and subtracting liabilities (debts). Tracking net worth regularly shows progress and highlights areas for improvement. Tools like Simplifi are make it very easy to track your net worth while creating a budget and monitoring your goals. By tracking your net worth, you can keep your spending in check so things like your wedding doesn’t drain your finances. It’s an empowering way to stay motivated and align financial habits with long-term objectives.
REVIEW YOUR OVERALL SPENDING AND BUDGET
Track your spending and budget to ensure your money is working for you. Your budget is like your money’s adventure story; you get to decide the story outcome with your budget. Your personal budget should evolve with your life, reflecting new goals or unexpected changes. By keeping it up-to-date, you’ll stay on top of your spending and ensure that every dollar works for you and toward your priorities. Adjust your budget system to make sure that it is working for you. Think about these questions when reviewing your spending.
- Are you spending money in ways that improve your life?
- Do you know where your money is going?
- Is your money working for you and your goals?
Talk to your partner about your budget. Assess whether you are overspending, whether any expenses have increased, and where you can cut back. Use tools like automating payments and budgeting tools like YNAB, Simplifi, or a simple budgeting notebook to help you track your spending in an organized system. Also, think of ways to save money like using cash back tools like Rakuten to save hundreds of dollars with online purchases when you use their website or their web browser extension. Or, try Rocket Money, a great tool to help you find ways to cut back on forgotten subscriptions. These tools make paying your bills and tracking your money effortless.
REVISIT YOUR DEBT PAYOFF PLAN
One of the fastest ways to improve your finances and net worth is to eliminate debt. Having debt, especially high-interest credit card debt, can drain your wealth. Take time to talk to your partner about debt. Look at your debt balances and review your current pay-off plan and ensure you are on track for your goals. Also, automate your debt payments and treat them like a bill in your budget. Using tools like YNAB or Simplifi can help you use your money to serve you and crush your debt. Every additional dollar directed toward your debt accelerates your journey to financial freedom.
REFLECT ON YOUR SAVINGS RATE
Ensure your cash is working for you. If you have excess funds in a low-interest savings account, transfer them to a high-yield savings account or CD to earn more. Platforms like SmartyPig or Wealthfront offer options for maximizing returns while saving for your goals. Increase your saving by:
- Cutting spending
- Earn more money
- No spend challenge
- Save money on purchases with coupons, holiday sales, or rebate apps like Rakuten
Building savings provides a safety net with an emergency fund. Also, set aside savings in dedicated or sinking funds to help you achieve short-term goals, such as saving for a wedding or a honeymoon.
CHECK YOUR INVESTMENTS AND ADJUST AS NECESSARY
Check the contribution limits for retirement accounts like a 401(k) or IRA. Contribute to your 401(k) at least to match with your employer to get “free money” for retirement. With automatic contributions from your employer and your paycheck, you can easily become a millionaire through your 401(k). Make sure your investments are working for you and your goals. If you’re unsure about limits or options, consult a financial advisor. Don’t know where to start with investing? Learn more about the principles for investing with these curated resources.
INCREASE YOUR INVESTING RATE
Evaluate your current investing rate and make adjustments if possible. This step ensures your retirement strategy evolves with your income and goals. Have you received a raise or bonus? Even a slight increase in contributions by 1% of your income per year can lead to significant growth over time so you can easily become a millionaire. Also, the rate limit for retirement plans often increases in the new year, so you can make adjustments to maximize those dollars for retirement.
CONSIDER A ROTH CONVERSION
Think about converting some of your traditional IRA funds to a Roth IRA. While you’ll pay taxes upfront, this strategy can lower required minimum distributions in retirement and leave tax-free assets to heirs. A Roth conversion may align with long-term goals, especially if you expect your tax rate to rise in the future. However, check the rules for the Roth conversion to ensure you are eligible and do your research. Or, talk to a financial planner to assess if this strategy is right for you.
THINK ABOUT TAX-LOSS HARVESTING
At the end of the year, you can offset gains from your investment by selling lost stocks to save you on your tax bill in a process called tax-loss harvesting. Review your investment portfolio for opportunities to sell underperforming stocks or funds. These losses can offset gains elsewhere and lower your taxes. Tax-loss harvesting is a sophisticated strategy, so talk with your brokerage or financial adviser to see if this works for you.
REVIEW YOUR FSA
If you are eligible, check the balances if you have a use-it-or-lose-it Flexible Spending Account (FSA). Spend the remaining funds on eligible expenses like glasses, medical supplies, or wellness treatments. This ensures you don’t forfeit money you’ve already saved. For more on FSA benefits, check out this resource.
CONTRIBUTE TO A 529 PLAN
If you plan to save for educational expenses or college for yourself or your future children, consider starting a 529 plan. Even investing as little as $1 a day over time makes a huge difference. There are many more opportunities to use 529 plans for your future. It is easy to start a 529. Places like Fidelity have no account minimum for 529 so you can start for as little as $25, but several low fee brokerages or your state offer great programs as well. Some states offer tax deductions or credits for these contributions. This is a smart way to prepare for future education costs while reducing taxable income today.
UPDATE BENEFICIARIES AND WILLS
Life changes, such as marriage or new children, make updating beneficiaries on all accounts essential. A quick review can provide peace of mind. Look at your financial accounts, including retirement plans and insurance policies. If you don't have an estate plan or will, now would be a good time to talk about it with your partner. You can make a will online or services like Trust & Will can help make a plan with ease. These steps ensures your assets go to the intended people and avoids potential legal disputes.
CHECK YOUR INSURANCES
During the winter season, some companies allow for “open enrollments” into insurance plans that can save you money. You can also shop around for better insurance rates, especially if you have recently married. Or, think about if you need more coverage now that your life has changed or if you need disability insurance if you are the sole breadwinner.
PREPARE FOR TAXES DURING YOUR WINTER FINANCIAL CHECK IN
Start organizing documents for tax season, including W-2s, 1099s, and receipts for deductions. Planning ensures you’re ready to file on time and reduces stress. Check your tax rates, especially if you married within the last year. This step is crucial to maximize tax benefits if you're itemizing deductions. If you or your partner own a business, get prepared to pay quarterly taxes. A proactive approach can also help you identify opportunities for credits or deductions you might have missed.
MAKE YOUR CHARITABLE CONTRIBUTIONS
Giving back supports causes you care about and can reduce your tax bill. Make charitable donations before the end of the year and keep receipts for tax deductions. Charitable giving is a meaningful way to align your money with your values.
PLAN FOR THE NEW YEAR
Winter is an excellent time to reflect and set goals for the upcoming New Year. With your winter financial check in, you can align your money with these dreams to create a roadmap for success. Are you
- Planning a wedding?
- Buying a home?
- Want to earn more money?
- Paying off debt?
- Starting a family?
- Going on a honeymoon?
Setting clear goals ensures your money supports the life you envision. For example, create dedicate accounts, or sinking funds, for your emergency fund, your wedding fund, and your honeymoon fund. Have a goal amount for these accounts, and make room for your budget, get a side hustle like a blog, or negotiate for a raise at work to increase your saving rate. Start investing now to help create the future your hope for and build wealth beyond the wedding. When you intentionally plan for your money goals, they are more likely to happen. Use this winter financial check-in list or designated day for an annual financial review to dream about your future and use money to make it happen.
CONCLUSION
A winter financial check-in is key to mastering your money so that something like a wedding doesn't wreck your finances. These winter financial check in tips can help you re-engage with your money to help you create the life you hope for with your money. With a winter financial check in following these tips, you can build wealth beyond the wedding. By tackling these items with your money, you’ll enter the New Year with confidence and clarity. No matter what stage of life you are in, you can build wealth with these habits.
IN SUMMARY
Winter Financial Check-In Tips To Build Wealth Beyond the Wedding
1. Talk to your partner about money on regular money dates.
2. Check your net worth. Try tools like Simplifi to make monitoring your net worth easy.
3. Review your budget to ensure it's making your money work for you.
4. Revisit your debt payoff plan is on track.
5. Reflect on your saving rate and how to increase it.
6. Review your investments.
7. Increase your investing rate by 1% of your income every year.
8. Consider a Roth conversion.
9. Think about tax lost harvesting.
10. Review your FSA.
11. Contribute to a 529.
12. Update your beneficiaries and wills.
13. Check your insurances.
14. Prepare for taxes.
15. Make charitable contributions.
16. Plan for the New Year.
Are you ready to make your money work for you this winter season?
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