Financial Checklist for the New Year

By: Kaitlin Schaeffer Yardley, CFP®

Published: January, 2023


The start of a new year is the perfect time to set your intentions and goals for the next twelve months – personally, professionally and financially! 
In order to make sure your finances on the right track for 2023, sit down and check off the following from your to-do list.

___ Review your numbers from last year.
Before you plan ahead, look backwards and see what worked and more importantly didn’t work.
___ Create a budget. 
Think beyond routine expenses. What is something special you want to save for this year? 
___ Keep a watchful eye on debt. 
Did you incur any new debts over the holidays? Make sure you have a plan for when and how your debts are being paid off.
___ Review your retirement accounts.
Does your account balance need to be reallocated? Can you afford to increase your monthly contributions?
___ Review your beneficiaries.
Do you know who is listed as the beneficiary of your retirement accounts? Review these names and make any necessary updates.
___ Review Flexible Spending Account and Health Saving Account Balances.
If you have an FSA or HSA, review the spending from last year and make any adjustments to your contributions. 
___ Check your life insurance policy.
Have your needs increased or decreased? 
___ Don’t forget about your favorite charities. 
If you include charitable contributions in your budget planning, you are able to be more intentional about which organizations to give to.
___ Prepare for tax season.
It’s not too early to start thinking about April. Look for any new credits or deductions that might be available to you this year. 
Kaitlin Schaeffer Yardley, CFP®, is the Chief Compliance Officer for Schaeffer Financial, LLC, a financial planning consulting firm located in suburban Washington, D.C. She has been advising clients for over 10 years and has been conducting webinars for the National Institute of Transition Planning since 2017. The courses focus on a variety of topics, including Financial Planning, Appropriate Use of Debt, Investment Basics and Preparing for Financial Emergencies.  
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