Grow Financial Federal Credit Union
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December 7, 2022

Add These Six Tasks to Your Year-End Financial Checklist

We wouldn’t let 2023 sneak up on you without first reminding you about a few important financial tasks to complete. By taking some time at the end of the year to reflect on where you’ve been, you’ll have an easier time getting where you want to go. Before you ring in the new year, add these six tasks to your year-end financial checklist.

1. Review your budget.

Does your budgeting plan still line up with your goals? Take a look at your spending habits, income and savings, then consider any adjustments you want to make for the upcoming year. New to budgeting? Get started with these three simple steps.

2. Consolidate high-interest debt.

If high-interest debt is a burden, consider consolidating your debt into one place with a lower interest rate. By doing this, you’ll potentially save big on interest and be able to pay down debt faster. Plus, there will only be one monthly payment to manage, instead of several. Learn more about balance transfers.

3. Check your insurance coverage.

Have your insurance premiums increased recently, or have you had any life events that may warrant a change in insurance coverage? Maybe your family has grown, you’ve changed jobs or you’ve purchased a home. No matter what your life circumstances looked like this year, it’s a good idea to review all your insurance policies to make sure they still work for you. Since insurance costs and coverage can vary widely, now is the time to do some rate shopping to make sure you’re getting the best bang for your buck.

Need insurance but hate shopping for it? Grow members are eligible for help from Quorum Insurance, LLC.1 Quorum is a one-stop shop for insurance and will do the research for you to help you select the best coverage for your needs and budget. Recently, Quorum helped members save an average of $825 annually on their auto insurance premiums by recommending changes that fit their needs. Call 800.714.1447 for your no-obligation, free quote or visit to learn more.

4. Get ready for tax season.

Uncle Sam will come knocking at your door again in the spring, so start getting ready for tax season ahead of time to avoid stress. When adding tax preparation to your year-end financial checklist, don’t forget to:

  • Make any charitable contributions. If you want to deduct charitable contributions for this tax year, be sure to make those donations soon.
  • Reconcile and file receipts. If you’re taking any deductions that require documentation, start reconciling and sorting relevant receipts now.
  • Schedule an appointment with your tax professional. It’s no surprise that accountants get busy during tax time, so get ahead of the game by scheduling your appointment.

5. Update your beneficiary designations.

Your year-end financial checklist wouldn’t be complete without a review of your beneficiary designations — the person or persons your money will pass to after your death. Double-check that all your beneficiary information is correct for all your accounts, whether through Grow or other financial institutions, so that your assets pass along as you intend. For more about estate planning, including wills, trusts and beneficiaries, read Estate Planning Basics.

6. Review your financial plan and retirement contributions.

No matter where you are on your financial journey, it’s important to have a financial plan. It guides your financial calendar and helps you stay on track to meet your goals. Consider these questions:

  • Am I saving enough for retirement?
  • Do I need to make changes to my retirement plan after getting a new job?
  • Should recent life events change how I’m saving?

Want to learn more about saving for retirement? Check out our Retirement Planning Basics article.

1Quorum Insurance, LLC is an affiliate of Grow Financial. Insurance products purchased through Quorum Insurance, LLC are not deposits of Grow Financial and are not protected by NCUA. They are not an obligation of or guaranteed by Grow Financial and may be subject to risk. Business conducted with Quorum Insurance, LLC is separate and distinct from any business conducted with Grow Financial. Grow Financial is in no way responsible for the services provided through this program.

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