The End-of-Year Money Checklist Every Middle-Class Family Should Do, According to a Financial Planner

The end of the year is a busy time for any middle-class family. There’s preparing for the holidays, protecting your kids against the seasonal crud, and gearing up for the financial challenges and opportunities of the new year. But getting everything in order financially can feel like just another stressor — especially if you’re not sure where to start.

A simple checklist can help. After all, you use lists to manage everything else in your household, from grocery shopping to chores to getting everyone to their activities on time. Why not use one to get your financial affairs in order as you move into the new year?

To learn what items deserve a spot on an end-of-year money checklist, GOBankingRates turned to Connor Bauserman, a financial planner at Preferred Financial Group.

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While the bulk of holiday spending is already behind most families, the end of the year is still the right time to assess the damage — and prevent it from repeating next year.

Bauserman said one of the most common mistakes he sees is overspending during the holidays without a clear plan.

“If you don’t go into Christmas with a budget, things can get out of hand fast,” he said.

He said holiday promotions — from Black Friday and Cyber Monday to weekly seasonal deals — can create pressure to spend more than planned, especially when purchases are justified as “too good to pass up.”

Now’s the time to review December spending, pay down any balances where possible and create a simple savings plan for next year’s holidays. Bauserman recommends setting aside a small amount each month.

The average family spends about $1,600 during the holidays, and when that expense hits all at once, it often ends up on a credit card or comes straight out of savings. Bauserman said spreading that cost out by saving roughly $134 a month can make the season far less financially stressful.

One of the easiest year-end upgrades families can make is automating their finances where possible, especially with savings and investing.

“This ensures that you’re prioritizing saving over spending,” Bauserman said. “It also allows families to save for things like holidays throughout the year, which helps regardless of income.”

With automatic transfers in place — whether to a high-yield savings account, brokerage account or retirement plan — your financial goals are being worked on in the background, even when you’re not actively thinking about them.

Taxes should be a central part of any end-of-year financial checklist. Waiting until tax season can mean missed opportunities. Bauserman said families with taxable investment accounts may benefit from tax-loss harvesting, which involves selling investments at a loss to offset gains or reduce future tax liability.

“You can also maximize your tax deductions, including HSA contributions, and minimize small-business taxes by making business purchases to go against business revenue,” he said. “Be sure to work with a tax professional to see what deductions you qualify for.”

Increasing your contributions to retirement accounts is a perennial New Year’s resolution — and one you can start right now. Bauserman recommends reviewing your accounts and looking for ways to increase contributions to your 401(k), IRA or Roth IRA.

“Most of these can be made before April 15 for the previous year, but some contributions must be made before calendar year-end,” he said.

Even small increases can have a meaningful impact over time, especially when paired with consistent contributions and employer matches.

Your family’s New Year’s resolutions may include improving your finances, but there’s no reason you can’t get started now. By reviewing holiday spending, automating savings, tightening your tax strategy and boosting retirement contributions, you can head into the new year with more clarity — and far less financial stress.

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