12 Months, 12 Financial To Dos For 2025

January: Net Worth and Feelings Tracker

Start the new year by tracking your net worth and your feelings. To calculate your net worth add all of your assets (savings, investments, etc.) and subtract your debts (student loans, credit card debt, etc.). You can choose whether or not you would like to include your equity and mortgage or not. Regardless of your approach, be consistent, so you have an accurate picture of your progress. You can use an app, such as Monarch Money, an Excel spreadsheet, or simple pen and paper to track your net worth.

Alongside your current net worth, write your responses to the following questions.

• How do I feel financially at this moment?

• How will I feel when my net worth doubles?

• How does the journey to reducing my debts and increasing my assets feel?

Every six months from now until forever, continue to track your net worth and your feelings.

February: Income and Expense Tracker

Forget budgeting! Instead, spend two months per year tracking your expenses. Tracking your expenses will shed light on how you are actually spending your money, as opposed to a budget which is purely hypothetical. This data can help inform future financial decision making. Keys to tracking your expenses…

• Only Two Months: Tracking your income and expenses for one month of tracking will not give you a realistic idea of your spending, as spending naturally fluctuates from month to month, while six months of tracking is so. much. work. and ultimately unnecessary. Two months is just right!

• Annually: Income, rent, inflation, and changes in habits will impact your income and expense tracking on a year to year basis. Tracking annually will help you to stay up to date on your personal finances.

Similar to tracking your net worth, you can use an app, Excel spreadsheet, or pen and paper - whatever approach you will commit to is the best approach!

March: Increase Retirement Contributions

March can be a great time to increase your retirement contributions. Regardless of how much you are currently contributing to your retirement, a simple 1% increase could lead to tens of thousands of dollars in retirement, and you will not even notice the 1% removed from your paycheck. If you feel like you can increase your contributions by more than 1%, by all means - you will thank yourself later!

• Read more about the difference 1% can make in your retirement at CNBC

April: Open A New Savings Account (or Two)

Having multiple savings accounts with different intended purposes will help you to achieve your financial goals and avoid debt. You can have as many savings accounts as you would like! Consider the following savings accounts…

• Emergency Savings Accounts: For situations that are necessary, urgent, and unexpected.

• Sinking Funds: Spread large annual, semi-annual, and quarterly expenses evenly throughout the year.

  • $1,000 car insurance annually + $300 hair care quarterly = $2,200 annually. Contributing $183 to a sinking fund each month will allow you to cover those costs when they arise.

• Travel Savings Accounts: For visits to friends and family or international adventures.

• Future Funds: To achieve future goals (a car, a downpayment, a memory foam mattress, whatever your heart desires).

May: Social Security Benefit Estimator

Now that you have filed your taxes, take a moment to create an account through the Social Security Administration. Through the SSA, you can check your estimated monthly benefit depending on your projected retirement age. This information is an important part of your overall financial picture and will help you to more effectively plan for the future. You will also be able to see exactly how much money you have earned each year since you started earning money using your social security number. Enjoy laughing at how little you made at your first job 30 years ago and celebrating how far you have come! Also, take the time to ensure there are no errors in your income, as this could impact your monthly benefit in retirement.

• If you are considering skipping this month, read CNBC’s Will Social Security Run Out?

June: Track Work Contributions

As we are (almost) halfway through the year, take some time to write out a list of your work contributions - ways in which you have met or exceeded expectations this year. Continually update this list throughout the year. When you are completely your year end self-evaluation or negotiating for a raise, you will have plenty of evidence of why you are deserving. Also, if you are applying for a promotion or interviewing for a new job, you can use examples from this list to demonstrate your qualifications.

July: Read A Financial Book

Not all financial books are dry and boring! Enjoy reading one of the following books to expand your understanding of yourself and your finances.

• Feel Good Finance: Untangle Your Relationship with Money for Better Mental, Emotional, and Financial Well-Being by Certified Financial Therapist Aja Evans

• Die With Zero: Getting All You Can from Your Money and Your Life by Bill Perkins

• The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by New York Times Best Selling Author Morgan Housel

August: Check Your Credit

Your credit report will provide you a detailed review of your credit history (on time and late payments, credit inquiries, etc.) Checking your credit is important for a number of reasons, including detecting inaccurate or incomplete information as well as fraud.

• Check your credit report with all three major credit bureaus for free at AnnualCreditReport.com.

  • Note: checking your credit report does not impact your credit score.

September: Organize Debt

If you have debt of any time, take September to get organized. Track the total balance, interest, and minimum monthly payment of each debt. Create a plan to pay down just one of your debts.

• Pro Tip: You can contact banks and loan providers to change your payment date, so all of your debt payments land on the same date. Fewer payment dates can lead to fewer accidentally missed payments.

• Another Pro Tip: Contact banks and loan providers to request a lower interest rate if you automate monthly payments.

October: Financial Self-Care

For some people, financial self-care means spending more money on themselves. For others, financial self-care means saving money for the future. Reflect on what financial self-care means to you.

• How are you spending money in ways that enhance your financial health and overall wellbeing?

• How are you saving money in ways that enhance your financial health and overall wellbeing?

• What changes would you like to make this month to improve your financial self-care?

  • How do you plan to implement these changes?

November: Meet With Human Resources

November is the perfect month to arrange a one-on-one meeting with Human Resources, as open enrollment is underway. Equipping yourself with knowledge regarding workplace benefits will help you to feel empowered and confident as you elect benefits and enter the new year. Ask HR…

• What new benefits exist?

• What changes to current benefits are there?

• Are there any lesser known benefits that I should be aware of?

Remember to…

• Take notes during the conversation

• Continue asking questions until you understand

December: Donate To A Cause

With lots of holiday spirit in the air, December is a wonderful time of year to give your love, your time, and your money. Consider donating money to a cause that is meaningful to you or to a local organization that would immediately impact your community.

• Review Forbes’ list of Top 100 Charities to learn about organizations that could benefit from your donation.

• Use resources such as Charity Navigator and Charity Watch to assess the impact and practices of specific charities.