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If the promise of sky miles, rewards points, and cash back has sold you on getting a credit card, be careful not to act too fast.
As the year winds down, a close look at your finances will give you the clarity and direction you need to keep moving forward in the new year.
To find the right credit card for you, it’s important to understand the different types of credit card interest rates and APRs, promotional offers, and how to weigh them against each other.
To get where you’re going, it’s important to know how you got to where you are now.
Look back on the past year and evaluate your finances. Follow the data from your bank statements and financial apps to analyze your spending habits, see where your money went, and ask yourself some important questions:
It’s important to remember that it’s totally fine if you answered yes to any of the seemingly negative questions above. It’s impossible to predict what life will throw at you, and being upfront about what happened and why will help illuminate the changes you need to make to continue pursuing your goals.
For example, if you’re trying to plan for retirement but don’t know where to start, you may want to enlist the help of a retirement planner. Or, if you were living paycheck to paycheck for most of the year, it may be time for the next item on our end-of-year financial checklist.
It’s always a good idea to periodically revisit your budget and make sure it’s dialed in.
Do you need to tighten your budget compared to last year? Have you gotten or are you expecting a raise? Are you planning on making any big purchases next year? Have your expenses changed?
The answers to these questions and those in the previous section will help you adjust your budget accordingly and accurately track your spending in the new year.
Did any unexpected expenses come up this year that led you to pull from your emergency fund? Did your expenses increase, requiring you to bump up the amount you have in reserve?
If necessary, make space in your budget to top off your emergency fund or start working toward the new goal. Setting up an automatic monthly transfer to your fund will guarantee you stay consistent and eventually hit your target.
The end of the year is the perfect opportunity to review your balances, interest rates, and debt repayment strategy.
Check on your mortgage, car loan, credit card statements, student loans, and other outstanding debts. Are you on track with your repayment plan? Are you prioritizing high-interest debt over low-interest debt?
Based on where you are now, set a debt-reduction goal for next year, focusing on high-interest balances first. Calculate how much you can contribute every month and work it into your new budget.
And if you feel like you’re in over your head, shouldering too much debt with not enough time to manage it, the Money Max Account can ease the pressure and help you take control of your finances in 2025.
The Money Max Account is an award-winning debt elimination software designed to help you save tens and even hundreds of thousands in interest payments on your debt.
Whether you only have a mortgage or you’re juggling multiple debts, this system uses advanced financial algorithms to guide you step by step on how to move and manage your money for maximum impact.
It analyzes your balances, interest rates, cash flow, custom goals and budgets—every aspect of your finances—to provide calculated suggestions on which debt to prioritize and when so you can be debt-free in a fraction of the time and save loads in interest along the way.
If you want to find out how much it can save you, fill out the form at the bottom of the page to set up a free consultation with one of our financial experts and put yourself on the fast track to financial freedom next year.
If you tied the knot, got a new job, or welcomed a new member into your family this year, it’s probably time to take another look at your insurance coverage.
Review your home, auto, health, and life insurance policies to ensure you’re getting the coverage you need at a reasonable price. Get rid of policies you no longer need, update your beneficiary information if necessary, and don’t be afraid to shop around for cheaper rates.
Looking at the results of your year-in-review, did you contribute as much as you planned to your retirement accounts? Are there investment opportunities that didn’t pan out or new ones you’d like to pursue? Do you need professional investment guidance?
If you’re not quite hitting your employer match percentage, that should be your goal next year. If you are, you should aim to increase and eventually maximize your contributions. Add these goals to your new budget, and don’t hesitate to get help from a financial advisor if you feel you need it.
If, in the last year, you:
You may be eligible for tax deductions and credits. A new marital and withholding status can have a big impact on your taxes, so make a note to update these come tax season if necessary.
Our wants and needs can change at the drop of a hat, especially when it comes to finances. A job opportunity in a different state, a new child, retirement—these life changes can come at you fast and completely rewrite the script you thought you’d finished.
So, ask yourself: Are my overall financial goals the same as last year? How can I reduce my maximum amount of interest and use the money I saved elsewhere? What tweaks do I need to make to point me in the right direction? Do I need to go back to the drawing board?
If necessary, set new or additional goals that you can reasonably pursue in 2025. Start small, review your current interest, automate what you can, and use a program like the Money Max Account to manage your budget and reduce interest paid on your debts.
Moreover, whether your plans have changed or stayed the same, don’t be afraid to hire a financial professional to guide you on your journey.