As the year winds down, it’s the perfect time to take a close look at your finances. Reviewing your financial year isn’t just about seeing where your money went, it’s about understanding what worked well, what didn’t and how you can set yourself up for greater success in the new year. Whether your goals are to save more, pay off debt or simply gain better control of your budget, taking time to reflect gives you the insight you need to move ahead with confidence.

We believe financial wellness begins with awareness. Let’s walk through a few steps to help you review your financial year and then identify areas to celebrate and improve as you plan for the year ahead.

 

Step 1: Gather Your Financial Snapshot

Start by collecting the key pieces of your financial puzzle. You’ll want to gather your monthly bank statements, credit card bills, loan statements, investment summaries and any records of income or expenses. It can help to use online banking or mobile banking to download your statements or view transaction summaries for the entire year.

Once you’ve gathered everything, create a clear picture of the following things.

• Income: How much did you earn this year from all sources (salary, side jobs, bonuses, etc.)?
• Expenses: How much did you spend, and on what?
• Debt: What’s your current balance on credit cards, auto loans, student loans or your mortgage?
• Savings: How much did you save this year toward your goals like an emergency fund, retirement, vacation or home improvements?

Having all this information in one place helps you see your financial patterns more clearly.

 

Step 2: Celebrate What Went Right

Before focusing on what you could improve, start with what went well. Recognizing your wins helps build motivation and shows you what habits to continue.

Ask yourself the following questions.

• Did you reach any of your financial goals this year?
• Were you consistent with saving or budgeting?
• Did you pay down debt or improve your credit score?
• Did you avoid major financial stress by planning ahead?

Even small wins count. Maybe you set up automatic transfers to savings or finally created a budget that stuck. Maybe you refinanced a loan for a better rate or built up your emergency fund. These steps show progress and every bit of progress adds up.

 

Step 3: Review Your Spending Habits

Now, take a closer look at where your money actually went. Break your spending into categories like housing, transportation, groceries, dining out, entertainment and miscellaneous expenses.

Many people are surprised to see where their money ends up. Expenses like streaming services, subscriptions, takeout and impulse purchases can quietly add up over the year. Look for the following patterns.

• Did any category exceed what you expected to spend?
• Were there months when spending got out of control?
• Did certain expenses bring value or joy, or were they just convenience buys?

A good financial review isn’t about judgment, it’s about understanding. If you overspent in one category, ask why. Was it a temporary issue, like a car repair, or a pattern that might need a plan to change?

If you could use a little help tracking your expenses, we have the right financial tool for you. My Financial Partner is a free, online personal financial management tool that lets you trach your spending, create budgets and set goals.

 

Step 4: Check Your Savings and Emergency Fund

Your savings goals are a major indicator of your financial health. Take a moment to see how you did in the following areas.

• Did you reach your savings targets this year?
• Do you have at least three to six months’ worth of expenses in your emergency fund?
• Did you contribute regularly to retirement or investment accounts?

If your savings fell short, don’t get discouraged. Life happens. Medical bills, higher grocery costs or unexpected repairs can easily disrupt the best of plans. What matters most is you recognize where things went off track and make a plan to adjust.

It’s a smart idea to set up automatic transfers from checking to savings. Even a small, consistent contribution can make a big impact over time.

 

Step 5: Evaluate Your Debt and Credit Health

Debt management plays a major role in financial wellness. Review your current debt balances and note whether they went up or down over the year.

Ask yourself the following questions.

• Did you make progress towards paying off high-interest debt?
• Did you rely too much on credit cards for expenses?
• Did you take advantage of lower rates by consolidating or refinancing?
• How did your credit score change this year?

If your debt increased, identify the cause. Was it an emergency or a result of overspending? From there, create a repayment plan for next year. Paying more than the minimum balance, refinancing at a lower rate or using a debt snowball or avalanche method can all help reduce your debt faster.

The debt snowball method focuses on quick wins by paying off small debts first to build your momentum. The debt avalanche method is when you pay off your debts with the highest interest first, which saves you money over the life of the loans.

Monitoring your credit report is another key step. You’re able to get a free weekly credit reports from each major bureau at AnnualCreditReport.com. Reviewing your credit report can help you spot errors or fraud that might impact your credit score.

 

Step 6: Review Your Goals and Adjust for Next Year

Once you’ve taken a full look at your income, expenses, savings and debt, you can begin planning for the year ahead. Think about your financial goals, both short-term and long-term, and how they align with your current situation.

Common goals might include the following.

• Building or replenishing an emergency fund
• Paying off a specific loan or credit card
• Saving for a home, car or vacation
• Increasing retirement contributions
• Starting a college fund for your kids

Set SMART goals, which stands for Specific, Measurable, Achievable, Relevant, and Time-bound. An example of a SMART goal would be saving $3,000 for an emergency fund by December of next year by transferring $250 per month into savings.

If you didn’t reach a goal this year, don’t view it as a failure. Think of it as valuable information. Maybe your goal was too ambitious, or your budget didn’t support it yet. Adjust your approach, not your commitment to improving.

 

Step 7: Plan for Life’s Changes

A financial review isn’t only about numbers; it’s about preparing for life’s next chapters. Consider how your personal or family situation may change next year.

Are you planning a move, a new job or starting a family? Will you have new expenses, like higher childcare or education costs? These changes can affect your financial goals, so plan ahead and build flexibility into your budget.

We offer tools and accounts designed to help you through every stage of life, from savings accounts and checking accounts to auto loans and investment options. Taking advantage of these resources can help make transitions smoother and more affordable.

 

Step 8: Schedule Regular Check-Ins

While reviewing your finances at the end of the year is valuable, you’ll see even better results by checking in quarterly or monthly. Regular check-ins make it easier to catch issues early and adjust as needed.

Set a recurring reminder to review your budget, update your goals and track your progress. You can even make it a family or household activity. Financial transparency helps everyone stay on the same page.

 

Ask for Help if You Need it

If you’ve gone through all these steps and are still feeling a little overwhelmed or lost, our Partners in Financial Wellness program can give you the assistance you need. You can talk to a Financial Wellness Expert from GreenPath and create a personalized plan to meet your needs.

 

Progress Over Perfection

Reviewing your financial year is one of the most powerful steps you can take toward lasting financial wellness. It’s not about perfection, it’s about progress, awareness and making intentional choices that align with your goals and values.

When you know where you stand financially, you can plan where you want to go next. Celebrate your wins, learn from your challenges and take each lesson as an opportunity to grow.

At Partner Colorado, we’re here to help you make the most of your money every step of the way. Whether you’re looking to create a budget, build savings, pay off debt or plan for the future, our team is ready to support your journey to financial confidence.