The holidays are a wonderful time to connect with loved ones, exchange gifts and celebrate traditions. However, all the spending and festivities can leave your finances feeling a little out of balance. Taking time after the holidays to review your finances can help you start the new year strong. Here’s a step-by-step guide to help you get back on track.

 

Gather Your Financial Statements

The first step in reviewing your post-holiday finances is to gather all your financial statements. This includes bank accounts, credit card statements, investment accounts and any bills you paid during the holiday season. Having everything in one place makes it easier to see where your money went and to identify any unexpected charges.

 

Calculate Your Total Holiday Spending

Next, calculate how much you spent over the holidays. Include gifts, travel, dining, holiday parties, decorations and charitable donations. Comparing this total to what you had budgeted can highlight areas where you may have overspent. Tracking holiday spending helps you create a realistic plan for the year ahead.

 

Review Your Credit Card Balances

Holiday shopping often leads to increased credit card balances. Review each card to check your current balances and interest rates. If you notice balances that are higher than you’re comfortable with, consider creating a payoff plan. Paying off high-interest credit cards first can save you money in the long run.

 

Assess Your Bank Accounts

Take a close look at your checking, savings and money market accounts. Check for any unusual withdrawals or fees and make sure your holiday spending didn’t push you into overdraft. If your savings were used during the holidays, set a plan to rebuild them. Even small, consistent deposits can help your emergency fund recover quickly.

 

Update Your Budget

Now that you know your holiday spending and current balances, update your budget for the coming months. Allocate funds to pay down debt, rebuild savings and cover regular monthly expenses.

If you need help calculating your budget, you can use our free online budget calculators. Adjusting your budget after the holidays ensures you’re prepared for any upcoming bills or seasonal expenses.

 

Set Financial Goals for the New Year

Use this review as an opportunity to set clear financial goals. These could include paying off a specific debt, increasing savings or planning for a vacation later in the year. Setting measurable, achievable goals keeps you motivated and provides direction for your spending and saving decisions.

 

Monitor Your Progress Regularly

Finally, make it a habit to monitor your finances regularly. Weekly or monthly check-ins can help you stay on track and avoid surprises. Tools like online banking, mobile banking apps, and budgeting tools, like My Financial Partner, make it easier to track spending, manage bills and review progress toward your goals.

Reviewing your finances after the holidays may feel daunting, but it’s an essential step for financial wellness. By gathering your statements, calculating your spending, reviewing accounts, updating your budget and setting goals, you can start the new year with a clear financial plan. A thoughtful post-holiday review helps you regain control, reduce stress and build a stronger financial future.

If you’re still needing more help, we offer members our Partners in Financial Wellness program. You can speak with a financial wellness expert who’ll discuss your finances and create a personalized plan to meet your needs.