For many people, financial planning is one of the last things on their minds during the holiday season. And although I encourage folks to enjoy the holidays, I also hope they will see the wisdom in setting aside a little time (perhaps just an hour!) to do some financial planning as we move into the new year.

A new year is a logical time for a “financial reset.” It’s not only symbolic (a clean slate), but it’s also a time when financial changes might occur. For example, some people receive raises or bonuses at the end of the year. Or others might begin a new healthcare plan, which could impact one’s financial situation. Whatever the case, it’s a good idea to fine-tune your financial planning at least every year, if not more often. Just as you get regular oil changes for your car to keep the engine humming, so too is it wise to maintain (or possibly tweak) your financial plan.

With that in mind, here are five recommendations:

Consider Your Circumstances

What has changed this past year? What has remained the same? And what do you anticipate changing? Think about all areas of your life when pondering your current circumstances. Did a family member develop an illness or injury that requires regular treatment? Did one of your children join the hockey team or marching band and needs expensive equipment? Will another kid begin college soon? Do you need a new roof this summer? Taking the time to cast a wide net and list items that affect your finances is a great way to start revamping your financial plan.

Think About Your Goals

It’s essential to think about your goals (both big-picture and small) when making a new financial plan for the upcoming year. Think about when you’d like to retire (and if that target age has changed), any large purchases you would like to make (a pontoon boat, a cabin, an RV), or any major trips or events you would like to do. These goals play an important part in your overall financial planning because they give you clear targets to aim for.

Examine Your Current Strategy

A financial strategy can be multi-tiered and complicated. It can involve investments, savings, an estate, loans, and much much more. I encourage you to go over your current strategy with your financial planner. Consider, for example, whether it makes sense to funnel more money into your emergency savings account. Or ask about whether it’s a good idea to rebalance your portfolio. Or increase contributions to your 401K. It could be that you’re missing out on maximizing your saving or investment opportunities.

Tackle Debt

If debt has been plaguing you for a while, this could be your year to tackle it! Though some debt isn’t necessarily a bad thing (a low-interest mortgage, for example), other debt can be downright toxic. One of the worst offenders are credit cards. According to Nerd Wallet, the average interest rate for a credit card, as of November, 2025, is an incredible 22.25%. With such steep rates, it is easy to rack up an avalanche of debt. To avoid getting buried by credit card debt, it’s a good idea to approach paying off your card(s) with a plan. Talk to your financial advisor or look online for credible resources to help pay off your debt.

Consult Your Financial Advisor

Though I mentioned this earlier, it’s worth repeating: sit down with your financial planner! Any trustworthy and competent planner will be able to examine your life circumstances and come up with a plan of action for the new year. It could be that you’re on the right track and do not need to make many changes at all. OR, you might be heading in the wrong direction in some areas and need a course correction. Either way, a financial advisor can help give you peace of mind. That’s what we’re here for!

Stepping into the new year with a solid financial plan can help pave the way for both a great year and a secure financial future. And remember, you don’t have to do it alone.

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