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You get to start over in the New Year. What does that mean to your personal finances, and where do you start? A long list can be intimidating. But I’m betting some of these steps will take only a few minutes of your time, freeing you up to do the others. How many can you get done as we move into the New Year? Here’s your checklist.

—Balance your checkbook.

Not literally, these days. The bank will do it for you if you go online to your account. In fact, the words “balancing your checkbook” are truly a relic of the past! It’s time to start using Quicken Simplifi to track and categorize your spending, and remind you of your bills. That helpful program costs only $5.99 a month (or as low as $2.99 a month if you take advantage of promotions), and it is completely secure. You don’t have to be a techie to get started at Quicken.com.

—Review your debt.

It’s easy to lose track of all your consumer debt, especially with all those buy-now-pay-later plans that let you spread out your purchases. This is the moment to make a simple list of everything you owe, beyond your mortgage. The credit card bills will arrive within days. Write down the outstanding balance, the minimum monthly payment, and the interest rate you’re paying on those unpaid balances.

If you can’t pay double the minimum every month, you’re not even treading water. You’re drowning. Find a life preserver by calling the National Foundation for Credit Counseling at 888-360-1791. A consultation won’t impact your credit. And if you have too much debt, they’ll help you with a repayment plan that cuts your rates and penalties to get you debt free in a much shorter time.

And be sure to check your credit score — typically offered free at your bank, or at CreditKarma.com.

—Examine your investments.

For most people these days, retirement investments are all inside an IRA or company 401(k) plan or 403(b). But it’s not enough just to know the balance in your account. You must look inside and see what you own, and how exposed you are to the stock market as we reach new highs.

If you’re close to retirement, you might want to move a chunk of money into the safest short-term option — such as a short-term government bond fund. Remember, there is no tax consequence to switching out of one fund in your plan and into another. Also, as your year-end retirement plan statements arrive, collect the balances so you can easily calculate your 2026 required minimum distributions if you’re 73 or older.

—Update your beneficiaries.

While you’re on your mutual fund or retirement plan website, double check to make sure you have named the correct beneficiaries. This money passes outside your will or living trust, and is distributed directly to your named beneficiaries.

Perhaps you want to name two beneficiaries to divide this growing IRA windfall. It's easy to make a change instantly online. Or call the toll-free number of your retirement plan custodian and ask for help naming or re-naming beneficiaries.

—Check your life insurance.

If you purchased term insurance many years ago, the term might be running out. You were guaranteed level premiums for perhaps 20 years. And if your kids are grown or the mortgage is paid off, you might not need life insurance anymore since you have retirement savings.

But if you still do need life insurance, and you are still healthy, this might be the time to convert that old term policy into a cash value policy. Check with your agent. And if you have an old cash value policy, ask the insurance company for an “in-force ledger” which will tell you whether your policy is digging into the cash value to help make premiums affordable. Your policy could run out of cash, causing premiums to soar, just when you need it most.

—Review your will.

Your lawyer will be delighted at the chance to get a few billable hours in the dead of winter when no one else is thinking about estate plans. If you have a revocable living trust, it’s easy to make simple adjustments to your future distributions. And this is the time to make sure you’ve retitled all your important assets (except those in retirement plans) into the name of your trust.

If you haven’t made an “estate plan” you don’t want to tempt fate by postponing this important task. You’ll also need a healthcare power of attorney, and a living will (your end-of-life instructions).

Now, since you’ve done all this important work on your checklist, here’s one last task. Download my “Personal Financial Organizer” form at TerrySavage.com, so you can make a list of where everything is, and your account numbers and passwords. Put it in a safe place, where your loved ones can access it in an emergency.

You’ll sleep better if you start the New Year by completing this checklist. And that’s The Savage Truth.

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(Terry Savage is a registered investment adviser and the author of four best-selling books, including “The Savage Truth on Money.” Terry responds to questions on her blog at TerrySavage.com.)

©2025 Terry Savage. Distributed by Tribune Content Agency, LLC.