Can you believe it? The end of the year is here! Whether you’re celebrating a successful year or feel like things could’ve gone better, there’s no better time to take control of your finances and set yourself up for success in the year ahead.
If you’ve never officially closed out your finances at year’s end, I’m here to challenge you: Make this the year you start! Taking the time to reflect, review, and organize your finances now will leave you feeling refreshed, confident, and ready to crush your goals in the new year.
Here are 5 financial moves to close out the year on a high note:
Finish the Year Strong: 5 Financial Moves to Make Now
1. Review Your Budget and Profit & Loss Statement
First things first: let’s crunch some numbers. If you’re not already budgeting or tracking your expenses monthly, let this be your fresh start!
Take a look at your profit and loss (P&L) statement for the year. Ask yourself:
- What were my total revenues? My expenses?
- Did I overspend in any categories? Underspend?
- Did I hit my sales goals? If not, why?
- What areas can I trim expenses or increase revenue?
- What strategies worked well, and what would I like to leave behind next year?
To really hone in, make a list of what you’re proud of this year and what you’d like to improve. This kind of reflection helps you identify what’s working and where to focus your efforts next year.
💡 Bonus Tip: If budgets feel overwhelming, check out my Creative’s Pricing Guide! It’s packed with tips for organizing your finances, calculating your expenses, and pricing your services with confidence.
2. Reconcile Your Books
Reconciliation isn’t just for relationships—it’s for your bank accounts, too! Ensuring your recorded transactions match your bank statements is essential for accurate bookkeeping.
Whether you use QuickBooks, a spreadsheet, or pen and paper, take the time to review every transaction for the year. Not caught up? Don’t stress—just take it one month at a time.
💡 Pro Tip: Set a calendar reminder to reconcile your books monthly next year. It’ll save you loads of time (and headaches!) when tax season rolls around.
3. Check Your Salary
How much did you pay yourself this year? Take a moment to calculate your total “paycheck” from your business and evaluate whether it was enough to meet your needs.
Ask yourself:
- Did my salary increase or decrease compared to last year?
- Was I able to contribute enough to my household budget?
- Do I need to adjust my salary next year to better align with my financial goals?
Knowing where you stand helps you create a plan for the coming year—and ensures your business supports both your professional and personal goals.
4. Meet with Your CPA
If you haven’t already, schedule a meeting with your CPA before December 31st. They might have tips to help you reduce your tax burden, like last-minute deductions or contributions to a retirement account.
While you’re at it, ask your CPA these questions:
- Are there any tax credits or deductions I’m missing out on?
- What can I do to prepare for next year’s taxes?
- How much should I save for estimated taxes next year?
Having these conversations now can save you time, money, and stress come tax season.
5. Review and Reset Your Financial Goals
What were your financial goals this year? Did you hit them? Why or why not?
Now’s the perfect time to reflect on what worked and what didn’t. If a goal fell short, think about what adjustments you can make next year. If a goal no longer aligns with your vision, don’t be afraid to let it go.
Start a fresh list of financial goals for the year ahead. Be specific! Instead of saying, “I want to save more,” aim for something like, “I’ll save $5,000 by December 31st.”
💡 Goal-Setting Tip: Tools like the Cultivate What Matters planner can help you break down big goals into manageable steps and stay focused all year long.
BONUS: Make One Final Money Move
Why not finish the year with a bang? Choose one final money move to set the tone for next year:
- Pay off a small debt.
- Transfer some money to your savings.
- Open a retirement account, like a Roth IRA.
- Declutter your finances—cancel unused subscriptions or cut up credit cards.
- Read a personal finance book, like Profit First or The Total Money Makeover.
Small actions now can create big momentum heading into the new year!
Let’s Wrap It Up!
Closing out your finances doesn’t have to feel overwhelming. By taking these steps, you’ll be ready to tackle the new year with confidence and clarity. Cheers to a financially strong year ahead—and to the amazing goals you’re about to crush!
Which of these financial moves will you tackle first? I’d love to hear what works for you!
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