Our Family’s Financial Planning Checklist

Here’s our family’s financial planning checklist that’s tackled each January. Nothing special, but over the years the process of reviewing it has created better habits. Good habits have a way of building confidence regardless of what’s happening in the moment. Ideally this helps our family make better decisions as we continue to spend, invest, and save what we have.

All investors have different goals, priorities, and timelines. The themes from this checklist highlight what financial planning offers so you can make better decisions integrating all the moving parts.

Rebalancing investments

Account values zig and zag each trading week and will certainly look different after a year of volatility. Now’s the time to rebalance your investments back to where they started. The correct percentage of each investment should be shown in your financial plan. No plan? Prioritize creating one this year with a trustworthy friend.

Checking cash reserves

How much cash do you need and where will it live? This is a personal choice based on spending, cashflows, and what makes you feel safe. Cash allows you to avoid reacting to large company price movements while your investments stay invested.

Updating your balance sheet

Your balance sheet is a direct reflection of your financial priorities. Tally up what you own and owe, and over time compare it to where you were three years ago. Simplistically, debt should be shrinking as assets are increasing.

Spending your money

How do you spend your money? Credit card(s), debit card(s), cash, checks or a combination of each? All stages of life, regardless of wealth, center around successfully managing your cashflow. Find the best approach that works for you and stick with it.

Updating tax withholding

Increasing tax withholding and sending in estimated payments is possible when you understand your total taxable income. Underpayment penalties are for real and should be avoided. Nothing takes a bigger bite out of bonuses, vested stock, and/or cash reserves than a surprise tax bill.

Increasing investments

Establishing ACH contributions from your checking account to an after-tax investment account creates wealth beyond pretax and Roth environments. Increasing the amount, you invest each year supports sustainable spending through retirement.

Book the trip

Take the trip you want this summer and reserve it now.  Some vacations require your reservation a year in advance. If so, make the deposit for 2026 and feel great about it!

Prioritize home improvements

Factoring in home maintenance and upgrades makes life more enjoyable. This big-ticket expense requires a funding plan with plenty of room for error.  Knowing which dollars will pay for a capital improvement makes getting started a little easier.

Following a checklist takes the guess work out of financial decision making. Growing your knowledge of how these themes fit together is what financial planning is all about.

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