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Your January Financial To-Do List

January is the perfect time to reset, simplify, and focus on what matters most. Use your January financial to-do list to map out clear steps, build momentum, and feel confident about the year ahead. This friendly guide includes a financial checklist, simple action items, and smart tips to help you set short term financial goals, strengthen savings, and reduce investment fees—without the stress.

8 Timely Ways to Organize Your Financial Life

Start with a clean slate and a plan you can stick to. A thoughtful review now reduces surprises later and keeps your energy focused on your priorities.

  1. Create a budget for the new year: List your net monthly income, your fixed costs (rent or mortgage, utilities, insurance, debt payments), and estimate variable expenses (groceries, transportation, streaming, dining out). Set spending targets and track them with a budgeting app. As a helpful guide, use the 50/30/20 framework—50% needs, 30% wants, 20% savings and debt payoff—and adjust based on your financial goals short-term and your cost of living.
  2. Set clear financial goals for the upcoming months: Choose three to five short term financial goals, such as building a $1,500 emergency buffer by June, paying down $2,000 of high-interest debt, or saving for a summer trip. Assign target amounts, deadlines, and monthly contributions. Automate transfers to dedicated savings accounts so your goals progress without extra effort.
  3. Review and update key documents: Confirm beneficiaries on retirement plans, life insurance, and payable-on-death accounts. Update your will, health care proxy, and power of attorney if anything changed last year. Make sure your insurance coverage fits your current needs (home, auto, umbrella, disability). Store documents securely in a password manager or fireproof safe, and keep digital copies with dates.
  4. Audit subscriptions and recurring charges: Scan recent bank and card statements for unused services. Cancel anything you don’t use and renegotiate rates where you can. Small cuts each month add up over the year.
  5. Check your credit reports: Access your free reports annually from each major bureau. Review for errors or unfamiliar accounts and dispute inaccuracies right away. Consider a credit freeze if you’re concerned about identity risks.
  6. Plan for taxes early: Gather last year’s forms, track deductible expenses, and note key deadlines. If you owed or received a large refund last year, adjust your W-4 withholding. If you have side income, consider estimated quarterly payments.
  7. Strengthen your emergency fund: Aim for three to six months of essential expenses. If that feels big, start with one month and build gradually. Keep this money in a high-yield savings account for easy access and competitive interest.
  8. Refine your debt payoff strategy: List balances, interest rates, and minimum payments. Choose the avalanche method (tackle highest interest first) or the snowball method (tackle smallest balances first). Automate extra payments to your top-priority debt.
  • Budget setup checklist: monthly income, fixed bills, variable expense estimates, savings targets, tracking tool.
  • Documents checklist: beneficiaries, will and proxies, insurance policies, secure storage and backups.
  • Debt checklist: balances, APRs, payoff method choice, automated extra payments.

Use this section of your January financial to-do list to get organised fast. Keep your financial checklist handy and update it weekly to stay on track with your financial goals short-term.

Frequently Asked Questions

  1. How often should I update my budget? Review monthly to capture changes in income, bills, and goals. Do a midyear check and a fresh reset each January to keep it aligned with your priorities and your financial goals short-term.
  2. Is it better to pay off debt or save for retirement first? If you have high-interest debt, prioritise paying it down while still contributing enough to your workplace plan to receive the full employer match. Once high-interest balances are under control, increase retirement contributions.
  3. What’s a good emergency fund target? Aim for three to six months of essential expenses. If your income is variable or you’re self-employed, consider a larger cushion of six to nine months.
  4. Do I need a financial adviser? Many people can start with a simple, low-cost portfolio and clear short term financial goals. A fiduciary adviser can help with complex situations—like tax planning, equity compensation, or retirement income strategies—when fees are transparent and reasonable.

Use your January financial to-do list as your go-to plan. Keep your financial checklist visible—on your phone, planner, or fridge—so you can celebrate quick wins and stay motivated all year.

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TRUTH IN SAVINGS DISCLOSURE

Except as specifically described, the following disclosures apply to all the accounts.

  1. Rate Information. The dividend rate, or interest rate, and annual percentage yield on your accounts are set forth on the reverse side. The annual percentage yield is a percentage rate that reflects the total amount of dividends/interest to be paid on an account based on the dividend/interest rate and frequency of compounding for an annual period. For Certificates of Deposit and IRA Certificates of Deposit, the interest rate and annual percentage yield are fixed and will be in effect for the term of the account.  The annual percentage yield is based on an assumption that interest will remain on deposit until maturity.  A withdrawal will reduce earnings.
  2. Nature of Dividends. Dividends are paid from current income and available earnings after providing for the required reserves.  The dividend rates and annual percentage yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
  3. Compounding and Crediting. Interest and dividends will be compounded and credited as set forth on the reverse side.  The dividend/interest period for each account is also set forth on our Rate and Fee Schedule.  The dividend/interest period begins on the first calendar day of the period and ends on the last calendar day of the period.
  4. Balance Information. The minimum balance required to open each account is set forth.  Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
  5. Accrual of Dividends. Dividends will begin to accrue on cash deposits on the business day you make the deposit to your account.  Dividends will begin to accrue on noncash deposits (checks) on the business day you make the deposit to your account.  If you close your account before accrued dividends are credited, accrued dividends will not be paid.
  6. Account Limitations. The account limitations for each account are set forth in our Membership and Account Agreement
  7. Your account will mature on the maturity date set forth on your account receipt or renewal notice.
  8. Early Withdrawal Penalties. A penalty may be imposed if you withdraw any of the certificate funds before the maturity date or the renewal date, if this is a renewal account.
  9. Amount of Penalty. For Certificates of Deposit and IRA Certificates of Deposit the amount of the early withdrawal penalty for your account is 90 days’ interest for a term of 12 months or less, and 180 days’ interest for a term over 12 months.
  10. How the Penalty Works. The penalty is calculated as a forfeiture of part or all of the interest that have been earned on the account.  This penalty applies to earned interest and principal.
  11. Renewal Policy. Certificate of Deposit accounts will automatically renew for another term upon maturity.  You have a grace period of seven days in which to change or withdraw the funds without being charged an early withdrawal penalty.
  12. Exception to Early Withdrawal Penalties. At our option, we may redeem the account before maturity without imposing an early withdrawal penalty under the following circumstances:
    • When an account owner dies
    • or is determined legally incompetent by a court
    • or other body of competent jurisdiction.
  13. Nontransferable / Nonnegotiable. Your account is nontransferable and nonnegotiable.  The funds in your account may not be pledged to secure any obligation of an owner except obligations with the Credit Union.
  14. FEES FOR OVERDRAWN ACCOUNTS. Fees may be imposed on each check, draft item, ATM card withdrawal, debit card withdrawal, debit card point of purchase, preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient available account balance.  The entire balance in your account may not be available for withdrawal, transfer or payment of a check, draft or item.  You may consult the Funds Availability Policy for information regarding the availability of funds in your account.  Fees for overdrawing your account may be imposed for each overdraft, item or transaction.  If we have approved an overdraft protection limit for your account, such fees may reduce your approval limit.  Please refer to the Rate and Fee Schedule for current fee information.

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