10 Essential End-of-Year Financial Tasks to Set Yourself Up for Success

As the year draws to a close, it’s the perfect time to take stock of your finances and make sure you’re on track for the year ahead. A little planning now can help you maximise tax benefits, reduce stress, and start the new year with confidence. Here are ten essential financial tasks to tackle before the year ends:

1. Review Your Budget and Spending

Look back at your spending habits over the past year. Did you stick to your budget? Identify areas where you overspent and set realistic goals for next year.

2. Check Your Savings and Emergency Fund

Make sure your emergency fund is topped up (ideally covering 3–6 months of expenses). Review your savings goals and adjust contributions if needed, as well as checking that your savings accounts are earning a competitive interest rate.

3. Maximise Tax Allowances

Use your ISA allowance before the tax year ends and consider making pension contributions to benefit from tax relief. Check your capital gains and dividend allowances too.

4. Check Pensions

Review your pension performance and contributions. Consider making additional contributions, especially if your employer matches them, to benefit from tax relief. Ensure you have completed an 'expression of wish' form to nominate beneficiaries.

5. Evaluate Protection Policies

Review your life, critical illness, and income protection cover. Update beneficiaries if your circumstances have changed.

6. Check Your Credit Report

Regularly checking your credit score helps you spot errors or signs of fraud early, which is essential for maintaining a clean financial history.

7. Prepare for Tax Filing

Gather receipts, invoices, and statements now to avoid last-minute stress. Check what deductions and reliefs you’re eligible for.

8. Set Financial Goals for Next Year

Define clear short-term and long-term objectives. Create an action plan for savings, investments, and debt management.

9. Review Estate Planning

Update your will and power of attorney if needed. Review any trust or inheritance arrangements to ensure they reflect your wishes.

10. Schedule a Financial Review

Book a meeting with your adviser to discuss progress and next steps. A professional review can uncover opportunities you might have missed.

Taking time to complete these tasks now can help you reduce stress, save money, and set yourself up for financial success in the year ahead. If you’d like expert guidance, GDA Financial Partners is here to help you review your finances and plan for the future.

This article is for general information and does not constitute personal financial advice. If you’re unsure what’s best for you, seek independent financial advice.

Past performance is not a guide to future performance, nor a reliable indicator of future results or performance. The value of investments, and the income or capital entitlement which may derive from them, if any, may go down as well as up and is not guaranteed; therefore investors may not get back the amount originally invested.