As the year comes to a close, it is often helpful to pause and review your overall financial picture. Taking time in December to reflect on spending, saving, and planning decisions can create a clearer understanding of where things stand before the new year begins. While no plan can prevent every surprise, many individuals find value in identifying financial health areas that may benefit from adjustment or improvement.

Financial Health Review

A practical place to start is reviewing cash flow and expenses. Did your spending patterns match your expectations? Were there unexpected changes in income? These questions can highlight opportunities to realign habits with your long-term goals. Even modest adjustments, such as redirecting extra funds toward savings or reducing non-essential spending, can make a difference over time.

Another area to consider is your tax planning. Depending on your situation, year-end may provide opportunities to contribute to retirement accounts, realize investment losses, or adjust withholding. Because tax rules are complex and subject to change, it is important to seek professional guidance before making decisions. Advisors at PrairieView Wealth & Tax Advisors can provide support in reviewing options within the context of your overall financial plan.

Investments & Insurance

Investment allocations are also worth examining at year’s end. Market fluctuations may have shifted the balance of your portfolio, leaving you with more or less risk exposure than intended. Rebalancing may help bring allocations back in line with your comfort level and objectives. Since every investor’s risk tolerance is different, a conversation with a professional can help determine whether your current positioning remains appropriate.

Insurance coverage and estate documents should not be overlooked. Changes such as marriage, children, or career shifts may require updates to beneficiary designations or coverage levels. Reviewing these areas periodically can help ensure that plans continue to reflect your circumstances.

Financial Health is Important to Review

Finally, consider using what you learn from a year-end review to set intentions for the coming year. Establishing clear goals around saving, debt management, or retirement planning can provide helpful structure. PrairieView Wealth & Tax Advisors assists clients in taking a thoughtful and comprehensive approach to these reviews, always with an eye toward long-term priorities.