Preparing for the New Year: Your 2026 Financial Checklist

A new year brings a fresh start and with it, the perfect opportunity to reset, reorganize, and realign your finances with your goals. Whether your focus is saving more, paying down debt, improving your credit, or planning for major milestones, a clear, actionable checklist can help you start 2026 strong. Here’s how to take control of your money and set yourself up for a confident year ahead.

Review Your Spending Patterns

Before setting new goals, take a look back at your spending habits. Understanding how you spent your money this year might help you identify patterns. Where did you spend most? Were there months with unexpected expenses? Once you’ve identified what worked and what didn’t, you can confidently plan for what you want to change next year. 

Build or Replenish Your Emergency Fund

A well-funded emergency savings account protects you from financial stress. Whether your goal is $500 or several months of living expenses. We offer multiple savings options, including Money Market accounts and Savings Certificates, to help your money grow.

Evaluate Debt and Explore Refinancing

Debt can hold you back from other goals, but with the right strategy, you can begin to reduce and eliminate it. Start reviewing all debts: auto loans, personal loans, credit cards, and mortgages, making a list of balances, due dates, interest rates, and minimum payments. Determine which ones have the highest interest rates or could qualify for refinancing.

If high-interest credit cards are slowing your progress, consider a low-rate credit card that can help lower the amount you pay in interest. A debt consolidation loan may also be a smart option for consolidating multiple balances into one manageable monthly payment. 

A small monthly reduction can make a big difference in your yearly budget.

Set Clear, Measurable Goals for 2026

The more specific your financial goals are, the easier they are to track and ultimately achieve. Think about what you want to accomplish this year, whether it’s:

• Saving for a home

• Taking a family vacation

• Paying down debt

• Building credit

• Building long-term savings

Mapping out these goals now will help you make informed decisions throughout the year.

Update Your Personal Information & Beneficiaries

Start the year with clarity by reviewing your beneficiaries, insurance coverage, wills, and retirement contributions. Life changes quickly: marriage, children, new jobs and your documents should reflect that.

If you contribute to retirement savings through your employer, consider increasing your contribution by at least 1%, small increases add up significantly over time.

Get Ahead of Tax Season

Start gathering:

• W-2s or 1099s

• Mortgage and loan interest statements

• Charitable donation receipts

• Business or freelance documentation

Being prepared early reduces stress later.

Starting the new year with a solid financial plan can make 2026 one of your strongest years yet. By reviewing your spending, refreshing your budget, and using the helpful tools and resources available, you can build momentum and move closer to your goals. No matter where your financial journey takes you, we’re here to support you every step of the way. Stop by any of our convenient branch locations or call 248-322-9800 extension 5 to speak with a team member today. 

 

© Genisys Credit Union and www.genisyscu.org, 2025. Unauthorized use and/or duplication of this material without express and written permission from this site’s author and/or owner is strictly prohibited.  Excerpts and links may be used, provided that full and clear credit is given to Genisys Credit Union and www.genisyscu.org with appropriate and specific direction to the original content.

« Return to "Blog"