Fabulous Frugal Finds

Year End Financial Check Up Tips

Now that we’re winding down from one of the busiest, most expensive and stressful times of the year, it’s time to take a moment to reflect on 2019 and look ahead to 2020. While New Year’s resolutions often focus on dietary or fitness goals, I’d argue that concentrating on financial goals should be a priority. Here are a few tips on how to do a financial year-end check up!

Be honest with yourself and review what you spent in 2019.

You can’t plan for the year ahead without taking stock of your spending and savings habits from the year prior. Pull up your credit card statements and draw insights from your spending habits, how quickly you made payments, and what you owe going into 2020.

Monthly subscriptions like streaming services and goody boxes are very convenient but can be an unnecessary spend. Now is the time to reevaluate and assess the benefits. Recurring payments such as these are automatically charged to your credit card. If you are a Capital One customer, they can notify you about subscription renewals and double charges

A great tip is to take advantage of budgeting and mobile banking apps that help you monitor your spending throughout the year.

Celebrate the good.

Reviewing budgets, making debt repayment plans, and creating better spending habits isn’t always fun, I get it. However, this is also an opportunity to celebrate your spending success in 2019 and what you did right. Now is the time to create a savings account or emergency fund so that you’re prepared for whatever comes your way in 2020. If you continue to save, maybe you can even have both: saving fund for a specific goal and an emergency fund. Ensuring that you have access to credit, especially in those emergency situations, can make things a lot smoother. Establish or take control of your credit with a Capital One Guaranteed Mastercard. This card helps you build credit while giving you access to benefits like 24/7 customer service, purchase assistance and extended warranty coverage, among others.

Create a vision for your financial future in 2020.

OK, now is the time to make that New Year’s resolution. Resolve, for example, to start exercising smarter spending habits and to be extra mindful about your credit card behavior and identity theft risks. You can work to build (or rebuild) your credit in 2020 by making everyday purchases with your credit card, while staying within your credit limit. A card with rewards is an excellent way to build credit and reward yourself for your efforts. Always make your payments on time (at least the minimum monthly payment) and keep track of where you’re spending money to ensure you’re sticking to a budget and not overspending on unnecessary items.

By having a plan and a goal, you can make 2020 a financially successful year. Naturally, this same strategy works for other goals like those popular health and wellness goals as well! Just like your diet and fitness habits, it’s easy to get off-track. But, ensure that small errors are quickly corrected, forgive yourself, and get back on track quickly. The key to success is consistency

Disclosure: This is a sponsored post in partnership with Capital One Canada. All opinions and commentary are, as always, my own.


Click here to post a comment

Your email address will not be published. Required fields are marked *

  • I love budgeting and tracking our spending. I think 2019 was pretty successful but I have some new financial goals for this year I am excited about.

  • Great tips indeed, we need to be more focused on our bank accounts and what not as well, so many thieves out there!!

  • It is so important to track where your spending goes. Its so easy to let money slip through your fingers on small trivial spending and that really can add up

  • These are helpful tips, it’s important to be award of how we’re spending our money, budget wisely, and avoid getting into debt.

  • great tips any tips are helpful. I manage our money and so far doing well. I try not to use credit cards if I do I pay it off right away

  • Great tips! This is a great time of the year to set financial goals and reevaluate spending habits for the upcoming year.

  • Its good to keep track of where your money is going! My dad was the best, he though us very young about money management!

  • I am just making up a budget since we’re going down to one income. It’s going to be interesting. Thanks for all the tips. I liked your tweet as well about sharing middle names and other personal info. Those quizzes drive me crazy!

  • Hubby has set a spread sheet up that is really neat, we input our spending and income and can see instantly where our finances are at!

  • I save all my credit card receipts until the end of the month when I go over my bank statement. Yesterday I found a purchase from one of the supermarkets that came out twice. I see so many throwing away those receipts and how many really check their statements.

  • great tips, my goal this year to get an emergency fund started always something breaking down and I never have mone put aside

  • I think paying off any debt as quickly as you’re able is pretty key! Looking forward to a great year and going to set some goals for us.

  • Budgeting is so, so important, and there is simply too much information out there to assist for there to be any excuse for people not to know where their money is going.

  • I remind myself that I don’t really need those extra pair of boots or whatever I want to buy. They are wants and not needs. I do a lot of self talk.

  • I don’t think there are many of us who have not said, “Where did all the money go?” at least once in our lives. It is usually at that point when we go over our budget and spending and see where we could have done better. All those stops for a 4 or 5 dollar latte really add up and could go towards something we may want to save for with that money.

  • Such great tips! We are working hard on an emergency fund, after my husband, who never takes time off, had two surgeries in six weeks this year, so he ended up off for 12! We were not ready, so we need to make sure we are if this happens again!

  • So important to not overshare on social media, as there are people and bots out there ready to store that information for nefarious uses! Thanks for the reminder.

  • I did pretty well in 2019 with my budgeting. I do have to take hold of my food budget, it seems that if I go into the store for one or two items I come out with twenty. I have taken to writing down every penny I spend and keeping all receipts and do a tally each month. It’s my husband that is a spendthrift and I really have to keep an eye on his spending.

  • I keep EVERY receipt I get and end of the month look at what I spent. It does keep me accountable for where my money is going.

    Truth be told; I used to be a (I know) smoker – when i was quitting seeing the monthly amount of wasted cash was HUGE in helping to quit. I realized what I had spent on something I had nothing to show for could have paid for a good portion of a modest trip!

    Every dollar adds up

  • Keeping track of what goes in and out financially is a necessity and we paid off our house as quick as possible

  • Some great tips! I tend to be an ostrich when it comes to financial planning. It makes me nervous. At 60, I need to be more aware. I’ll take little steps.

  • There are so many unnecessary purchases made every week. Even the small things like buying a coffee every day can cost an unnecessary $50 a month. Examine what are needs vs. wants & cut costs where you can!

  • I know that I could do a better job of tracking my spending. There are some areas that I’m sure I’m spending too much.

  • Setting specific financial goals – even small ones – and budgets are a must for me! Here’s to achieving our financial goals in 2020.

  • Great tips. I also like to meet with my financial advisor once a year to make sure I’m on track with my investments.

  • We have an emergency fund but not much of a savings account. I think we actually have to put savings in the budget and stick with it for 2020. Would be nice at the end of the year to see a healthier savings account.