Time For a Winter Financial Fresh Start

As the year winds down and routines slow a bit, winter can be a natural time to pause, reset, and get your financial life in order. With a little extra focus, you can set yourself up for a smoother and more confident year ahead.

Here are some practical ways to refresh your finances this season.

Get organized

Winter often brings a chance to catch up on the tasks that get pushed aside during busier months. This is a good moment to organize your financial accounts. For example, if you have IRAs spread across different providers, consider consolidating them. It can reduce fees, simplify your paperwork, and give you a clearer view of your overall strategy. When required minimum distributions eventually come into play, having everything in one place will make them much easier to manage.

Review your protection

A new year on the horizon is a good reminder to take a closer look at whether your insurance coverage still fits your needs. Make sure your life insurance would support your family’s major financial obligations. Check that your disability coverage would provide stability if you couldn’t work for a period of time. And think about how you’d handle long-term care expenses in the future. Talking with a financial professional can help you determine whether your current coverage is still the right fit.

Check for recurring expenses

Many people discover unused subscriptions or services when reviewing their year-end statements. Take a moment to look through your bank or credit card activity. If you notice anything you no longer use or need, canceling it can put immediate savings back into your budget.

Work on reducing debt

If paying down debt is one of your goals, winter is a great time to start. You can try the Avalanche Method, focusing on the highest-interest debt first, or the Snowball Method, paying off smaller balances to build momentum. Either approach can help you make steady progress toward becoming debt-free.

Clear out what you don’t need

Over time, it’s easy to accumulate investments that repeat each other or no longer serve a purpose. Reviewing your portfolio now can help you identify duplicate or outdated holdings. By removing what doesn’t fit your goals anymore, you can make room for investments that offer more meaningful value.

Begin planning for next year’s taxes

Don’t wait until late next year to think about your taxes. Review your withholding if you’re a W-2 employee to make sure your W-4 reflects your current situation. If you’ve had major life changes, your allowances may need updating. This is also a good time to make charitable contributions or organize important financial documents, helping make tax season easier and less stressful.

Taking these steps during winter can help you start the new year feeling more prepared and in control of your financial future.