The end of the year is traditionally the time for family get-togethers and holiday festivities, but it’s not just fun and games. Whether financial responsibility is your New Year’s resolution or you’ve been working on building up your savings account, the end of the year is the time to get your finances in order. The checklist below will help simplify the process, so you can start the New Year off on the right foot.

4 Steps to Getting Your Finances in Order

1. Check Your Spending

Knowing where your money goes every month will let you develop a clear picture of your overall financial health. Look at checking and savings account statements to see where you might cut corners, or use a smartphone app to track all of your purchases for a couple of months.

2. Do a Savings Progress Report

How much did you hope to have in your savings account at the end of the year? Did you meet your goals, or were they overly ambitious? Understanding what worked and why you fell short will help you do better next year.

3. Evaluate Your Debts

Paying off debts is just as important as saving, so collect all your credit card and personal loan statements. Did your debt increase or decrease over the year? Which cards have the highest interest rates? Since paying interest essentially means throwing away money, make a plan to pay those accounts off first.

4. Set a Monthly Budget for Next Year

The best monthly budget is one you can follow, so use what you’ve learned about your finances to start planning for next year. Remember to set attainable goals and keep your long-term objectives in mind while leaving room for discretionary spending and entertainment.

For more than 80 years, Hawaii County Employees Federal Credit Union has helped their members achieve financial security with a wide range of financing and savings accounts. They provide personalized service to county employees and their families with products designed to help make dreams come true. Visit their website for account options, call (808) 935-2969 with any questions, or follow the credit union on Facebook for more financial tips and advice.