By Paul Roldan, CFP®
Are you balancing college costs, aging parents, business responsibilities, and your own retirement planning—all at the same time? For many families, this reality makes a financial checklist to start the new year especially valuable as a practical way to organize financial decisions.
The goal of this financial checklist is straightforward: provide concrete actions that help real families move forward in a way that fits how life actually works.
1. Review and Align Your Budget
Start by reviewing your household budget from the past year. Look at all income streams, including wages, business revenue, or side projects, and compare them against your fixed and discretionary expenses.
For example, many of our clients find opportunities to redirect small, recurring expenses toward college savings plans or retirement accounts without feeling a pinch in their day-to-day lives.
Aligning your budget with your priorities also means evaluating whether your savings and giving patterns still reflect your values. For example, one of our clients redirected a portion of her discretionary spending into charitable contributions that matter most to her while still keeping her family’s lifestyle comfortable.
2. Check Your Emergency Fund and Insurance Coverage
Life is unpredictable. A fully funded emergency fund paired with the right insurance coverage can safeguard your family and give you freedom to focus on long-term plans.
We often recommend that your fund cover at least three to six months of essential expenses to feel confident that your health, life, and disability coverage remain sufficient as your household evolves.
Business owners should also consider reviewing business liability or key-person insurance to defend against unexpected events that could impact both personal and professional finances. These checks aren’t glamorous, but they’re critical for keeping your financial foundation solid.
3. Enhance Tax Planning Through Your Business and Personal Accounts
Tax planning shouldn’t only be a year-end task; it’s a continuous opportunity to manage your finances efficiently. If you own a business or side venture, review retirement contributions, business expenses, and eligible deductions.
For instance, one couple we work with recently adjusted their retirement contributions to leverage both personal and business tax benefits while planning for their children’s college tuition.
Even for salaried professionals, reviewing tax withholdings, education savings contributions, and charitable giving strategies can reduce surprises when filing and help free up resources for other priorities.
4. Evaluate Investment and College Savings Strategies
With college costs rising and retirement timelines approaching, a mid-year review of your investments is essential.
Look at your portfolio’s asset allocation, risk exposure, and alignment with your long-term goals. For families in the “sandwich generation,” college savings accounts like 529 plans can be rebalanced to reflect changing tuition needs while staying tax-efficient.
Business owners and entrepreneurs often have more options for retirement contributions that combine personal and business accounts. For instance, another client uses a mix of individual retirement accounts and business-qualified plans to balance his immediate tax strategy with long-term growth.
The key is not chasing the latest trend but keeping your investments and savings strategies consistent with your overall objectives.
5. Set Intentional Goals for Giving and Legacy Planning
Your financial checklist for the new year isn’t complete without reviewing charitable giving, estate plans, and family wealth transfer strategies. Thoughtful planning helps you utilize your resources so they serve the next generation according to your values.
Legacy planning isn’t just for the ultra-wealthy—your assets, whether financial, educational, or experiential, can be directed to create the impact you desire. Families benefit when these conversations are intentional, documented, and revisited annually.
Why This Financial Checklist Works Across Generations
Financial decisions rarely exist in tidy categories. Families often face college planning, business considerations, retirement timing, and support for aging parents at the same time. This checklist works because it looks at those priorities together rather than in isolation.
By addressing priorities as connected pieces, it highlights trade-offs and opportunities that are easy to miss when each area is handled separately. This approach reflects how real households operate, where decisions in one area affect outcomes in another.
Put Your Financial Checklist to Work in 2026
A financial checklist works best when it reflects how real people actually live. Reviewing budgets, taxes, investments, education funding, and legacy planning together reveals connections that are easy to miss when handled in isolation.
The team at AllGen Financial Advisors, Inc. partners with families and business owners to help them organize decisions across generations and seasons of life. If you’d like fiduciary advice walking through your own financial checklist for 2026, we invite you to start that conversation with us.
To schedule a complimentary meeting, call (407) 210-3888 or email advisors@allgenfinancial.com.
Frequently Asked Questions
What should be included in a financial checklist for the new year?
A financial checklist for the new year typically includes reviewing your budget, confirming emergency savings and insurance coverage, evaluating tax strategies, checking investment and college savings plans, and updating charitable and legacy planning. Addressing these areas together helps keep your financial decisions aligned as priorities evolve.
How often should I review my financial checklist?
Most households benefit from reviewing their financial checklist at least once a year, with additional reviews after major life events such as a job change, business growth, a new child, or caring for aging parents. Regular reviews help identify opportunities and prevent small issues from becoming larger financial challenges.
Can a financial advisor help with creating and reviewing a financial checklist?
Yes. A fiduciary financial advisor can help organize your financial checklist, connect decisions across taxes, investments, education planning, and legacy goals, and provide guidance tailored to your family or business situation. Firms like AllGen Financial Advisors work with clients to turn a checklist into an actionable plan that adapts as life changes.
Important Disclosures: The information provided here is of a general nature and is not intended to answer any individual’s financial questions. Do not rely on information presented herein to address your individual financial concerns. Your receipt of information from this material does not create a client relationship and the financial privileges inherent therein. If you have a financial question, you should consult an experienced financial advisor. Moreover, the hiring of a financial advisor is an important decision that should not be based solely upon blogs, articles, or advertisements. Before you hire a financial advisor, you should request information about the financial advisor’s qualifications and experiences. Past performance is no guarantee of future results. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative (or “informational”) purposes only and not intended to be reflective of results you can expect to achieve. AllGen Financial Advisors, Inc. (AllGen) is an investment advisor registered with the SEC. AllGen does not provide personal financial advice via this material. The purpose of this material is limited to the dissemination of general information regarding the services offered by AllGen. The Disclosure Brochure, Form ADV Part II, which details business practices, services offered, and related fees of AllGen, is available upon request.
