Short answer
A year-end financial review takes about two hours. Compare your net worth with last December and split the change into money you added and market moves, total the year’s spending by category, check debts and your cash buffer, handle December 31 deadlines, then set next year’s budgets and goals from those numbers.
A year-end financial review is one evening, maybe two, done in the right order. Start with the slowest, biggest number (net worth), work down to the fastest (next month’s budget), and finish with the few things that have a December 31 deadline. Here is the checklist, with the time each step takes and what you need for it.
| Step | Time | You need |
|---|---|---|
| 1 · Net worth snapshot | 15 min | Balances of every account, investment and debt |
| 2 · Split the change since last December | 10 min | Last year’s snapshot, your contributions and repayments |
| 3 · Twelve months of spending by category | 20 min | Transactions or statements for the year |
| 4 · Recurring charges sweep | 10 min | List of subscriptions and repeating payments |
| 5 · Yearly costs turned into monthly lines | 10 min | Insurance, memberships, gifts, car costs |
| 6 · Debt check | 10 min | Balance, rate and minimum for each debt |
| 7 · Cash buffer in months | 5 min | Liquid savings and your monthly essential costs |
| 8 · December 31 deadlines | 10 min | Registered account room, receipts |
| 9 · Tax documents folder | 10 min | Receipts and slips for 2026 |
| 10 · Next year’s budgets and goals | 20 min | Steps 1–7 |
About two hours in total. Do steps 1–7 in one sitting; 8–10 can wait a day.
Step 1–2: net worth, and what moved it
Spending is noisy. Net worth tells you whether the year moved you forward. List every asset (cash, investments, property, a vehicle at what it would really sell for) and every debt (mortgage, loans, cards, pay-later balances), subtract, and compare with last December. The net worth calculator does the arithmetic if you do not track it yet.
| Dec 2025 | Dec 2026 | Change | |
|---|---|---|---|
| Cash and savings | $8,400 | $11,900 | +$3,500 |
| Investments | $31,000 | $39,600 | +$8,600 |
| Car (resale value) | $14,000 | $11,500 | −$2,500 |
| Credit card and car loan | −$12,200 | −$10,100 | +$2,100 |
| Net worth | $41,200 | $52,900 | +$11,700 |
Example household, made-up figures. Of the $8,600 investment gain, $4,800 was contributions and $3,800 was market movement.
Then split the change. Money you added and debt you repaid are durable; market movement can reverse next year. In the example, $4,800 of contributions, $2,100 of repayment and $3,500 of extra cash came from your own decisions, and $3,800 came from markets, offset by $2,500 of car depreciation. That split tells you whether next year needs a savings change or just steadiness. Tracking net worth over time covers the monthly version.
Step 3–5: the spending year
Total the last twelve months by category and look for three things:
- Categories that grew faster than your income. Sort by growth in dollars against last year. A category that doubled matters more than one that was always large.
- Recurring charges you forgot. List every subscription and repeating payment and ask whether you would buy it again today. Cancel on the spot. A subscription tracker finds the ones memory skips.
- Yearly costs that ambushed you. Insurance renewals, memberships, car repairs, holiday gifts. Turn each into a monthly sinking fund line for next year, so the bill arrives already paid for.
In Finman, the yearly report totals the year by category, the subscription list shows charges that repeat in your history with their next due dates, and the AI CFO answers questions such as “which categories grew most this year?” from your own transactions.
Step 6–7: debt and cash buffer
List each debt with its balance, rate and minimum payment. The highest-rate balances are usually next year’s first target; the debt payoff calculator compares snowball and avalanche order and gives a payoff date for each. Then count your cash buffer in months of essential costs: liquid savings divided by the bills you cannot skip. If the buffer is under three months, it usually comes first in next year’s plan. The emergency fund calculator gives a target.
Do the review from your own numbers
Import a year of CSV, OFX or QFX statements, see net worth and twelve months by category, then set next year’s budgets. Free during the open beta.
Start freeStep 8–9: what has to happen before December 31
A few things depend on the calendar year. For Canadians:
- FHSA. Contributions you want to deduct for 2026 must be made by 31 December 2026; contributions made in the first 60 days of 2027 cannot go on the 2026 return (CRA).
- RRSP. Contributions made in the first 60 days of 2027, up to 1 March 2027, can still be deducted on the 2026 return. December is a good time to check your room and plan the amount.
- Tax documents. Start a 2026 folder now for receipts and slips. 2026 returns are due 30 April 2027; self-employed people file by 15 June 2027, with any balance owing still due 30 April (CRA). The CRA asks you to keep tax records for at least six years (CRA). How to organize receipts and expenses for taxes sets up a system that runs all year.
In the US, check your own employer plan and account deadlines with the provider; rules differ by account type. This section is general information, and a tax professional can confirm what applies to you.
Step 10: set next year from the evidence
Close the review by writing down three to five numbers for next year: a budget for each category that grew too fast, a monthly sinking-fund amount for the yearly costs, a savings rate you can hold, a payoff date for the main debt, and a net worth target for next December. Then turn the most important one into a resolution with a date; the financial resolutions guide shows how to make it last past February.
What Finman does here
- Net worth with history. Accounts, investments, property and debts in your base currency; snapshots build a history chart. Net worth tracker.
- The year by category. Yearly report from your imported or entered transactions; export to CSV for your own spreadsheet.
- Recurring charges. Repeating charges found in your history with next due dates. Subscription tracker.
- Debts and goals with target dates. Balance and target date per debt, monthly amount per goal from My plan. Debt payoff planner.
Frequently asked questions
What should a year-end financial review include?
A net worth snapshot compared with last December, a split of that change into money you added and market moves, twelve months of spending by category, a sweep of recurring charges, a debt and cash-buffer check, any December 31 deadlines, and next year’s budgets and goals.
How long does a year-end financial review take?
About two hours if your transactions are already in one place: roughly 90 minutes for net worth, spending, debt and buffer, and another 30 to 40 minutes for deadlines, tax documents and next year’s numbers.
Which money deadlines fall on December 31 in Canada?
FHSA contributions you want to deduct for 2026 must be made by 31 December 2026; contributions in the first 60 days of 2027 cannot go on the 2026 return. RRSP contributions made up to 1 March 2027 can still be deducted for 2026.
How do I work out how much my net worth changed this year?
Subtract all debts from all assets now and do the same for last December. Then split the difference into contributions, debt repaid, market movement and depreciation, so you know how much of the change came from your own decisions.
What should I do with yearly bills I forgot about?
Add up each yearly or irregular cost, such as insurance, memberships, car repairs and gifts, divide by 12 and save that amount every month as a sinking fund. The bill then arrives already paid for.
What do I do with the results of the review?
Write three to five numbers for next year: category budgets, a sinking-fund amount, a savings rate, a debt payoff date and a net worth target. Turn the most important one into a resolution with a date and check it monthly.
Close 2026 with real numbers
Net worth with history, the year by category and what is left on each debt. Every feature is free during the open beta.
Get Started FreeSources
- Canada Revenue Agency: tax deductions for FHSA contributions
- Canada Revenue Agency: 2026 tax deadlines for businesses and self-employed individuals
- Canada Revenue Agency: how long to keep your income tax records
Related reading: Financial resolutions for 2027 · How to calculate net worth · Organize expenses for taxes · Holiday budget 2026 · Financial spring cleaning