6 Things You Should Do Before 2024 Ends

Assalamu Alaikum girlie! 🌸

As 2024 wraps up, many of us are pulling out our journals to set our new goals! Whether you reached all your financial goals this year or missed the mark with all of them, there’s still a chance to take action!

Don’t let your past mistakes hold you back, your financial journey is yours to shape, and every small action counts.

Here’s your 6-step checklist to make sure your finances are in check at year end. Let’s dive in!

6 Item End-of-Year Checklist

✨ 1. Revisit Your Budget and Spending Patterns 💸
Look back at how your spending and saving habits shaped up throughout the month. Which months did you stick to your budget, or did certain categories (like dining out or subscription services) creep up? Now’s a good time to identify those patterns so you can make small, manageable changes that set you up for success. Ask yourself: Where can I cut back a bit without feeling deprived?

Winter Season Spending Hack: The winter sales are in full swing, and it's easy to overspend. Rather than jumping on every deal, make a list of must-haves and set a clear budget to avoid impulse purchases. Remember, a “good deal” isn’t really good if it eats into your goals!

✨ 2. Double-Check Your Emergency Fund 🕊️
I sound like a broken record at this point but life is full of surprises. Having an emergency fund with at least 3-6 months of living expenses is your safety net. If you haven’t started building this fund yet, consider setting up small, automatic contributions to it—just $20 a week can add up over time! If you already have one, top it up to create a bigger cushion for yourself!

Why This Matters: An emergency fund isn’t just money in the bank; it’s a buffer that keeps you from going into debt when life throws curveballs your way. If 2024 taught us anything, it’s the importance of financial stability!

✨ 3. Contribute to Your Retirement Fund 📆
Even if retirement seems far away, contributing to retirement accounts (like a 401(k) or IRA) is one of the best long-term investments you can make. And with the IRS updating contribution limits each year, it’s a good idea to check if you’re maximizing those benefits. For 2025, the 401(k) contribution limit is $23,500—every little bit helps, especially with employer matching!

Tip for Freelancers: If you’re self-employed, consider looking into a SEP IRA or solo 401(k). IRAs have much lower limits and easier to max out.

✨ 4. Book a Meeting with a Tax Pro 🏢
Taxes can be tricky, especially if you’ve started a side gig or are self-employed. A quick meeting with a tax professional before the year wraps up can help you find deductions, adjust your withholdings, or credits you may not know about. This way, you can implement tax-efficient strategies that you can benefit from when filing your taxes in 2025!

Think Ahead: If you’re working for yourself, ask your tax pro about estimated payments, tax deductions, and potential write-offs to reduce your tax liability.

✨ 5. Simplify Your Financial Accounts 🏦
If you enjoy voluntarily overcomplicating your life (like me), you might want to consider simplifying your financial system.

This is a great time to get rid of any accounts, subscriptions, or memberships that no longer serve you. Simplifying your finances keeps things organized and helps you save more. If you have multiple savings accounts, consider consolidating to make your goals easier to track.

Bonus: Set up an automatic transfer for your top goals, like a weekly contribution to savings or investments. Simplicity leads to consistency!

✨ 6. Set your Financial Goal Intention 🎯
Look at where you’d like to be financially this time next year. Is it debt-free? Having a stable emergency fund? Growing an investment portfolio?

Set a specific goal to work toward and break it down into monthly steps. You don’t need to have everything perfect—just a direction and the motivation to keep moving forward! Hit ‘reply’ and tell me your goal, I’d love to cheer you on!

May Allah bless your journey, your efforts, and increase you in barakah, now and always. Here’s to a fulfilling and prosperous life! 🌸

Warmly,
Fatimah ✨
Founder, Finance Girlie