Use these tips to get a head start on the year ahead
By Office of Financial Readiness January 2026
Taking stock of your finances and your financial goals can help you create a fresh spending plan and set achievable goals for the new year. We’ve compiled this comprehensive checklist for your use for a prosperous new year!
Take the financial well-being assessment
Think of the Financial Well-Being Assessment as a quick "checkup" for your financial health. It gives you a snapshot of your spending and saving habits, and helps you see if your financial goals are on track. Just answer 12 easy questions to get your score, then gain personalized insights to help you improve. Your answers are anonymous and the assessment does not track any data.
Check your credit score
If you haven't checked your credit score in a while, this is the perfect time. Lenders and even insurance companies use your score to determine your credit risk based on scores that usually range from 300 to 850. It's important to check your credit score regularly to ensure it's accurate. Service members are also entitled to free credit monitoring, and you can even freeze your credit to protect your wallet and your identity.
Review your investments
Are you making the most of your retirement savings? If you haven't increased your pre-tax TSP investments or your spouse's 401(k) contributions this year, now's the perfect time. And if you have room in your spending plan, consider raising your contributions before the end of December. The Internal Revenue Service (IRS) changes the maximum periodically, so consider resetting your contributions for next year. Also, don't forget: You can invest a limited amount in an individual retirement account (IRA). In fact, spouses who are stay-at-home parents can also contribute to IRAs.
Double-check annual statements and insurance coverage
While you're at it, go ahead and pull your most recent
Social Security statement, as well as any annual statements for annuities, stocks and other investments, and real estate or personal property tax statements. It's important to periodically confirm their accuracy. It's also a good time to go over your insurance paperwork and ensure you still have the auto, home or renters coverage you need.
Assess your tax situation
Take a quick look at your tax situation. Forms like your W2 and mortgage interest statement won't be available just yet, but you can begin collecting receipts and other paperwork. You can even start estimating your tax liability and deductions if you itemize them. Then, make sure your withholdings are correct for the new year. Don't forget — service members and their families
have free access to tax experts via MilTax. If you're expecting a tax refund, you can even start planning how to make it work for you.
Cancel unused subscriptions and memberships
You probably have subscriptions and memberships that you're paying for, but not using, like "free" trials you forgot to cancel, streaming services that dropped your favorite shows, memberships not available near your current duty station, meal deliveries you don't enjoy or an off-base gym you never visit. Go through them, cancel the ones you no longer need and start the new year off fresh.
Make financial resolutions, especially if you're up for a raise
Are you ready to adopt a new financial habit in the new year? Perhaps you or your spouse are due for a promotion, a raise or a cost of living adjustment (COLA) that will enhance your financial wellness. Or maybe you're planning to focus your efforts on paying off debt, building your emergency fund, increasing your TSP contributions, spending less, tracking your net worth, or saving for a major purchase like a house or a car. Just keep your goals achievable and beware of lifestyle inflation.
Budget for life changes
Although MilLife can change on a dime, you can usually predict some of life's milestones. For instance, you might be planning on getting married or expanding your family in the next year. Maybe a family member needs expensive surgery or you want to treat your kids to a great vacation. It might be time for a permanent change of station (PCS). This could be the year you purchase a home. Perhaps your child will be heading off to college soon. Or maybe retirement no longer seems quite so far away. Regardless of what you are or aren't expecting, one thing is certain: Life changes all come with a financial cost. The holidays are a perfect time to sit down with your loved ones, set goals, plan for the year ahead and create a spending plan to cover life events.
Meet with an expert
All service members have access to trusted personal financial managers or counselors with nationally recognized certifications. Make a free appointment early in the year to go over your spending plan and financial goals for the year. Reach out to your nearest installation to find an expert who can help you keep on track.
