The last two months of the year fill up fast. Holidays, travel, open enrollment, family. Money tasks get pushed to January — and some of them cannot wait that long.
This is a short checklist of things worth doing before December 31. None of them takes long. Most take less than an hour.
1. Pull your credit reports
Get all three at AnnualCreditReport.com. They are free and available weekly.
Look for accounts you do not recognize, late payments that are wrong, and balances that should be zero. Starting the new year with an accurate report is a good foundation for anything you are planning in it — a home, a car, a business.
If you have not placed credit freezes, this is a good time to do that too. They are free.
2. Review the year's spending
Go through the last few months of bank and card statements. You are looking for:
- Subscriptions you forgot about
- Recurring charges that went up
- Categories where spending drifted
You will use this to build next year's budget. It is the most accurate information you have.
3. Check your benefits and coverage
Open enrollment. If you have employer coverage, TRICARE, Medicare, or a Marketplace plan, this is the season to review it. Each program has its own window and its own deadlines.
Use-it-or-lose-it accounts. If you have a health flexible spending account (FSA) through work, check your balance. Many FSAs are use-it-or-lose-it at year end, though some plans offer a short grace period or a limited carryover. Ask your plan administrator what yours allows.
Your VA records. If your family changed this year — marriage, divorce, a new child — make sure the VA has the update. Dependents can affect your compensation, and unreported changes can create overpayments you have to pay back later.
4. Think about taxes now, not in April
Withholding. If your income changed this year — a new job, separation, a second job — check your withholding with the IRS Tax Withholding Estimator. You still have a few paychecks left to adjust.
Charitable giving. Beginning with tax year 2026, the IRS says taxpayers who do not itemize may deduct up to $1,000 ($2,000 if married filing jointly) of cash contributions to certain qualified organizations. For any single contribution of $250 or more, you need a written acknowledgment from the organization. Keep your receipts, and confirm the organization qualifies using the IRS Tax Exempt Organization Search.
Retirement contributions. Contributions to a workplace plan like a 401(k) generally have to come out of paychecks during the year. For a traditional IRA, the IRS allows contributions for a given year up until the tax filing deadline, not including extensions.
Free tax help. If you qualify, programs like VITA, TCE, and MilTax prepare returns for free. Make a note to book an appointment early in the new year.
5. Update beneficiaries and key documents
Check the beneficiaries on your life insurance, including VGLI, retirement accounts like the TSP or a 401(k), and bank accounts. Beneficiary designations generally control who receives those accounts, regardless of what other documents say — so an old designation can send money somewhere you did not intend.
Make sure someone you trust knows where your important documents are: your DD-214, VA award letters, insurance policies, and account information.
6. Make a plan for debt
List every debt with its balance, interest rate, and minimum payment. Then decide which one gets your extra payments in the new year.
Paying the highest interest rate first saves the most money. Paying the smallest balance first builds momentum. Either works if you stay with it.
If any balance is in collections or you are behind on payments, do not wait until January. Earlier conversations with creditors usually leave more options open.
7. Set three goals for next year
Keep them specific and few:
- A savings target, even a small one
- A debt to pay off or pay down
- One credit-related goal — fix an error, open a first secured card, or get a utilization rate down
Write them down where you will see them.
A note on this list
Tax rules, plan rules, and benefit rules change, and they depend on your situation. This checklist is a starting point, not tax or financial advice. Confirm the details with the IRS, your plan administrator, or the VA.
Where we fit
Credit4Vets helps veterans review credit reports, build budgets, and make debt plans — at no cost. The end of the year is a good time to start.
If you would like help working through any part of this list, reach out to us.
Sources: IRS — Topic 506, Charitable contributions · IRS Publication 590-A — Contributions to IRAs · IRS — Tax Withholding Estimator · AnnualCreditReport.com