Take a break

Year-end is supposed to be filled with holiday joy, so why can it be so stressful?   

Maybe the better question is: How can it not be?

In November and December, our “to-dos” can avalanche into an insurmountable checklist of work projects, holiday parties, gift buying, family visits, last-minute tasks before vacations – just to name a few. Then, add into the mix our nation’s political divide and the world’s geopolitical strife.

We say hit pause and take a breath. Year-end is the time to give yourself a break.

The ‘less-is-more’ strategy

Do fewer tasks this November and December, so you have more time to enjoy. At year-end, we recommend a less-is-more strategy to get more out of your most valuable asset: your time.

“The whole point of having a financial plan is to help provide the money you need to enjoy the time you have,” says Todd Hillstead, director, financial planning. “You can never get back your time. So, if you’re on track with your plan, give yourself the permission to spend a bit more if that’s what it takes to enjoy year-end,” says Hillstead.

Put aside the stuff that isn’t critical and urgent. Perhaps that means going to fewer holiday parties, prioritizing some tasks for next year and dare we say it, buying fewer gifts.

Instead, go on a vacation with (or without) family, treat yourself to a series of spa days or maybe just do a whole lot of nothing in particular. 

Now what if you’re someone who just started your financial planning and/or are behind on your financial goals? That still means less is more during year-end. You have a financial path forward, and that’s reason to relax.

A new approach to the year-end financial checklists

Not doing it all also includes everything on a long financial checklist.

Remember: We’re here to help with anything that has a dollar sign. The financial plan you created with your planner should cover all aspects of your financial life – your retirement goals, estate plan, taxes, insurance and more – so you’re on a path to help achieve your goals. That’s a reason to feel good.

We’re not saying there aren’t certain financial tasks that need to get done before Dec. 31, but maybe there aren’t as many as you think.

Prioritizing for later isn’t procrastinating

If your financial checklist – or any other checklist for that matter – has things on there that can wait until after Dec. 31, then do them after.

There may be things that you think have a Dec. 31 deadline, but don’t.

For example, you have until April 15 to max out 2024 contributions to traditional IRAs and Roth IRAs as well as contributions to Health Savings Accounts. There is also a grace period for spending your Flexible Spending Accounts until March 15.

Obviously, there are some tax-related tasks that need to get done by Dec. 31, like maxing out your work 401(k) or any Required Minimum Distributions. But if, for example, updating your estate plan or insurance isn’t urgent, consider doing that in 2025.

Depending on the tasks you have, maybe you spread them out next year so there is one task per quarter or every couple of months.

“We have most of the year to tweak financial plan if need be,” says Lisa Eitzel, executive director, financial planning. “You don’t have to make your financial checklist into an overwhelming New Year’s resolution that you may end up breaking.”

Review the table below to help prioritize necessary year-end tasks.

If you have questions about which of your financial tasks need to be done by Dec. 31 and which tasks can be moved to 2025, consult with your planner. That way you can focus more on relaxing and whatever else brings you joy as you end the year.