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Your 2025 Financial Health Checklist: Essential Steps for a Secure and Prosperous Year

As we head into 2025, it’s the perfect time to review your financial health with the same care you give your physical well-being.

For women over 50, financial stability is more crucial than ever, especially as retirement, life transitions, and family dynamics change.

Getting your finances organized can bring peace of mind and give you a fresh sense of control as you approach the new year.

Consider this your financial wellness checkup—think of it as an essential step in holistic self-care for the year ahead.

Let’s walk through some easy but effective ways to make sure your finances are in great shape for 2025!

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1. Calculate Your Net Worth

If you haven’t calculated your net worth before, don’t worry—it’s simpler than it sounds and is an excellent way to start the year with a clear picture of where you stand financially.

Calculating net worth involves adding up your assets (like savings, investments, and property) and subtracting your liabilities (any debts).

Action Step: Start with a simple list. List all your assets on one side and debts on the other. You can also try using a spreadsheet or an app that automatically tracks your net worth as things change.

2. Review and Update Your Budget

A refreshed budget is like a clean slate for your spending and savings habits. Take a look at your spending from last year.

Did you spend more on hobbies or travel than expected? Could you trim spending in certain areas?

Reflecting on where you’ve been allows you to set realistic goals for where you’d like to go.

Action Step: If you prefer a digital approach, try a budgeting app, or use a simple planner if you like tracking finances on paper. Setting up a budget can be as structured or as flexible as you want it to be—start by focusing on the basics like food, housing, and savings.

3. Set New Financial Goals for the Year

With your budget up to date, you’re ready to set meaningful financial goals. Whether you want to pay down debt, save for a vacation, or build an emergency fund, having clear objectives keeps you motivated and gives you something tangible to work toward.

Action Step: Write down your goals using the SMART method: make them Specific, Measurable, Achievable, Relevant, and Time-bound.

If you’re new to goal-setting, start small and work your way up—every little achievement can give you a boost.

4. Schedule Money Dates with Yourself

Setting regular “money dates” can help you stay engaged with your finances in a non-stressful way.

Try making this a weekly habit to review your spending, check your budget, and evaluate your goals.

I make these dates enjoyable by setting a cozy environment—grabbing a cup of tea or lighting a candle and make it a personal ritual.

Action Step: Put a reminder on your calendar for a monthly money date. Treat this like a self-care appointment. Use this time to check in on your financial health and see where you’re doing well and where you may need to adjust.

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5. Review Your Retirement Contributions

It’s always wise to keep an eye on retirement contributions, especially as you get closer to retirement age.

Look at what you’re currently saving and consider increasing your contributions if possible.

If you’re over 50, you may qualify for “catch-up” contributions, allowing you to add more to your retirement accounts than usual.

I’ve been following Ramit Sethi’s work because of his practical and empowering approach to personal finance. His bestseller I Will Teach You to Be Rich offers straightforward strategies to manage money and save for things that truly bring value to your life.

What resonates with me is his emphasis on “conscious spending”—prioritizing what matters and cutting what doesn’t—rather than just strict budgeting. His advice has helped me take a more intentional approach to financial decisions.

Action Step: Ramit Sethi suggests that as you get closer to retirement, it’s important to regularly review and increase your retirement contributions, especially if you’re over 50.

In Canada, this means taking advantage of the catch-up contributions option to boost savings in your RRSP or TFSA. The key is to make regular, incremental increases to ensure you’re building a solid retirement fund for the future. For more of Ramit’s insights, check out his approach to financial planning on his website.

6. Assess Your Investment Portfolio

Your investment strategy should evolve along with your life stage and goals. If you haven’t looked at your portfolio in a while, consider this a good time for a checkup.

Assess whether your investments are too risky or too conservative based on your goals.

This is also a good moment to consider diversification—do you have a variety of assets, like stocks, bonds, and potentially dividend-paying options?

Action Step: Consult with a financial advisor or do a self-review of your portfolio. Make sure your investments align with your current needs and future goals, and consider rebalancing if needed.

7. Evaluate Subscriptions and Unnecessary Expenses

It’s easy to accumulate subscriptions and services that you rarely use. Between streaming services, gym memberships, and other monthly costs, these expenses can add up quickly.

Go through your recent bank statements to see if you’re paying for anything you no longer need.

Action Step: Make a list of your current subscriptions and ask yourself if each one truly adds value to your life. Cancel those that don’t and consider directing that money toward savings or a specific goal instead.

8. Update or Create an Emergency Binder

An emergency binder is invaluable for financial planning. This document should contain all your critical information, such as bank accounts, insurance policies, and even passwords.

It’s especially helpful for loved ones who may need access to your information in case of an emergency.

Action Step: Create an emergency binder and keep it in a secure location. Make sure to include up-to-date details and review it annually to keep it accurate.

9. Strengthen Your Emergency Fund

Having an emergency fund can reduce stress and give you peace of mind knowing you’re prepared for unexpected events.

Aim to save 6-12 months’ worth of living expenses. Start small if this feels overwhelming—contributing even $50 monthly can add up over time.

Action Step: If you don’t already have an emergency fund, make it a priority to start one. Even small contributions add up, so try setting up an automatic transfer each month to make saving easy.

10. Plan for Debt Reduction

If you have debt, creating a repayment plan can be empowering. Focus first on high-interest debt, which can accumulate rapidly.

Two popular methods for debt repayment are the snowball method (paying off smaller balances first) and the avalanche method (tackling the highest interest debt first).

For more details on these strategies, you can read about them on NerdWallet’s guide on debt reduction.

Action Step: Choose the repayment method that works best for you and set up a realistic plan. Breaking down your debt into manageable steps makes the process feel achievable, and each paid-off balance is a victory.

11. Review Insurance Policies

Insurance is often a “set it and forget it” category, but regularly reviewing your policies can reveal ways to save and ensure your coverage meets your current needs.

Check your health, life, home, and auto insurance policies, and consider whether adding long-term care insurance is right for you.

Action Step: Contact your insurance providers and ask about any discounts or adjustments you might be eligible for. A quick check-in could end up saving you money or improving your coverage.

12. Update Your Will and Estate Plan

An up-to-date will and estate plan are essential to protect your family and assets.

If you already have a will, review it to ensure your beneficiaries and details are current. If you don’t have one, this is a good time to set one up.

Action Step: Work with a lawyer or use an online resource to create or update your will. Don’t forget to keep copies of these documents in a safe place, along with your emergency binder.

13. Map Out Big Expenses for the Year

Large expenses, such as vacations, home projects, or significant purchases, can throw off a budget if they’re not planned.

Think about what big expenses might come up in 2025 and start setting money aside now.

Action Step: List any planned big expenses and create a saving plan for each. Even a small monthly contribution toward these goals can help you avoid financial strain down the line.

14. Check Your Credit Report

Your credit score affects everything from loan approvals to insurance rates. Each year, you’re entitled to a free credit report from each of the three major credit bureaus. Checking your report allows you to catch any errors and make sure your score is accurate.

Action Step: Visit AnnualCreditReport.com to request your free credit report. Take a few minutes to review it and correct any mistakes that might be impacting your score.

15. Automate Your Savings and Investments

One of the easiest ways to increase your savings is to automate the process. By setting up automatic transfers to your savings or investment accounts, you make saving effortless and ensure you’re consistently building your financial cushion.

Action Step: Contact your bank or financial institution to set up an automatic transfer each month. Whether it’s for savings, retirement, or a specific goal, automating takes the guesswork out of saving and helps you stay consistent.

Take Charge of Your Financial Health in 2025

As you step into 2025, remember that financial health and well-being is a continuous process, and each small step you take adds up.

By staying proactive with budgeting, goal-setting, and regular financial reviews, you’ll feel more confident and prepared for whatever the year brings.

Treat these steps as part of your self-care routine, and approach them with the same kindness and consistency you give to your physical health.

Financial wellness, like all wellness, is a journey.

As you make these steps a part of your routine, you’ll likely find that feeling in control of your finances boosts not only your financial security but also your overall sense of well-being.

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5 Comments

  1. This is a great list and an easy way to break down managing finances into bite-sized pieces. I really love the schedule a money date with yourself section. Such a great way to approach it and make something that often feels daunting into no big deal!

  2. This financial health checklist is incredibly practical and empowering! I love how it ties financial wellness to self-care, making the steps feel approachable and meaningful as we head into 2025.