This quick, reflective check-up helps you take stock of the year behind you and set your sights on a strong, intentional start to the new one. No calculators. No spreadsheets. Just twelve questions to ask yourself as you prepare for the year ahead.
1. Did your savings grow the way you expected this year?
If not, was it due to market changes, life changes, or just forgetting to adjust your contributions?
2. Are your RRSP and TFSA contributions on track?
The deadline is coming fast, and topping up now can help you start the new year ahead.
3. Has your investment mix changed with the markets?
If your risk tolerance, goals, or timeline shifted this year, your portfolio may need a tune-up.
4. Could your emergency fund still cover 3 to 6 months of expenses?
Costs have changed for many Canadians in 2024. It might be time to revisit this number.
5. Have your insurance needs changed?
Life events, income changes, new debts, and new goals all affect your protection needs.
6. Do you know exactly what your workplace benefits do, and don’t, cover?
A quick review here can reveal surprising gaps.
7. Has it been more than two years since your last insurance review?
Most people don’t revisit their policies until they need them. The worst possible time.
8. Is your will up to date?
Even small changes in your life can make an old will out of sync with your wishes.
9. Have you revisited your long-term tax strategy?
Tax efficiency isn’t just a once-a-year task; it’s part of long-term planning.
10. Are your financial documents organized for a smooth tax season?
A little prep now means a calmer spring.
11. Did any major life changes this year impact your financial plan?
A move, job change, new business, new family responsibility. They all matter.
12. Do you have clear goals for the next 1 to 5 years?
If not, the new year is the perfect time to map out travel plans, home upgrades, education funding, or retirement milestones.
What Your Answers Mean
If you answered yes to most questions, your plan is likely in strong shape. You’re heading into the new year with clarity and momentum.
If you answered no or not sure at times, that’s completely normal. These questions are designed to shine a light on the areas that could use a refresh, not to judge.
The goal is simple:
Start the new year with confidence, not guesswork.
A Smart Next Step
Many Canadians review their finances at tax time, but the end of the year is actually one of the most valuable moments to check in. Markets shift. Life shifts. Priorities shift.
A quick conversation now can help you:
- Make the most of remaining tax opportunities,
- Adjust your investments for the new year,
- Confirm your insurance is still aligned, and
- Set goals with a clear strategy behind them.
If you’d like support reviewing your plan before the new year begins, our team at Newton Financial is here to help.
