Get Ahead in 2025: The Financial Checklist to Start Strong

Ready to take control of your finances in the new year? Jumpstart your journey with this simple 11 step financial wellness action plan!

1. Set Clear Financial Goals

Written goals significantly increase your chances of success. Start by envisioning what you want for your financial future and let that vision drive your plan. Note that financial goals can be both short-term and long-term. For instance, a short-term goal might be paying off debt, while a long-term goal could involve saving enough for a house.

Experts recommend making SMART goals, which are specific, measurable, achievable, realistic, and time-based. This approach transforms your aspirations into actionable plans for how to get there. Determine how much you need to save and set a timeline, then incorporate your savings goals into your budget as “payments” to yourself.

2. Update Your Budget

Your budget serves as a financial roadmap, and whether you’ve been using one for years or just starting out, it’s wise to end the year with a thorough review. This will help you understand your long-term spending habits and assess your progress toward your savings goals. If you haven’t created a budget yet, now’s the perfect time to start—taking this step can set you up for a financially healthy new year.

Consider using budgeting tools or apps, like SESLOC Online Banking, to streamline the process and track your progress through built-in Financial Tools. You can view and manage all your financial accounts on one site, including accounts at other banks or institutions. Many apps categorize your spending automatically and provide insights into your financial habits, making it easier to stay on track.

3. Automate savings

Simplify your savings by taking the set it and forget it approach. You can set up recurring transfers in Online Banking to automatically move money into your savings and even set up savings goals  to track your progress. You’ll earn a Level Up¹ point for Saving once you have $10,000 or more in balances across all your eligible share accounts.

Another easy way to boost your savings this year is with Change it Up!²  Enroll to round up your everyday debit card transactions to make an automatic deposit into your Savings account. It’s a simple, automatic way to save money. To up your savings game even more, direct your change to a Save to Win³ 12-month Share Certificate for a chance to win monthly and quarterly prizes. Every $25.00 in deposits gives you an entry (up to 100 per month; minimum opening deposit is $25.00).

4. Review Your Credit Score

Credit report errors are more common than you might think and can drag down your credit score. A study by the Federal Trade Commission found that after addressing errors, one in five people boosted their credit score enough to enter a better credit risk tier, which means they qualified for a lower loan interest rate. Common errors include duplicate accounts, closed accounts reporting as open, accounts belonging to someone with a similar name as yours, accounts reported incorrectly as late or delinquent, and instances of identity theft. Reviewing your credit report every year is a great way to keep on top of any errors and help protect your credit score. Never pay someone to clean up your credit report — you can access your report and fix errors for free. You can order your free credit report every 12 months at AnnualCreditReport.com, a service authorized by federal law thanks to the Fair Credit Reporting Act. If your credit report has errors, notify the credit bureau (Experian, Equifax and/or TransUnion) in writing. They have 30 days to research and remove incorrect information.

You can also monitor your credit score in Online Banking with daily updates of your TransUnion VantageScore 3.0, powered by SavvyMoney, Inc.⁴ Simply select See Your Score on your Accounts Dashboard and accept the Terms & Conditions to authorize a soft credit pull that will not affect your score. After you opt-in, you can get insights into your how your score is calculated, view a summary of your credit report, and use the score simulator to see how different actions might impact your score. You can also set a credit score goal, which will give you recommendations for how to achieve your target. Please note that the information used here is for educational purposes only and that a different credit scoring model may be used when applying for credit.

5. Prep for tax season

Although you might still have your holiday decorations up, there are a few things you can plan to do now (or soon) that will help make tax season a little more stress-free:

• Locate and review last year’s tax return. Use it as a guide to make a list of all the organizations that you’ll be expecting required documentation from, like your W-2, any 1099’s for dividends, and so on.
• Make a list of all the receipts you’ll need for your deductions, then collect and organize them.
• Pencil in an appointment with your tax advisor or CPA. Their schedules might book up quickly, and there are benefits to getting your taxes done as soon as possible. Besides avoiding any late fees and getting a quicker return, filing early can help prevent identity theft and tax fraud. Unfortunately, scammers take advantage of this time of year to file fraudulent returns to claim other people’s tax refunds.

6. Check Your Level

Speaking of Level Up, our member benefits program,⁵ you can earn points based on your activity with us to be in Levels 1, 2 or 3. Increasing benefits include select fee waivers, waived check orders and rate discounts on new eligible consumer loans — all of which can help you save even more money and get ahead financially. You can check your level by logging into Online Banking, looking at your most recent statement, or by calling us at (805) 543-1816. Need more points to hit the next level and reap the added benefits? Check out these 5 ideas.

7. Check Your Rewards points

Your SESLOC HomeFREE Checking™ debit card and Visa Signature Rewards credit card earn rewards points with every purchase — have you checked how much you’ve earned recently? You can redeem your points for cash back, gift cards, gas, merchandise, and more. Or, enroll in Pay With Points¹ to redeem your points for a statement credit covering qualifying purchases.

8. Maximize Your Retirement Contributions

Consider increasing your 401k contribution, especially if you aren’t maximizing your company’s matching program. No matter what your retirement savings goals are, at a minimum, you should plan to fully utilize your employer’s match. While many programs have a vesting period, in which the percentage of their contribution becomes “yours” over a period of time, the match is essentially free money for your retirement fund.

9. Check Your Emergency Fund

Having an emergency fund to manage unforeseen circumstances can mean the difference between a financial disaster and a minor setback. Depending upon your budget, you can determine a set amount to put into a savings account from each paycheck. Some people have their employer directly deposit part of their paycheck into a savings account. Overtime, you can build a budget buffer.

It is suggested to aim at saving at least three to six months’ worth of living expenses in your emergency fund. This amount can provide a financial safety net in case of job loss or unexpected expenses. While this can seem daunting at first, it is ok to start small. Try to save just one month’s worth of living expenses in your emergency fund, and then increase your goal as time goes on.

10. Setup a Financial Review Schedule

Flexibility is key to long-term budgeting success. Regularly review (at least once every 3-4 months) and adjust your budget as needed. Life changes, such as a job change, moving or unexpected expenses, may require revisions to your budget. If you have combined finances, schedule regular “money dates” to sit down together and check in on your budget, goals and to game plan solutions for any problems that might have arisen since you last met.

11. Educate Yourself on Personal Finance

Empower yourself by making a commitment to expanding your financial knowledge. SESLOC offers free webinars and access to hundreds of articles on topics like budgeting, tackling debt, saving for your goals and more. If you want to explore courses and are worried about costs, take advantage of GreenPath’s free financial education online. Whether you are preparing to buy a home or navigating your auto loan, these sessions offer jargon-free, shame-free guidance to help you reach your financial goals.

1. Participation in the program is subject to terms and conditions, available at seslocrewards.org.

2. When you enroll in SESLOC’s Change It Up program, you understand that the amount of any SESLOC debit card purchase made by a cardholder issued a debit card associated with your checking account will round up to the next whole dollar and the excess of the purchase amount transferred into your selected savings account. If a debit card purchase is refunded or cancelled, the corresponding Change it Up transfer remains in your savings account. SESLOC may cancel or modify the SESLOC Change It Up service at any time without prior notice. Change it Up service is not available for business debit cards, and you may not transfer to a Consumer Money Market or Consumer Building Block Share Certificate Account.

3. Limit one Save to Win 12-month Share Certificate per consumer member. The account is not available to businesses, including sole proprietors, trusts and organizations. Consumer member must be 18 years or older and a resident of California to participate in the Save to Win Savings Promotion. No purchase necessary. 12-month Share Certificate account will automatically renew upon maturity. Early withdrawal incurs a penalty fee, with a limit of one withdrawal per 12-month term. Must maintain an average daily balance of $25.00 for the account to remain open. Winners agree to permit SESLOC CU to use their likeness in promotional or their materials. Membership in good standing required for all Credit Union benefits. See the Member Account Agreement and Disclosure and Fee Schedule for additional terms, conditions and fees that apply to your account. Refer to SESLOC CU Save to Win Savings Promotion Official Account and Prize Entry Rulesfor additional terms, conditions, eligibility and restrictions that may apply.

4. The credit score provided is intended to help you understand the factors that affect your credit score, and ways you may be able to save money with SESLOC Credit Union loan products. It is not used for loan approval purposes, or for determining loan rates. Loan rates and approvals are based on information provided to the credit union when you apply for a loan. The credit score found in the credit report may be different than the credit score you see here. The offers presented are not offers to lend. Terms and conditions and offers are subject to change at any time.

5. The Level Up Member Benefits Program (“Program”) is provided by SESLOC Credit Union (“Credit Union”). The Program is available to consumer memberships, for which the primary consumer member is eighteen (18) years in age or older and is a member in good standing with the Credit Union. The Program is automatically available to an eligible consumer membership. Please visit www.sesloc.org, Online Banking or any branch for the Level Up Member Benefits Program Disclosure(“Disclosure”) for more information regarding the terms and conditions of the Program. Certain restrictions and other limitations apply. By establishing or maintaining a consumer membership you are accepting the terms and conditions of the Program. If you prefer not to participate in the Program you may opt-out, see the Disclosure for more details. The Program terms, conditions and benefits may be amended at the sole discretion of the Credit Union and are subject to change without notice, except where required by law.