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Dec 30, 2024
As the year comes to a close, it’s the perfect time to reflect—not just on your finances but also on the systems and values that guide your family. Whether 2024 was the year you committed to a family budget or created shared goals, or you’re setting your sights on doing this in 2025, this post is for you.
An end-of-year review isn’t just about crunching numbers; it’s an opportunity to celebrate wins, strengthen connections, and make meaningful plans for the future. Here’s the process my husband and I followed for our first annual financial review, inspired by personal finance expert Ramit Sethi.
Preparation
* Analyze Spending: Review the last 12 months of spending. What worked? What didn’t? What needs to change?
* Project Expenses: How accurate were your expense projections? Adjust your budget for things like groceries, dining out, travel, or childcare.
* Review Money Rules: If you’ve set financial guidelines, evaluate them. Discard ones that no longer serve you and introduce new ones if needed. For example, creating a shared agenda for money dates where we can add topics in advance. This helps us avoid discussing finances through text or at inconvenient moments. It was important to us to intentionally create space for these conversations.
Appreciation
* Reflect on moments from the past year when you felt grateful for each other. Use photos or calendar events to jog your memory.
* Example: I thanked my husband for cooking during my early stages of pregnancy, especially when every kitchen smell made me nauseous for months!
What Went Well
* Celebrate shared victories—big or small.
What Would You Change?
* Stay positive while being honest about areas for improvement.
* Example: We could have spent less on dining out, but as togetherness is a family value, we brainstormed ways to enjoy meals with friends while staying within our spending plan going forward.
What Would Make Next Year Magical?
* Dream about the upcoming year. What would make it amazing?
* Example: Signing up for a couple’s cooking class or planning a special vacation.
Where Do We Want to Go?
* Discuss trips or experiences for the coming year, like holiday plans or weekend getaways.
What Do We Want to Do More Of?
* Example: Hosting a monthly game night with local friends.
What Do We Want to Do Less Of?
* Example: Avoiding surprise pet bills by setting up a dedicated pet savings fund.
Where Are We Today?
* Review your net worth and celebrate progress.
* Compare your spending plan to actual spending—what lessons can you take into next year?
Next Steps
* Document action items from the conversation to ensure they don’t get lost in the shuffle of daily life.
An end-of-year review like this goes beyond balancing spreadsheets—it’s about aligning your family’s finances with your values and creating a life you love together.
Financial Planning Associate
Melissa joined Narwhal in 2018 after completing her master’s degree in financial planning from the University of Georgia, where she also earned her bachelor’s in consumer economics. Her interest in the field began with a curiosity about how people make money decisions—and the emotions behind them. She earned her CFP® certification in 2021 and takes a financial therapy-informed approach to help clients find clarity, confidence, and direction in their financial lives.Melissa lives in Smyrna with her husband, Matt, their baby boy Emmett, and two dogs, Remi and Neely. Outside of work, she enjoys hiking and traveling with her family, practicing yoga, and soaking up slow moments at home.
At Narwhal Capital Management, you’re more than just a portfolio, and it’s not all about the numbers. Let’s start with a meeting about your needs and future goals.