By A new year is a great chance to take stock of your money plan and set yourself up for financial success. As we start 2026, personal finance columnist Kerry Hannon offers a month-by-month roadmap of smart, manageable steps to strengthen your finances, stay organised, and reach your goals.
Whether you’re budgeting, managing debt, or thinking about taxes, having a plan helps eliminate guesswork and gives you a clearer path to the year you want.
January: Build Your Financial Foundation
1. Create a 2026 Spending Budget
Begin by listing your fixed monthly costs — rent or mortgage, insurance, utilities — so you know what you must pay each month. Then look at your 2025 spending reports (like end-of-year credit card summaries) to see where your discretionary dollars went. This gives you a clear baseline and highlights areas where you can cut back or reallocate funds.
2. Check Your Emergency Fund
A healthy emergency fund brings peace of mind. Ideally, you aim to save enough to cover several months of living expenses in case of unexpected events like job loss or medical bills. If saving a year’s worth of expenses feels overwhelming, start with a smaller, achievable goal and build from there.
3. Review Your Credit Report
You’re entitled to one free credit report annually from Experian, TransUnion, and Equifax. Pull your report to check for errors — things like misspelt names or incorrect account details could hurt your credit score. If you find inaccuracies, you can dispute them with the reporting bureau.
4. Pay Quarterly Estimated Taxes (If Self-Employed)
If you’re self-employed and didn’t prepay enough 2025 taxes, you could face a penalty. Make sure you pay at least 90% of what you owe for 2025 or 100% of last year’s tax bill — whichever figure applies to avoid penalties.
February Through December: Keep the Momentum Going
While January sets the tone for the year, Hannon’s full plan includes important actions throughout the rest of the year — from preparing for mid-year financial reviews to planning for year-end tax moves. Some highlights you’ll want to remember include:
- Mid-year check-ins to track how your goals are progressing
- Charitable giving and tax strategy as year-end approaches
- Retirement and savings contributions timed to make the most of available tax advantages (details available in the full checklist)
These steps help you stay on top of important financial tasks without scrambling at the last minute.
Why a Monthly Finance Checklist Works
Breaking big financial goals into monthly tasks makes them feel more manageable. Instead of facing everything at once, you tackle one key focus at a time. This structure helps you:
- Avoid forgetting deadlines or opportunities
- Spread out big decisions like tax payments and budgeting reviews
- Build better habits that can last beyond 2026
Using a planning calendar or budgeting app to slot these tasks into your schedule can make following this roadmap even easier.
Final Thoughts
Getting intentional about your finances at the start of the year can change how the rest of the months play out. By budgeting smartly, checking your emergency cushion, reviewing your credit, and staying organised with your taxes, you lay a strong foundation for the year ahead.
