Routine guide
Annual Financial Checklist
A once a year routine to step back, review your money and set simple next steps.
An annual financial review gives you a clear snapshot of where you stand. Instead of avoiding money tasks you walk through a short checklist that covers savings, pensions, insurance and goals for the year ahead.
Step by step checklist
- 1
Review savings and investments
Look at your savings accounts and investments. Note balances, contributions and how they have changed over the past year. Decide whether you want to adjust how much you are putting aside or where it is held.
- 2
Check pension or retirement accounts
Review your pension statements and any other retirement accounts. Confirm contributions, fees and projected outcomes. If you have multiple old workplace pensions, note where they are and whether you want advice on consolidating them.
- 3
Review insurances
List your main insurance policies such as home, car and life cover. Check renewal dates, premiums and cover levels. Decide whether any policies need updating or shopping around before they renew.
- 4
Update wills and beneficiaries if needed
If you have a will or nominated beneficiaries on accounts, confirm that details still match your situation. Life changes such as marriage, children or new property are good triggers to review. If you do not yet have a will, consider adding this as a separate project.
- 5
Review your spending patterns
Look back over the year at your main categories of spending. Notice where money is going that no longer matches your priorities and where you would like to direct more. This is not about judgement, just awareness.
- 6
Set simple money goals for next year
Based on what you have seen, set one to three clear goals for the year ahead such as building an emergency fund, paying down a particular debt or increasing pension contributions. Keep them realistic so you can follow through.
Tips to make this routine easier
- Choose a quiet month such as your financial year end or a calm point in the calendar.
- Bring a notebook or digital document so you can record key figures in one place.
- If you are in a couple, review the checklist together so you both see the same picture.
- Treat it as a review, not a test. The aim is awareness and small adjustments.
Run your annual money review in RoutineHQ
Saving this annual financial checklist in RoutineHQ means you do not have to remember the steps every year. When review time comes around you simply open the routine, follow the prompts and record your notes so you can see how things change over time.
Start free in RoutineHQRelated routines
Monthly Bills Routine
Use this monthly bills routine to review statements, pay bills and check subscriptions so nothing slips through the cracks.
Tax Season Preparation
Use this tax season preparation checklist to gather documents, record expenses and be ready to file well before the deadline.
Life Admin Routine
Use this life admin routine to reply to emails, file documents, renew policies and book appointments in one focused session.
Annual Medical And Health Routine
Use this annual medical and health routine to schedule check ups, screenings and follow ups.
Frequently asked questions
Do I need to be good with spreadsheets to do this?
No. You can work through the checklist with a simple notebook or a basic document. The important part is that you look at the key areas once a year, not that you use complex tools.
When is the best time to run an annual financial checklist?
Many people choose the start of the calendar year or their personal tax year. The exact date matters less than choosing a time you can stick with every year.
Should I involve a financial adviser?
If you have questions about pensions, investments or complex situations, it can be helpful to speak to a qualified adviser. You can still use this checklist to prepare notes and questions before that conversation.