The Q1 Financial Checklist

At the start of every new year, I’m tempted to put together a master list of money goals to check off one at a time. But by now, we all know how arbitrary a new year’s resolution really is. There is nothing magic about January (NYC snowfall notwithstanding). And no matter whether our end goals look similar, we’re all at different places with our money — a good financial step for one person’s 2025 is going to be totally out of reach for someone else.

And while it’s a blip in the long run, when you’re in the middle of it, a year is a long time. Especially when you consider our shrinking attention spans. How can we expect to stick to goals for an entire year, just because we said we would in January? To me, quarterly planning feels a lot more manageable. While it’s good to think ahead to where you’d like to be this time next year, you also have to start making the short-term moves that will help you get there. Here are the financial tasks I would personally consider checking off in the first quarter of 2025 — some a bit time-consuming, and a few you can easily cross off in an afternoon.

1. Make your tax plan. 

Yes, even if that means filing an extension if you know that’s what you’ll have to do. Tax Day is April 15th, like it is (basically) every year, and yet it always sneaks up on most of us. If you have somewhat complicated taxes from multiple streams of income or running your own business, you’ll likely want to start searching for an accountant ASAP before they are all too swamped to take on new clients. Otherwise, set a date on your calendar to tackle your taxes and actually show up for it. My husband and I get this out of the way as soon as we get our W2s, so it never has the opportunity to become a source of stress. Do yourself the same favor!

2. Start visualizing your long-term motivation. 

Let me be honest: the idea of “finding your why” is so ubiquitous in the personal finance realm now that it’s become a complete cliche. But it’s a cliche for a reason. None of us is going to be motivated to save, invest, and continuously fine-tune our financial strategy if we don’t have a reason for doing so in the first place. And your reason should not be a financial one. The math of money is not emotional, but the motivation to build — and maintain — wealth should be.

What is the reason you want to build long-term wealth and stability? It could be to take care of multiple generations of your family, or to retire and spend half the year traveling the globe, or even to quit your corporate job and open up a sanctuary for feral cats. I know there is something that, when you envision your future, elderly self, you want to come true more than anything. And you need to start planning to day in order to make that happen.

And oftentimes, planning for the future is a lot less scary with a dedicated guide showing you the way (with or without some handholding). If that sounds like you, the TFD community has been loving Advisor.com. We’re so thrilled to be partnering with them, because we believe that good financial advice should be accessible to everyone, not just the wealthy. Robo-advisors and apps have tried to fill that gap, and while they can be helpful depending on your situation, there really is no replacement for one-on-one guidance and connections. Advisor.com provides their clients with a top-notch advising team for a fixed, flat annual fee — meaning they work for you, not commissions. If you are feeling motivated to make positive changes, think of them as your financial accountability partner, helping you to achieve your smart financial goals through planning, investing, tax strategizing, and more.

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3. Make space for one new-to-you thing this year. 

We all need to make more room for long-term planning in our financial lives, but that doesn’t mean discrediting the importance of the present. Take a look at your budget and schedule for the next few months and decide how you can incorporate one small thing you’ve been wanting to try. That could be a once-a-week music class with your kid, tutoring for a second language, social dances, dedicated weekends to get out of the city and go hiking, literally anything you want. You may have to “sacrifice” some other part of your budget, but try not to put it off — consider this your anti-burnout outlet.

4. Adjust your retirement contributions.

Especially if you got a salary increase at the end of last year. Increasing your contributions as you earn more can be a huge boon for wealth-building, and being proactive about it means you’re less likely to fall prey to lifestyle inflation. The 401k contribution limit has increased to $23,500 for 2025, so make sure your automated deposits are in line with that new limit. If you don’t have a 401k or 403b through an employer, make sure you’re being just as intentional with an IRA or other account. If you’re already on track to max out your 401k, that is amazing, and it’s time to start looking into an additional account (like an IRA). And if you’re already doing all of the above, you’ll probably get more out of speaking with a financial advisor directly!

5. Make sure your insurance coverage is up to date.

Make sure you are completely covered in all aspects of your life. Yes, that means getting life insurance even if you are single — you can change the beneficiary later. Home and/or renter’s insurance should be non-negotiable. (I live in a basement apartment, so I even have worst-case-scenario flood insurance.) At some point, we will all likely want to look into long-term care insurance as well. Pet insurance may or may not be worth it depending on your pet’s age and preexisting conditions, but it’s definitely worth looking into (and a dedicated pet emergency fund is an incredible security blanket). The insurance industry is far from perfect, but it’s what we have, and you deserve to protect yourself.

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I can guarantee that 2025 will meet most of us with challenges, whether we see them coming or not, and it is always best to be prepared. Use the momentum from the new year to start making big moves, rather than gaslighting yourself into thinking you’re not doing enough.

Get $500 off your first year with Advisor by signing up through TFD! ​Click here​ to take our short quiz and schedule a FREE consultation call with Advisor today and never make another financial decision alone!

Advisor.com provides clients with a top notch advising team for a fixed, flat annual fee. Their team of advisors work for you, not commissions, and help you to achieve your smart financial goals through planning, investing, and more.