December brings holiday expenses, but it's also the perfect time to prepare your finances for the new year.
Residents Dan Klimczak and Molly Hill Fuller share their strategies for staying on budget during the holidays while setting themselves up for financial success in 2026.
Watch: Wisconsin residents share smart financial moves to make before 2026 arrives
Ready or not, 2025 is coming to a close, which means it's time to think about those New Year's resolutions. If one of your goals is to better manage your finances, here are a few smart moves you can make now to set yourself up for success in the new year.
"My budget for December isn't any different from my budget for the rest of the year. My account doesn't restart on January 1 like the year does," Klimczak said.
Hill Fuller takes a forward-thinking approach to holiday spending.
"We're already planning ahead for January and February. We've already taken a look at those months, what our income is going to be, and how we're going to spread that out, because if we didn't, it's just easy to spend a lot in December because of Christmas and gifts," Hill Fuller said.
Year-end financial checklist
Landmark Credit Union says now is a good time to conduct a comprehensive financial review.
- Start with an assessment of your income, expenses, savings and lingering debt to see what strategies work for you and where to improve.
- Review retirement accounts such as 401k plans, IRAs and Roth IRAs to make sure contributions and investments are on track.
- Check if you have a Flexible Spending Account through your employer. You may have unused funds that need to be used up by the end of the year.
Cut unnecessary expenses
Canceling or downgrading subscriptions you aren't using is another way to save money.
"We've deleted, I think, two different things in the last two months, just because they keep increasing, and we just realized we didn't use them enough to justify it," Hill Fuller said.
Strategic debt management
When it comes to paying bills or debt, consider paying slightly more than the minimum required amount.
"I pay just a little bit more than what's required of me to pay every month, just to make sure I'm actually getting into the principal and not just paying off interest every month. So I've been trying to do that as much as possible," Hill Fuller said.
Setting up automatic payments can help ensure bills are paid on time.
"I have a lot of my bills set up on auto pay, just so I don't have to think about them, so I can't be late on them, basically," Klimczak said.
Here is a full Q&A from between TMJ4 and Tim Mackay, president and CEO, Landmark Credit Union for more in-depth information on end-of-year financial planning:
What are some ways people can clean up their finances before the end of the year?
As the year comes to a close, it’s a great time to take a step back and do a financial check-in. Start with an overall review of your income, expenses, savings and lingering debt. Identify what strategies worked well and where there may be room for improvement. Consider consolidating accounts or cancelling unused subscriptions/memberships. Even simple awareness can drive smarter financial decisions moving forward.
With that, what should people prioritize when organizing and managing their finances at this time?
Every individual or family has different priorities based on their circumstances. Setting clear goals is the best place to start. For some, paying down debt may be the top priority, while for others, building or replenishing an emergency fund may take precedence. There is no ‘one-size-fits-all’ approach, and a financial professional can help you determine the priorities that best align with your short- and long-term goals.
What’s the best way to manage debt during this time of year?
Managing debt at year-end is about being strategic and positioning yourself for a strong start to the new year. If you have to borrow or take on debt, set a budget that you believe you can pay off early in the next year. According to Landmark Credit Union’s 2025 Holiday Survey, more than 1 in 4 shoppers expect to take on debt this holiday season. Sticking to a realistic budget is one way to avoid taking on holiday debt in the first place. Focus on reducing high-interest balances, which can improve cash flow and prevent short-term purchases from becoming long-term financial stress. Extra funds, such as year-end bonuses or tax refunds, can be applied strategically toward debt repayment to build momentum for the new year.
What should people look for when reviewing their credit report?
When reviewing a credit report, check that all personal and account information is accurate. Review each account for unfamiliar activity or errors, which could indicate fraud. Pay attention to credit utilization, the types of credit you carry and how long accounts have been open. If you spot errors or have questions, contact your credit card provider promptly. Regular monitoring helps ensure your credit stays aligned with your financial goals. And don’t forget, consumers are entitled to one free credit report annually from each bureau.
What is an FSA account and why is it important for people to check if they have one this time of year?
A Flexible Spending Account (FSA) is an employer-sponsored benefit that allows you to set aside pre-tax dollars to pay for certain qualified expenses like healthcare or dependent care costs. Checking your FSA now is important because unused funds may be lost at the end of the year. FSAs are one of the most overlooked areas of year-end financial planning.
Are there any other accounts or things to look into to make sure they are on track?
Year-end is a great time to review retirement accounts such as 401k, IRAs and Roth IRAs to make sure contributions and investments are on track. Check insurance coverage - life, disability, auto, homeowners and umbrella policies - to ensure coverage matches your current needs. You can also use this time to review estate planning documents and update beneficiaries as needed.
Any other general tips for saving/budgeting to start off the new year?
Starting the new year strong doesn’t require a complete overhaul. Small and intentional habits can still create strong momentum for 2026. Automate contributions to savings and investment accounts to maintain consistency. Create a flexible budget that covers essentials, prioritizes savings and leaves room for discretionary spending. Monitor and adjust regularly, as your financial situation will evolve over time. Some embrace the 50/30/20 (needs/wants/savings) rule as a simple budgeting framework as well.
What to watch for in terms of fraud during both online and in-store shopping?
According to Landmark Credit Union’s 2025 Holiday Survey, 69% of shoppers reported feeling concerned about the potential for shopping fraud and identity theft. During peak shopping seasons, it is even more important to stay alert for fraud both in-store and online. Online, be cautious of deals that seem too good to be true, verify retailer websites, and avoid clicking unfamiliar links. Use credit cards or secure digital wallets rather than debit cards as they often provide stronger fraud protection. In-store, watch for tampered card readers and protect personal information at the checkout. Acting quickly if something seems off can help limit potential issues.
How to prepare financially as the season gets more expensive?
Planning ahead is key to managing higher seasonal costs. Identify predictable expenses like travel, spending on gifts and entertaining, and estimate them in advance. Set clear spending boundaries and consider creating a dedicated seasonal fund, contributing small amounts regularly to reduce reliance on credit. This proactive approach helps maintain control while still enjoying the season.
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