While You’re Busy Making a List, Don’t Forget to Check These Twice
By Michael Bell, Senior Vice President at Blackhawk Bank & Trust
Can you believe the Holiday Season is upon us with 2026 coming soon? While counting your blessings, now is a perfect time to start making some potential New Year’s Resolutions by reviewing your personal financial and physical well-being to assure they are in order. At Blackhawk Bank & Trust, we encourage you to take this opportunity to look closely at your goals and make sure your financial foundation is solid for the year ahead.
Budget Adjustments: Update your budget to reflect your current income, expenses, and goals. What have your spending choices been this year? Have your priorities shifted? Did you consistently overspend in certain areas? Are there memberships or subscriptions that should be canceled? Is your savings strategy strong enough to handle an emergency or unexpected expense?
Evaluate Your Ownership Finances: Educate yourself now to avoid surprises and stress later. If you own your home or vehicle(s), you have unique annual responsibilities. Has your deferred maintenance been kept up? Do you have any large repairs or updates on the horizon? Is your mortgage competitive and strategic in terms of interest rate and access to home equity? Is your escrow and property tax assessment accurate?
Insurance Policy Review: Have you experienced or do you anticipate any significant life events (marriage, new birth, loss, major purchase or improvement) that could impact your coverage needs? A small investment of time and planning now can make life easier later. Schedule a meeting with your insurance agent to review your homeowners, auto, riders/personal articles, liability umbrella, life insurance, and care policies to be sure they’re current and sufficient.
Credit Score / Report Analysis: Never underestimate the importance of your credit score when it comes to major purchases, pricing, and services. Request a free copy of your credit report from each of the three major bureaus and check carefully for potential fraud, identity theft, or errors.
Assess Retirement Plans, Investments, and Health Savings Accounts (HSA): Schedule a meeting with your wealth manager to review accounts (401(k), IRA, etc.) and confirm you’re on track to achieve your goals. If you don’t have a wealth manager, interview qualified local candidates. Rebalance or reallocate your portfolio to align with your risk tolerance and comfort. Consider increasing contributions, especially if your employer offers a match, to benefit both your future and your tax planning.
Update Estate Planning Documents: Life changes quickly. You’ve worked hard for your money—if it outlives you, make sure you have control over how it’s managed and distributed. If you don’t have a will, make that a priority. If you already have a will, trust, or other key estate documents, when was the last time they were updated? Are your Power of Attorney designations and beneficiaries accurate? Is your chosen executor still able and willing to serve? A quick review now can prevent complications later.
Prepare for Tax Season: Be proactive. Start gathering and organizing necessary paperwork, forms, and receipts in preparation for April. Identify and maximize potential tax-deductible expenses. If you don’t currently work with a Certified Public Accountant (CPA), consider engaging one. Use past filings as a reference, but also educate yourself on new laws, code changes, and opportunities to reduce taxable income.
Prioritize Your Physical and Mental Well-Being: Your money means little if you’re not alive and healthy to enjoy it. Have you selected a primary care physician with whom you can build a relationship? Have you scheduled your annual physical? Be sure it includes bloodwork and urinalysis to screen for potential issues. Track your key numbers—blood pressure, cholesterol, glucose—and follow up with age- and history-appropriate screenings such as diabetes, colon cancer, mammograms, and prostate cancer. Keep a list of medications, supplements, and over-the-counter drugs you take. Don’t forget annual dental and vision exams, which can also reveal health concerns. Preventative care and open communication with your providers are essential to longevity.
As you prepare to welcome the New Year, remember that even small steps can make a big difference in your financial and personal well-being. Take time to review, refresh, and reset where needed so you can move into 2026 with confidence, peace of mind, and a healthy outlook.