Your New Year financial checklist for 2026
The start of a new year often encourages people to take stock of their finances. It is a point in the calendar when many statements arrive, routines settle down after December and people naturally want a clearer sense of direction. Reviewing your money at this time of year does not need to be complicated. Small checks can help you understand where you are and whether anything needs attention for the year ahead.
Why review your finances in January?
January tends to bring fresh information from banks, pension providers and insurers, which makes it easier to get an up to date picture of your financial position. Many people also find it helpful to look at their money once the busyness of the festive season has passed. It can provide a sense of clarity at a time when people often want to simplify things.
What should you include in your 2026 financial review?
Have you checked your income and outgoings?
Understanding how your budget looks at the start of the year can be useful. Some people choose to review regular payments such as subscriptions and utilities, while others simply want to ensure that what goes out still matches their expectations. A quick check can highlight whether anything has changed or needs updating.
Do your savings goals still feel right for 2026?
Financial goals often evolve. You may be planning to set aside more for an emergency fund, saving towards a home or simply wanting to rebuild after a busy period of spending. Reviewing interest rates, savings accounts or ISAs at the start of the year can help you check whether your existing arrangements still support your plans.
Are your insurance policies up to date?
Insurance tends to renew automatically, which means many people do not look at their cover until something prompts them. Reviewing home, car, life or income protection insurance can help you understand whether your details are accurate and whether the cover still reflects your circumstances. If anything has changed recently, it may be worth confirming that your policy information is still correct.
Do you know where all your pensions are held?
It is common to build up several pensions from different jobs. For some people, January is the first time they have looked at their pension documents in a while. Understanding where each pot sits and whether anything has changed can help you feel more in control. Some people consider consolidation, although this is only suitable in certain circumstances and may not be appropriate where older pensions include guarantees or valuable features.
Is anything significant happening for you in 2026?
Major life events, such as moving home, having a child or Grandchild, changing roles at work or planning for retirement, can influence your wider financial picture. Thinking ahead early in the year may help you feel better prepared, even if the changes are not due to happen for some time.
Frequently asked questions
Why do people review their finances in the New Year?
Many people prefer to organise their money when the year is fresh and statements begin to arrive. It can provide a clearer sense of control after a busy December.
Is January a good time to update insurance policies?
It can be helpful because renewal documents and updated information often arrive around this time. This makes it easier to check whether your cover still suits your needs.
Should pensions be part of a New Year review?
For many people, yes. It is a chance to remind yourself where your pensions are held, what they contain and whether anything has changed. Others simply use the moment as a check-in.
Do financial goals need to stay the same each year?
Not always. Many people adjust their goals to reflect new priorities, unexpected changes or plans that have shifted since last year.
Does reviewing my finances change my existing products?
No. A review is purely for understanding your current arrangements. It does not alter the terms of your accounts, policies or pensions.
Related reading on the IPFA website
Final note
A New Year review is not about starting again. It is simply a way to understand where you are, check that everything is still working for you and feel more confident about the year ahead. This information is for general guidance only and is not personal advice.