Like so many Christmas songs, such as Silent Night, O Come, All Ye Faithful, Joy to the World, and The Lord is Come, The 12 Days of Christmas is a holiday carol steeped in history. It celebrates the Epiphany, the time between the birth of Christ and the arrival of the three wise men, also known as the Magi.
For our newsletter, we’re going to use the 12 Days of Christmas theme as the structure for the 12 tasks you can consider completing between Christmas and January 6 to help honor God by getting your personal finances in order.
“Love each other with genuine affection, and take delight in honoring each other.” Romans 12:10
On the first day of Christmas… Know your debt. The average American held $104,215 across mortgage loans, auto loans, credit card debt, and other forms of debt. Whether you’re above or below that mark, develop a strategy to manage your overall debt.1
On the second day of Christmas… Check your credit score. There are three primary credit bureaus: Experian, Equifax, and Transunion. Each will have a score for you based on a variety of factors, including payment history and current debts.
On the third day of Christmas… Review your estate documents. And let family members know where you keep them! LegalZoom found that 52% of people don’t know where their parents store estate documents. Ask us about Everplans. It might be able to help you.2
On the fourth day of Christmas… Check your emergency fund. There’s a lot of good ideas about how to create and how to manage an emergency fund. The only bad idea is not having an emergency fund strategy.
On the fifth day of Christmas… Review your beneficiaries. Over the years, your family structure may have changed. Do all of your accounts reflect updated beneficiaries?
On the sixth day of Christmas… Consider a budget. “Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like,” said vaudeville performer and actor Will Rogers. Having a budget may help.
On the seventh day of Christmas… Any big-ticket items in 2025? If you’re preparing to buy something, don’t keep it a secret. Let us know.
On the eighth day of Christmas… Create a place for tax documents. By late January, you’ll start getting the tax documents you’ll need to help complete your 2024 taxes. Consider creating a specific spot for the documents so they don’t get lost.
On the ninth day of Christmas… Do you see new goals in 2025? Research shows that 23% of people will abandon their New Year’s resolutions by the end of the first week. If you have a new goal, create a strategy to keep it alive throughout the year!3
On the tenth day of Christmas… Give yourself an insurance update. We might be able to provide some guidance here. We can start with your property/casualty coverage and move to other areas.
On the eleventh day of Christmas… How’s your mortgage? Nationwide, 57% of homeowners have mortgages with rates below 4%. Some people admit that their mortgage rate is preventing them from making any decisions regarding their home. Will 2025 bring changes?4
On the twelfth day of Christmas… Invest in yourself in 2025. Last but not least! As someone once told me: “Life is not a dress rehearsal.” Enjoy yourself. Create memories with the people most important to you. We’ll be here to help you figure out the money side!
- BusinessInsider.com, July 31, 2024
- LegalZoom.com, July 30, 2024
- Fisher.OSU.edu, February 2, 2023
- Morningstar.com, August 27, 2024
