As the year draws to a close, it’s the perfect time to review your financial health and set new goals. Just like personal fitness, fiscal fitness requires regular check-ins and a thoughtful plan to build strength and resilience. At Riverland Bank, we are dedicated to helping you make confident financial decisions. This guide offers practical ideas to help you finish the year strong and start 2026 with clarity and confidence.

Your Year-End Financial Checklist

Finishing the year strong starts with understanding where you stand today. A simple review can uncover opportunities and highlight areas for improvement:

• Review Your Budget: Compare your spending over the last 12 months against your budget. Did you stay on track? Identify categories where you overspent and consider why. This insight can help you create a more realistic budget for the year ahead.
• Assess Your Savings: Review progress toward your savings goals. Are you consistently setting money aside for emergencies, retirement, or major purchases? If not, consider automating contributions to build consistency.
• Check Your Credit: Your credit profile is an important indicator of financial health. Request your free annual credit report to review for errors and identify areas for improvement.
• Evaluate Your Debt: List all outstanding debts, including credit cards, personal loans, and mortgages, along with their interest rates. This overview is the first step toward developing an effective debt-management strategy

Maximizing Your Financial Tools

Making your money work harder is a key component of fiscal fitness. This often means using the right accounts and strategies to support growth, liquidity, and tax efficiency.

Tap into the Power of High-Yield Savings Accounts (HYSAs)

If your emergency fund or short-term savings are sitting in a traditional savings account, you may be missing an opportunity to earn more. A High-Yield Savings Account (HYSA) typically offers higher interest rates than standard savings accounts while maintaining accessibility. It can be a strong option for emergency funds or short-term goals. At Riverland Bank, we can help you explore savings options that align with your needs and goals.

Understand Health Savings Accounts (HSAs)

A Health Savings Account (HSA) may be available to individuals enrolled in a qualifying high-deductible health plan (HDHP). HSAs offer unique tax advantages:

1. Tax-Deductible Contributions: Eligible contributions may reduce your taxable income.
2. Tax-Advantaged Growth: Funds may grow tax-free when invested.
3. Tax-Free Withdrawals: Withdrawals used for qualified medical expenses are generally tax-free.

HSAs can also serve as a long-term planning tool. Unused funds roll over year to year, and after age 65, withdrawals for non-medical expenses are permitted without penalty (though they are taxed as ordinary income).

Other Tax-Advantaged Strategies to Consider

As year-end approaches, you may want to review additional strategies that could support your overall tax planning:

• Retirement Contributions: Contributing to retirement accounts such as a 401(k) or IRA can help strengthen long-term savings and may reduce current taxable income, subject to IRS limits.
• Tax-Loss Harvesting: In taxable investment accounts, realized investment losses may be used to offset capital gains and, in some cases, a portion of ordinary income.

Charitable Giving: Donations to qualified charitable organizations may be tax-deductible. Be sure contributions are made by December 31 and retain appropriate documentation.

Setting Financial Goals for the New Year

With a clearer picture of your finances, you can set meaningful goals for 2026. Effective goals are often SMART: Specific, Measurable, Achievable, Relevant, and Time-bound.

• Be Specific: Instead of “save more money,” aim for “save $5,000 for a down payment.”
• Make It Measurable: Goals like “reduce credit card debt by $3,000” allow you to track progress.
• Keep It Achievable: Set goals that are realistic and motivating.
• Ensure Relevance: Align goals with your values and long-term priorities.
• Set a Timeline: Deadlines such as “pay off my car loan by September 2026” create accountability.

Start with one or two key priorities, then break them into manageable monthly actions to build momentum.

Your Partner in Financial Wellness

Achieving fiscal fitness is an ongoing journey. It requires consistent effort, informed decisions, and the right support. At Riverland Bank, we are here to help individuals, small businesses, and nonprofit organizations navigate their financial path with confidence.
Contact us today to speak with a member of our team. We can provide personalized guidance on savings strategies, HSAs, and other financial tools to help you work toward your goals in 2026 and beyond.

This article is for general informational purposes only and should not be considered tax, investment, or legal advice. Please consult your tax or financial advisor regarding your individual situation.