End-of-Year Financial Checkup for Military Families

As the year starts winding down, it’s a good time to pause and take a look at where you stand financially. Between school schedules, holiday plans, and the everyday pace of military life, it’s easy to let money management slide until after the holidays. But spending a little time on a quick checkup now can help you finish the year on solid footing and make next year easier to plan for.

Take a Fresh Look at Your Budget

Start by reviewing where your money has gone over the past few months. Go through bank and credit card statements, take note of subscriptions you no longer use, and look for areas where you might be able to cut back.

If you’ve had a PCS move, deployment, or any changes in income, now is the time to adjust your budget to fit your current situation. Even small changes, like reducing streaming services or dining out less often, can free up room for savings or debt reduction.

A clear picture of your spending helps you make better choices heading into the holiday season.

Check Your Benefits and Resources

Military families often have access to more financial resources than they realize. This is a great time to review your VA benefits and make sure you’re getting everything available to you.

The VA Home Loan program continues to be one of the most powerful tools for homeownership. If you’ve recently bought or refinanced, double-check your certificate of eligibility and talk with your lender about current options.

You can also revisit education benefits, VA health coverage, or spouse employment programs that help stretch your budget further. If you’re not sure where to start, Military OneSource offers free financial counseling and guidance that’s worth taking advantage of.

Review Insurance and Retirement Accounts

Fall is when many service members and spouses go through open enrollment. Use this time to review your coverage and make sure your plans still fit your family’s needs.

Take a few minutes to:

• Confirm that your life insurance beneficiaries are current

• Check your TSP or retirement contributions and make adjustments if possible

• Review your SGLI or VGLI coverage and make sure it still makes sense for your situation

If you’ve bought a home, had a new baby, or recently relocated, updating these details can prevent surprises later on.

Plan for Taxes Before They Sneak Up

Tax time always seems to arrive faster than expected. Getting organized now will make it much easier once January rolls around.

Gather your receipts and documents for anything that could qualify as a deduction, including home improvements, education expenses, or moving costs.

If you’ve bought or sold a home this year, hold onto your settlement statement and any related paperwork. Having it ready will make things smoother when you meet with your tax preparer.

Build or Refill Your Emergency Fund

If this year brought unexpected expenses, you’re not alone. Military life often comes with last-minute travel, vehicle repairs, or changes in orders. Setting aside even a small amount from each paycheck helps create a safety net for whatever comes next.

You don’t need to build a full fund overnight. Consistent, small contributions add up and can make all the difference when something unexpected happens.

Think Ahead for the Holidays

It’s no secret that the holidays can get expensive. Setting a plan now helps you stay on track and enjoy the season without added stress.

A few simple habits go a long way:

• Create a holiday budget that includes gifts, travel, and extra food costs

• Buy gifts early or spread them out over several pay periods

• Look for military discounts on travel, shopping, and events

• Keep family traditions simple and focus on experiences over expenses

The goal isn’t to cut out fun! It’s to keep the season joyful without carrying a credit card hangover into January.

Set Goals for the New Year

Once you’ve reviewed where things stand, start thinking about what you want to accomplish financially next year. Maybe you want to buy your first home, pay off debt, or set up a college savings fund. Writing down your goals makes them more likely to happen.

If homeownership is on that list, it’s never too early to start planning. Dorazio Real Estate has helped hundreds of military and veteran families buy, sell, and invest across Chicagoland. We work with people who understand the financial challenges that come with military life. Whether you’re just getting started or preparing for your next move, we’re here to help you make informed decisions with confidence.

Financial stability doesn’t come from big changes - it comes from small, consistent habits. A little time spent reviewing your finances now can set you up for less stress and more freedom next year.

If you ever have questions about how your housing goals fit into your financial picture, reach out. The Dorazio Real Estate team is always happy to share resources and help military families build long-term stability through smart real estate choices.