Financial Check-In: 5 Questions to Ask Yourself Before Spring Arrives

Get your finances in shape this spring with a simple seasonal check-in. This post covers practical ways to review your budget, tackle debt, strengthen savings, check your credit, and revisit estate plans so you can move through the rest of the year with more confidence and control.

For many of our customers in Wisconsin and Illinois, the time between New Year’s and spring is known as “the winter doldrums,” where gray skies and cold nights can leave them feeling down. What better way to spend this time than with a yearly money review? Doing your financial planning before spring arrives gives you a chance to take a close look at your finances, maybe figure out how to pay your post-holiday bills, and get ready for tax season. That’s why we recommend a spring financial check-in for all our customers, to set you up for a prosperous year. Please consider these five questions:

1. How Much Debt Do I Have?

If you took on additional debt over the winter holidays, you’re not alone. A recent YouGov poll found that 21% of American adults borrowed money to cover their winter holiday spending in 2025. Most people financed that debt through credit cards. Take a close look at any debts you have, including any credit card debt that you won’t pay off at the end of the month. If you have high-interest debts, such as credit cards, make a plan to eliminate them as soon as possible to improve your financial situation and free up your funds for other uses.

2. What’s My Budget for This Year?

If you’ve never created a budget, this is the time to start. We offer advice on how to find the best budget for you, but ultimately it comes down to one you’re likely to stick with. If you do draft a budget every year, take the time to look over the past year, see how well you did, and look for ways to adjust or improve your finances. We recommend taking the time to review your budget every month. At the very least, you should revisit your budget every year to account for changes in your life and your finances. It also serves as a reminder to help you meet your financial goals. As you go over your budget, look for ways to save money, such as cutting back on monthly subscriptions (like streaming services) that you might not use very much, as well as nonessentials such as restaurant meals and take-out food.

3. Am I Saving Enough?

Any personal budget plan should include finding ways to save more money this year. As for how much you need to save each year it depends on many factors, including your age. Financial experts recommend having two to three months’ worth of household expenses set aside as an emergency fund, which should be kept in a secure place that you could access whenever needed—such as a savings account where you can also earn interest.
Many of our customers use a personal checking account for depositing their income, paying their bills, and withdrawing cash. They also have at least one savings account. Having a percentage or a specific amount of each paycheck automatically transferred from your checking to your savings account, or having it done on a weekly or monthly basis, can be a great way to make sure that your saving enough. For many people, this also reduces the temptation to spend more than they budgeted for.
Of course, household savings include more than just an emergency fund. You might be saving up for a down payment on a major purchase, building an education fund, and you should also be saving for retirement. For many people, this means a 401(k) account provided by their employer. If your employer matches your contributions, try to at least contribute the amount necessary to make full use of that benefit. Your contributions can reduce your income tax obligations, and any matching funds provided by your employer are like a free bonus that you won’t have to pay taxes on.
If your employer offers a Health Savings Account (HSA), any contributions you make are also made on a pretax basis, just like a 401(k), which reduces your income tax liability. Your HSA can be invested, and the account stays with you even if you change jobs or retire. You can invest these funds and watch them grow, and you will have to pay taxes on them as long as you use your HSA to pay for a variety of medical needs.
Financial experts recommend the following rule of thumb for how much you should save, based on your age:
• Age 35: 2x your annual salary
• Age 40: 3x your annual salary
• Age 45: 4x your annual salary
• Age 50: 6x your annual salary
• Age 55: 7x your annual salary
• Age 60: 8x times your annual salary

4. What’s My Credit Score?

You should check your credit score and credit history at least once per year, and you can do so every week for free at AnnualCreditReport.com. You’ll receive a credit report from each of the nation’s three credit reporting bureaus: Equifax, Experian, and TransUnion. If you find a mistake or see an account you don’t recognize, contact the bureau that lists the information. Checking your credit regularly is a great way to see how you’re doing financially, and to watch for signs of identity theft and fraud. Your credit score affects your ability to secure a loan and the interest rate you’ll have to pay, so having a good credit rating is important. It can even impact your ability to find a job, so look for ways to improve your credit score in the coming year.

5. Do I Need a Will or an Estate Plan?

Many estate planners and attorneys will tell you that anyone over age 18 should have a will. Of course, many people at that age don’t have much in assets so they might not think they need one. We’re not going to tell you whether or not you need a will or an estate plan, but it is something to think about. If you passed away without a will, the state would decide how to distribute your assets. These would likely be given to your closest relatives, such as a spouse and/or children.
Having a will or an estate plan lets you specify how your estate would be handled and can make the whole process easier for your survivors. You might also consider a living will that spells out your desires for healthcare planning and end-of-life care and designating a power of attorney that would give someone the ability to act on your behalf in legal, financial, or medical decisions.

Have Any Personal Finance Questions? Schedule a Financial Review with Us!

If you have any questions about budgeting, saving, or financial planning, schedule a financial review with us. We can go over your finances and offer a few budgeting tips to help you create the most prosperous year possible for you and your family. We offer secure online banking and bill pay, as well as multiple options for savings and checking accounts. Please contact us to meet with one of our bankers or stop by one of our convenient locations in southern Wisconsin and northern Illinois.