8 financial tasks to complete before the end of 2025
Amid mingling with friends and celebrating with family during the festive period, you might have quieter days to tackle some financial tasks as you enjoy a mince pie. Ticking off these jobs now could help ensure you have everything ready for 2026.
1. Go through your bank statements and Direct Debits
Go through your bank statements and keep an eye out for recurring payments for services that you no longer need. From an old gym membership to a streaming subscription, it’s easy to miss these payments.
Cancelling these Direct Debits might only save you ÂŁ10 a month, but that can quickly add up over the year if there are a few of them.
2. Switch your savings account to secure a competitive interest rate
Is the interest rate on your savings competitive? Often, the best rates are offered to new customers, so switching your account or provider could boost your savings.
An easy-access savings account is useful if you’re saving for short-term goals or might need to access the money immediately, such as to cover an emergency expense.
If you won’t need to access the savings in the short term, you might want to consider a notice or fixed-term savings account, which might offer a higher interest rate.
With a notice account, you’ll need to provide notice before you withdraw cash. For example, you may need to provide 120 days’ notice. If you choose a fixed-rate savings account, you usually won’t be able to access your money until the end of the term.
3. Review the performance of your investments
Investment markets have experienced volatility throughout 2025. How has that affected your investments?
A quick review could help you see if you’re on track and identify where adjustments need to be made. Remember, investing should be reviewed with a long-term outlook. So, don’t just look at the performance of the last 12 months. A longer time frame could help you assess the overall trends.
Please note: The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.
4. Check your pension and the tax relief you’ve received
Your pension deserves some attention too. As you did for investments held outside your pension, assess the long-term trends.
You should also review where the contributions have come from. As well as your own contributions, you’ll typically have employer contributions (if you’re employed) and tax relief. If you’re a higher- or additional-rate taxpayer, you’ll need to complete a self-assessment tax form to receive all the tax relief you’re entitled to.
Please note: HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.
A pension is a long-term investment the fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.
5. Go over your will
Your will states how you’d like your estate to be distributed when you pass away, so it’s important that it’s up to date.
If you need to make minor changes to your will, you can add a codicil. A codicil is a legal document that changes, adds to, or revokes a part of your will. You might use it to name a new executor or alter specific gifts. However, to avoid confusion following more extensive changes, it is best to write a new will that states the previous will is revoked.
Please note: The Financial Conduct Authority does not regulate will writing or estate planning.
6. Complete an expression of wish for your pension
Your pension won’t usually be covered by your will. Instead, complete an expression of wish form with each pension provider to tell them who you would like to receive your pension savings if you die. While this isn’t legally binding, the provider will usually follow your wishes.
If you’ve already completed an expression of wish form, be sure to check it still aligns with your estate plan.
7. Gift ÂŁ3,000 as part of your estate plan
If your estate could be liable for Inheritance Tax (IHT), gifting may be part of your estate plan.
One gift considered immediately outside your estate for IHT purposes is up to £3,000 each year, known as the “annual exemption”. You can only carry forward your annual exemption for one tax year.
If you haven’t already used your annual exemption, you might want to use the festive period to do so.
Please note: The Financial Conduct Authority does not regulate Inheritance Tax planning.
8. Name a Lasting Power of Attorney
Naming a Lasting Power of Attorney (LPA) can protect you in the future if you’re unable to make decisions for yourself. It would give someone you trust the legal authority to make decisions for you.
While it can be difficult to think about, an LPA is an important document. There are two types of LPA, one for your financial affairs and one for your health and wellbeing, and it’s usually a good idea to have both in place.
Please note: The Financial Conduct Authority does not regulate Lasting Power of Attorney.
Get in touch
If you have any questions about your finances or would like to talk to us about your plans for 2026, please get in touch.
Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.
HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.
The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.
A pension is a long-term investment the fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.
The Financial Conduct Authority does not regulate estate planning, Inheritance Tax planning, will writing or Lasting Power of Attorney.
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The Orchard Practice is a trading name of The Orchard Practice (AR) Ltd which is an appointed representative of 2plan wealth management Ltd. The Orchard Practice (AR) Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the FCA register (www.fca.org.uk ) under reference 216479. Registered office: 2 Penta Court, Station Road, Borehamwood, Hertfordshire, WD6 1SL. Registered in England and Wales Number: 827478