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Year-end guide

Making your financial year review

Tracking a year's ledger is one thing. Doing something meaningful with it is another. This guide helps you make your financial year really count — not just data, but insight and action.

Total time: ~2 hours

Why review annually?

A monthly check is handy for overview, but patterns you only really see over 12 months. What does insurance cost the whole year? Which categories quietly grew? Where did it go wrong in January and October (vacation season)? Monthly numbers hide these patterns.

Plus: year review is preparation for tax return. 3 hours of reviewing in January saves 8 hours of frustration in May when you have to fill in forms.

Timing

When do you do this?

More than one good moment per year. Choose what works for your situation.

January

Full year overview

The complete previous year rounded off. Ideal for 'how did I do?' reflection and goals for new year.

May

Tax preparation

Before the filing deadline (May 1 for individuals, later for freelancers). Focus on deductions and deductible expenses.

July

Half-year review

Perfect moment to check vacation budget, plus first 6 months of goals. Time to adjust.

November/December

Year-end preparation

Last 2 months strategically planned. Fiscally interesting expenses still this year? Goals achievable?

7 Steps

From data to insight to action

Each step builds on the previous. Total ~2 hours if your ledger is reasonably complete. Longer if you need to catch up.

1
Step 1

Export your annual data

15 min

Before you review: make sure all data is complete. Export your full year as CSV/PDF — your working basis for the whole review.

Concrete actions

  1. 1

    Profile → Data Export section → Select '1 Jan - 31 Dec last year'. Choose PDF for reading, CSV for analyses.

  2. 2

    Check if all months are in it. Missing December? Fill in before continuing — otherwise distorted insight.

  3. 3

    Save the export in two places: local drive + cloud (Dropbox, Google Drive). Tax filing may come back to it later.

Tip

If you haven't tracked the whole year: that's OK. Review the data you HAVE. This guide also works with 6 months of data — only the conclusions are less complete.

2
Step 2

Calculate year totals per category

20 min

This is where the magic begins. What did each category cost the whole year? Often shocking — '€4,800 on groceries' hits different than '€400 this month'.

Concrete actions

  1. 1

    In Okidoky: Reports → Choose year → Totals per category. Sort by amount (high to low).

  2. 2

    Note top 5 categories. Per category: does this match your expectation? If '€2,400 Eating out' is surprising — dig where that comes from.

  3. 3

    Calculate percentages: what % of total went to each category? Small Excel sheet works fine — Housing 35%, Groceries 20%, etc.

Tip

The biggest category is almost always Housing (rent/mortgage). That's okay — up to 30% of net income is normal. Only at >40% or groceries >20% is there cause for concern.

3
Step 3

Analyze trends per month

15 min

Not everything is evenly spread over the year. Which months were more expensive? Why? Patterns only reveal themselves in month-to-month view.

Concrete actions

  1. 1

    In Okidoky: Reports → Monthly trendline of total expenses. See where peaks and valleys are.

  2. 2

    Top 3 most expensive months: which category was the cause? Vacation in July? Christmas in December? Yearly health insurance in January?

  3. 3

    Top 3 cheapest months: what did you do differently? Can you replicate that pattern?

Tip

Spreading yearly costs over 12 months gives a truer picture. Insurance of €1,200/yr is ~€100/mo regardless of when they're billed.

4
Step 4

Compare with previous year

10 min

Individual years are snapshots. Trends over 2-3 years really give insight — are you growing out of your means, or does your income grow along?

Concrete actions

  1. 1

    If you also made a year review last year: grab it. Compare year totals per category.

  2. 2

    Calculate differences: Housing +5% (normal, rent indexation), Groceries +15% (higher than inflation — why?), Eating out -20% (good, ate out less).

  3. 3

    Also compare income. Does income grow faster or slower than expenses? Savings percentage compared to last year?

Tip

First year with year review? You can skip this step. Next year you use THIS year review as comparison baseline.

5
Step 5

Set goals for the new year

30 min

Reviewing without goals is nostalgia. Translate insight to 3-5 concrete goals. Not 'spend less' — but 'Eating out category €200/mo lower'.

Concrete actions

  1. 1

    Look at your insights from steps 2-4. What 3-5 things do you want different? Write them SMART: Specific, Measurable, Acceptable, Realistic, Time-bound.

  2. 2

    Per goal: what's your current value? What's your target value? By what date? E.g.: 'Eating out €400/mo to €250/mo, by July'.

  3. 3

    Put goals somewhere visible — written note at your screen, note in Okidoky, annual review date in your calendar.

Tip

Max 5 goals. More than that and nobody achieves them. Choose goals with biggest impact × achievability. The perfect goal is both relevant and realistic.

6
Step 6

Prepare tax return

20 min

The work is mostly done — you have your year review. Now just categorize what's tax-relevant for your situation.

Concrete actions

  1. 1

    Identify deductions: charitable donations, study costs, medical costs above threshold, mortgage interest. Find the receipts/documents.

  2. 2

    As freelancer: keep business expenses separate. See our freelancer-tax page for specific deductions and hours criterion.

  3. 3

    Make a 'tax folder' with all relevant PDFs: year review, special receipts, donation receipts, mortgage annual statement.

Tip

We give NO tax advice. For more complex situations (freelancer, wealth tax, mortgage) consult a tax advisor or use software like Reeleezee or the Tax Authority filing app.

7
Step 7

Archive and close

10 min

Last step: formally close the year. So next year you know this is really done — no more half reviews needed.

Concrete actions

  1. 1

    Save final PDF export + tax folder in a clearly marked folder 'Finance 2025' on your computer + cloud backup.

  2. 2

    Write a short review note: 'Biggest insight this year: [X]. Goals next year: [Y]. Next year review: [date]'. 3 sentences is enough.

  3. 3

    In your calendar: reminder for next year. January or Feb 2027 — time for the next year review.

Tip

Keep year reviews at least 7 years (legally required for freelancers, recommended for everyone). Handy for: mortgage application, back-taxes, or just nostalgic curiosity about 2022.

Concrete scenarios

What a year review looks like for different situations

Three fictional situations with illustrative amounts — not real user stories. Your own numbers will be different; these scenarios only show what kinds of patterns to look for.

Employee, couple, no children

Two earners, rented apartment, focus on saving for house.

Focus

Housing percentage, savings rate, eating-out vs cooking-home trend (indicator social expenses).

Possible insight

Realization that €680/mo eating out delays house purchase by 1 year. Goal: €400/mo.

Freelance design/consultancy

Freelancer, variable income, mixed business/personal expenses.

Focus

Tax deductions, VAT refund, buffer size for 3 months uncertainty.

Possible insight

Overview surfaces €1,200 of forgotten deductions. Plus tighter separation of business/personal.

Family with 2 children

Two-earner family, house in repayment, childcare and after-school care.

Focus

Benefit corrections (income changed?), vacation budget vs reality, child-costs growth year-on-year.

Possible insight

Realization that childcare benefit is under-claimed (€150/mo extra possible). Apply immediately.

Common mistakes in year review

Here are the pitfalls we often see — prevention is better than 3 hours of wasted reviewing.

  • Reviewing without complete data

    If you didn't track half-year and want to 'review as complete as possible' — stop. Review only what you HAVE. Catching up gives distorted picture.

  • Judging yourself, not observing

    'I spent €4,800 on groceries — what a failure!' is the wrong frame. Right frame: '€4,800 was the cost of my food choices this year. Do I want to adjust that?'

  • Goals without measure-method

    'Spend less on subscriptions' is not a goal. '€60/mo on subscriptions to €40/mo by July 2027, by canceling Netflix and cable TV to standard' is a goal.

FAQ

Frequently asked year review questions

When exactly in January to do it?

Early February is better than January 1. Reason: many year-end transactions are only finalized in second half of January (yearly invoices, bonus payout, etc). Wait until week 5 for complete picture. Early January is also just busy with other work — not THE ideal time for quiet reflection.

What if I don't have a previous year review to compare with?

Then you're building baseline — also valuable. This year review becomes your reference for next year. Save it well. Alternative: compare with your bank statement totals from last year (not perfect, but ballpark). Or take average monthly figures × 12.

How do I combine Okidoky data with my old Excel?

Okidoky CSV export → import to your Excel → combine with old data in one sheet. Technical: ensure column names match, use pivot tables for totals. Or: use Okidoky fully from this year and consider old Excel as historical reference. Prevents double work.

Do I have to do this every year?

Yes. The year review only works as a continuous habit. Otherwise you're comparing 2025 with 2021 (irrelevant) or have no reference. Minimum: one full review per year in Jan/Feb. Extra: half-year check in July. If you keep this up for 3 years, patterns emerge that entire 'financial planning' sessions don't give.

Ready for your year review?

If you don't have a ledger yet: start with the basics first. Otherwise: dive into the data and make something meaningful from it.

Start your ledger firstView saving tips