Financial experts suggest that one of the best holiday gifts is one we can give ourselves: a comprehensive look at our finances for the year we’re wrapping up and a plan for the year ahead.

Gordon Grimes, who serves Wilmington and eastern North Carolina as a private financial advisor at SunTrust Private Wealth Management, encourages us to take a few hours over the holidays to make sure our financial affairs are in good order.

In an interview, Grimes outlined five steps SunTrust recommends.

1.    Calculate your net worth. “This is important to do regardless of your level of wealth,” Grimes said. “You need a starting point for a plan. Where are you today? How do you get to your future goals? See in one snapshot your whole financial picture, which can be updated daily, as life events affect it.

2.    Consolidate all your financial information in one place. “Our lives are complicated and scattered, and so is our financial information: accounts, life insurance, assets and liabilities. Being able to access all of this in one place, we think, is critical. It allows you to get your arms around everything,” Grimes said, adding that was the reason SunTrust launched its online planning tool, called SunTrust SummitView.

3.    Track your spending for one month. You won’t know how to adjust your spending habits in 2015 if you don’t know where your money is being spent, Grimes pointed out. He suggested people track every dollar for one month, add in monthly portions of one-time and quarterly bills, and then divide these expenditures into categories.

“You should not use the months of November and December, because there is so much abnormal spending then. Maybe [track spending] a couple of times each year to see how your spending lines up with your priorities. This allows you to refocus and reprioritize,” he said. “Spending is one of the things you can control; you can’t control interest rates, unexpected events or return on your investments, but you can control spending. Spending is critical to know as you are approaching retirement or are retired.”

4.    Consider making a last-minute charitable donation. Talk to your tax professional, said Grimes, and see what tax advantages you could realize through end-of-year charitable giving.  

“The end of the year gives you an opportunity to analyze [your charitable contributions].

Do you have extra money that you could donate? Have you put as much money as possible into retirement savings? Get money in your accounts working for you and take the opportunity to look at any appreciated stock. Give in a tax-efficient way.”

5.    Plan for the unexpected. Think ahead to 2015 and beyond, and run through “what if” scenarios as you develop a plan, Grimes suggested.

“Make a plan and stick to it. It’s your foundation. Think ‘Where do I want to be?’ Identify goals, map out how to get there, then adjust as time goes on,” he said. “Help cover for the unexpected, so when those events happen they don’t derail your other plans. Also, add in anticipated major purchases.

Financial tools that allow people to “pre-rehearse” reactions to hypothetical situations help them stay on track financially, Grimes added.  Then, when folks do face a real life event, they can refer back to their original decision, made at a time when fewer emotions were involved.