Taking stock, recapping, reviewing or looking back. These are the words we most often use for evaluating the past year, something most of us get round to over the Christmas holidays, when we can finally switch off, the stress eases and there is time to think. Social media posts and the media also encourage this kind of stocktaking. Apps such as Revolut or Spotify serve us summaries of what we spent the most on and what we listened to the most. But it is worth actually taking something away from the review. How do you take stock and carry out thorough self-reflection?
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Why does taking stock and reviewing the year make sense?
Some of us just rest a little at the end of the year and then start the next one in exactly the same way. They miss out on a great opportunity to review, plan and set goals. Looking back at the past year can give us new perspectives on life situations and, above all, it can sketch out possible new paths. So what is taking stock actually for?
It is simple. Taking stock should highlight the mistakes we made this year. But it can also confirm a new direction we have set out in. We should also assess whether the activities that filled our time brought us money, a good mood or happiness. If none of these, then what was our motivation for doing them? Will I keep doing them this year?
Taking stock and recapping is also the best way to find out what you really enjoy and where you would still like to get to. But the other side of the coin is rarely mentioned. A thorough review often reveals which activities wear you down and bring you nothing. You may also realise something you probably already know well, that some people around you are toxic or have a bad influence on you (an influence that runs against your deepest and most important life goals). Try to limit contact with these toxic people or cut them off completely.
Why take stock when I am 25? Many people agree in old age that they spent their whole lives doing something they did not enjoy. For example, after finishing school they took their first job, which did not really fulfil them, but they stuck with it. If they had taken stock of their lives, they would have realised it was not the right path and could have changed careers. Many people tend to get caught in the wheels of life and let themselves be ground down by them.
Do not settle for average, aim for your real goals and dreams! The New Year is a great opportunity to get out of the rut you stay in mostly out of habit.
How to review and take stock
For some people, a simple review of the year with a good rum in an armchair by a roaring fireplace is enough. But if you want a more detailed review that you will come back to next year, use a text document or a blank sheet of paper (this does not rule out the rum and the fireplace, of course).
Be sure to divide your review into categories. If you already set clear goals in these areas for this year last year, you can tick them off. If you are just starting, you will mainly be planning.
Divide your life review into main categories. Which ones? That partly depends on your focus and priorities. We recommend these general ones:
- Health
- Finances (Investments)
- Success
- Work
- Personal growth
- Relationships
If you aim to invest and grow your money, we definitely recommend this category too, where you can see how much money you managed to allocate to investments and how you invested it. If you are more into investing and deal with several assets, be sure to split this into categories by asset as well, for example ETF investments, investing in cryptocurrencies or property.
For these categories you can create two columns showing the successes and failures of the year. To complete the picture, you can also rate each category as a percentage. You can then add up the totals to show whether you mostly succeeded in a given category or not. If you are not keen on numbers, describe the results in each category in words in whatever way suits you. Every review is different, because self-assessment is a subjective discipline with no clear rules.
| Finances | ✔️ | ❌ |
| Did I pay off a loan? | 100 % | 0 % |
| I saved 2,500 CZK (about 110 USD) every month | 60 % | 40 % |
| Did I make full use of my building savings scheme? | 80 % | 20 % |
| Has my income risen since last year? | 0 % | 100 % |
People always judge subjectively, based on emotions. And that is right. However something makes you feel is most likely the value it had. But also try to look at the numbers and compare. Both have their place when reviewing the past year.
You can define happiness as a separate super category. What makes you happiest? Spend more time on it and, on the other hand, cut back on what you do not enjoy and what does not move you forward.
TIP: You can also do your review in the form of a mind map.
Business owners, on the other hand, should carefully evaluate their individual projects, partnerships and activities. If you earn money online, you will most likely evaluate the individual streams of your income. But it must not turn into a flat profit and loss statement of costs and income.
Here too, the joy and happiness the activity brings you should play a big part. Which area has potential and could grow this year? If something keeps you permanently stressed, a simple question is in order. Is it worth it to me?
In business too, taking stock can reveal a new direction you would like to take or a new business you would like to start.
Is your balance sheet, diagram or table finished? Great. But that is not the end.
Setting goals for the next year
When reviewing your life and the past year, you may realise many things that are obvious but that you had not thought about yet. Last but not least, your life goals for the next year will emerge from this review. Be sure to set them. It is better to have several smaller, practical goals than one abstract super goal in each category, such as: “Next year I want to be rich and have a Mercedes”.
How to set goals
❌ I want to move more.
✔️ I want to find two new hobbies and spend at least 4 hours a week on them.
❌ I will start cold-water training.
✔️ From tomorrow, I will take a cold shower every morning for at least 25 seconds.
❌ Next year I want more money.
✔️ I will try to get a higher pay at work or hand in my notice.
Your goals do not have to be this ambitious. It is entirely up to you. But a goal should be precise. You are not, however, mapping out the exact path you have to follow. It is more a point in the distance, but it should not be too abstract.
Goals will motivate you
Another important benefit is the internal and external motivation that comes from your review. If you are the competitive type and have set realistic goals, this is a great motivation and driving force for you. You will want to meet your goals and succeed. You will feel it as a commitment, and on top of that you will really enjoy it.
Taking stock ➡️ Setting goals ➡️ Motivation
On the other hand, taking stock is not about chasing a better life. It is more about choosing the good things based on what you have lived through and no longer doing the bad ones. Once a year, really stepping back a little to reflect on your life and on what fills it.
Learn from the past and set the right course for the year ahead.
USD amounts are approximate, converted at the Czech National Bank rate of 21.75 CZK per USD on 9 October 2026.
