The 7 Step Personal Financial Checkup

How are you doing with your money goals?

At least once a year, you should do a personal financial checkup to keep you on track to reach your financial and retirement goals. It’s important to evaluate where you are at with your money, where you’re going, and how to make adjustments if needed.

  1. Where are you? Track your income and monthly expenses so you know exactly how much it costs to support your lifestyle each month. Being aware of your spending and savings habits will cause you to make better decisions over the long term.
  2. Where do you want to go? Set up your financial goals. Think about what’s most important to you, and make sure your finances align with your values. Be sure to set both short-term and long-term goals and track your progress throughout the year.
  3. Review your insurance coverage. As life changes, your needs for protection may change too. Look over your homeowners, health, and life insurance and make sure your coverage meets your needs. Also consider disability insurance, especially if you provide income that your household counts on.
  4. Maintain a healthy emergency fund. You should have 3-6 months’ worth of living expenses set aside. There are great tools available, such as Digit (digit.co), to help you reach your savings goals with relative ease.
  5. Establish or update your will and trust. What will happen when you’re gone? It’s important to have your affairs in order for those you may leave behind if something should ever happen to you.
  6. Evaluate your investments. How’s your investment portfolio performing? Is it time for a rebalance? Are you comfortable with the level of risk you are taking? Are you saving enough in your 401(k) to meet your goals?
  7. Adjust your tax withholding, if necessary. Instead of receiving a large refund or owing a tax bill each year, adjust your deductions or allowances where appropriate. You should be close to breaking even with your annual tax return.

Run through this financial checkup once or twice a year, and keep working towards your financial goals. If you have any questions or need assistance, the SimpliFi team is happy to help!


This information is provided for general information purposes only and is not intended to provide specific investment advice. The information in the articles should not be relied on for tax reporting, accounting, or valuation purposes. Past performance is not a guarantee of future performance. It is not possible to invest directly in an index.

Please note that links to third party websites are provided as a courtesy. When you link to a third-party website, you are leaving this website. We make no representation as to the completeness or accuracy of information provided at these websites. Nor are we liable for any issues or consequences arising out of your access to or your use of third-party technologies or websites made available through this website.

2018-06-04T12:44:56+00:00

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