There are a lot of things we do for our physical health, routinely...
Brushing our teeth, getting our steps in, maybe hitting the gym and trying to avoid too many processed foods.
There are some things you should be doing routinely for your financial health, too! In addition to not running up your credit cards and saving up for your needs, a periodic financial check-up is in order.
Think of it like the financial version of that physical checkup you’ve been putting off!
6 Steps to Your Financial Checkup
Review Your Monthly Budget
The first thing you should do is review your monthly budget. Has anything changed in the past few months? Are you falling behind or spending too much in certain categories? Now would be a good time to consider deleting or canceling unused subscription apps and making other moves to spend a little bit less!
Check on Your Savings
If you’re planning a big purchase or a vacation this summer, check up on your savings. Will you have enough to make that purchase without going into debt? If not, consider using the money from your canceled subscriptions to boost your savings. If you’ve recently paid off a credit card, put the money you were spending on that bill toward your savings, too.
Review Your Tax Withholdings
It is tax season! Now would be a good time to figure out if your tax withholdings need any adjusting. Your goal is to pay the perfect amount in taxes throughout the year, so you’re not hit with a huge tax bill at the end of the year, but you’re also not lending the government your money all year long and getting a big refund.
Check Your Credit Score
Visit AnnualCreditReport.com for your free credit report from any (or all) of the three major credit bureaus. If your score has gone up in the last six months, you’re doing great! Conversely, if your score has dropped, review your report in detail. Take the necessary steps to fix your score today, whether that means contesting an erroneous charge, setting up an automatic payment on some of your bills or lowering your credit utilization rate by paying with plastic less often.
Review Your Investments
Review all of your investments. This includes your retirement funds, any stock investments, bonds, trust funds or your share certificates at Commonwealth One. Make sure you are maximizing your contributions when possible and that your other investments are performing according to plan.
Schedule Your Follow-Up Appointments!
Just like with your doctor, there may be some things to follow up on — and that may mean seeing a specialist. Fortunately, we have all your specialists right here in-house at CommonWealth One!
We make it easy for you to talk to a variety of experts about many aspects of your financial health.
This includes:
- Free financial counseling with a CommonWealth One Certified Financial Counselor or our trusted partners at GreenPath.
- Free consultations with loan officers to talk about your mortgage, auto loan, student loans or personal loans — and we offer great rates, too!
- A complimentary investment consultation from our CommonWealth One Financial Network Advisor to help you invest your money for the future, taking into account your personal goals.
After all, April is National Financial Literacy Month. There is no better time to take stock of your financial health with the help of your team here at CommonWealth One!
