Just like visiting a doctor, it’s important to review and evaluate your finances so you can ensure the healthiest relationship with your money. A financial check-up will give you more confidence in your finances and allow you to have more control over where your money is going.
If you’ve found yourself feeling overwhelmed or unsure of how to tackle your financial check-up, use these tips to help you get started.
- Identify any recent major changes in your lifestyle that could affect your finances. Have you switched jobs, received a pay raise, gotten married or divorced, had kids, bought a house or new car, etc.? It’s all relative when reviewing your finances.
- Gather your bank statements and credit card statements from the last 6-12 months and find where you are spending most of your money. See if you can identify spending patterns that could be adjusted or eliminated.
- Check your credit score. You can obtain a free copy from one of the three main credit bureaus (Equifax, Experian, and TransUnion) to check for and report any errors. This can also help you discover if you need to take necessary steps to improve your credit score.
- Evaluate all your current financial accounts (personal, business, checking, savings, retirement, CDs, loans, etc.). Ensure that all the information on your accounts is correct and up to date. Having a clear understanding of your accounts in relation to your financial goals can help you plan accordingly for the year.
- Review your debt(s) and interest rates (mortgage, car loans, credit cards, student loans, etc.). Write these down and plug them into your budget. Create a plan that will help you pay off your debt(s) as soon as possible.
- Identify tools and resources you can utilize to help streamline your banking. Check out some of the services our customers benefit from such as Online and Mobile Banking, Bill Pay, Notifi Alerts, Credit Score, and more.
Our UFB staff is here if you need assistance with your financial check-up. Schedule an appointment with one of our local bankers to perform an account review and identify more ways for you to save.
After you’ve completed your financial check-up, you’ll have the information needed to reassess and set new financial goals and create a solid budget to help keep your financial goals on track.