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6 MONTH FINANCIAL CHECK UP

Alysha Klein
By Alysha Klein - October 19, 2019

Just as you visit a doctor for check up's, it's important to review your finances and see where you can improve. Here are some things to keep in mind when you start the process of reviewing your finances. 

Review your budget- this tip is key to keeping sure you are in line with your financial goals. Whether you have a vacation planned, educational expenses or even a mortgage, it’s important to check your budget at least twice a year. You want to be sure that you have the money set aside for bills, unexpected expenses and of course, to enjoy life.

Review your debt- Debt can be a good thing. Some debt means you are growing financially and working towards making your dreams come true… But then there is bad debt or debt that prevents you from making your dreams come true. Sit down and review your debt. See where you might be able to pay a little bit more or see what you might be able to pay off. Also, check to see if your debt has decreased since the last time you reviewed your budget. Are you making progress? Also look into the option of refinancing for a better loan rate. For instance, if you have an auto loan with the dealer or another financial institution, come talk to a Tropical Financial rep to see how we can better serve you by perhaps lowering your rate. iStock_93237167_LARGE.jpg

Check your credit report- AnnualCreditReport.com gives you a free credit report once a year. It’s important to look into your credit report and be sure that all is okay, especially if you are looking to apply for a loan and more so if you haven’t reviewed your credit report in over a year. You want to be sure that you are up to date and you know what is being reported. Plus, reviewing your credit report gives you time to dispute any claim that may not be yours.

Review your future- No matter what age you are, it’s important to start preparing for your future. Whether your future is college, retirement or even a house you call home. It’s important to set up and monitor retirement options and investments. The more money you can save now, the better off you are for tomorrow. Twice a year it’s a good idea to talk to a financial advisor if you have one and review the best options for you.

Insurance is another great thing to review during your financial check up. Look to see what you are paying and ask questions, look to see if there is a better option at a better price. Maybe you’ve reached an age where your insurance is ready to drop in price but you haven’t seen that on a statement. I know when I turned 25 my insurance decreased but I had to call up and make sure that change took place. So stay on top of your finances.

No matter where you are financially, it’s important that you do a mid-year financial check up to ensure you’re on the right path. And hey it’s a great time to prepare for tax season too. Who doesn’t want to get ahead of the game. While doing your financial check up, why not start working on your taxes. It will help with the stress of tax season! Plus, Tropical Financial offers a FREE Financial check up to help get you started on the right path. How can you pass that up?

SCHEDULE MY FREE FINANCIAL HEALTH CHECK-UP 

The content reflects the view of the author of the article and does not necessarily reflect the views of Tropical Financial Credit Union or its employees.
We do not guarantee the accuracy or completeness of the information presented in the article.