A regular checkup with your doctor or dentist is a time to make sure your health is on track, there are no big concerns, and things are functioning normally. You are making your health and well-being a priority, which is great because you want your body to function properly and effectively for many years to come. When it comes to your personal finances, how often are you doing a checkup? You need a banker just like you need your doctor or dentist. Keep reading to learn what a financial checkup is and how often you need one!
What is a Financial Checkup?
A financial checkup or review, as it’s more commonly called, is an examination of your overall finances to include your goals, budget, current debt, upcoming planned expenses, retirement needs, and more. A financial checkup can be done yourself or with a financial expert at American First Credit Union. The benefit of working with a financial expert is the assistance they provide in working through your finances to build a plan to meet your financial goals. They can offer ideas and can help you explore alternative options that you may not have considered, or even be aware of.
Benefits of a Financial Checkup
It’s never too late or too early to schedule a financial checkup. Consult your banker to help assess your financial situation. Establishing a good relationship with your banker will not only be beneficial to your finances but to you for years down the road. A financial checkup will set you up for success in the short and long term as you piece through your goals and how best to reach them.
When do You Need a Financial Checkup?
Now that we know what a financial checkup is, the big question is do you need one? The answer is ABSOLUTELY! Everyone, no matter where they are in their financial journey should set aside time for a financial checkup just as you do for your health. As the saying goes “your health is your wealth.” Regularly reviewing your finances, money habits, and goals will indeed provide you with more financial stability in the long run.
How Often Should You Get a Financial Checkup?
Experts recommend scheduling a financial checkup annually, but you may want to have check-ups more frequently to review your financial standing and goals. Along with an annual financial checkup, there are instances when you should include an additional check-in. You should always have a checkup when big life changes occur. This includes marriage, buying a house, having children, divorce, kids going to college, a large unplanned expense, retirement, starting a business—really anything that could drastically change your financial plan.
At American First Credit Union, we are here to guide you in the right direction and help you reach your financial goals, possibly including establishing an emergency fund, saving for a big purchase, borrowing to realize a lifelong dream such as a house or business, and much more. Schedule a meeting with your banker today to make sure your finances are on track and your money is working effectively for you for many years to come!
