Financial Health Checkup

Since we’re half way into the year, July is a great time to pause and take a look at your financial affairs. Is your financial house in order? Consider how you feel about:

• the way you handle money
• your ability to meet your financial obligations
• the level of debt that you carry
• your level of financial education
• the level and quality of insurance you have
• the amount of money you save or invest regularly
• your style of managing financial records
• your plans for your children’s education
• your legacy planning (wills, guardianship arrangements, etc.).

You may have some – or even many – concerns. Congratulate yourself for identifying these issues and, to avoid becoming overwhelmed, consider starting with your top three financial worries. What is an ideal strategy for tackling each of these? Your main objective is to clearly state your goals and create action steps to achieve them. For instance, after examining your monthly spending, you feel as though your money slips through your hands and you are not sure where it goes. In this situation, your goal may be to better understand your expenses so you can channel more of your money into savings and debt repayment. You decide to take action by creating a spending plan to help you do this.

There is no “right” answer or specific order in which you must complete financial tasks. Be gentle with yourself and prioritize. You may find it helpful to take on the easiest task first so you can feel a sense of accomplishment, or you may want to jump right in and tackle the most challenging. Regardless of where you start, each step you take will help you to get your financial house in order.

Throughout your financial journey, you may need more information, education, or support to accomplish your goals. Consider taking a workshop or working with a financial coach if you need additional help or an accountability partner. Creating a plan to meet short and long term goals is the first step to building a more satisfying financial life.