“And it isn’t-it only takes 15 minutes to do a financial review.” “A lot of times people avoid doing it because they think it’s going to be a weekend-long financial summit,” Ford explains. Worried that your financial checkup will be a major time commitment? Don’t be, Ford says. How long will a personal financial review take? For example, you may have decided to carry a balance on your credit card last quarter, and this quarter you’re equipped to pay off that debt thanks to an increase in your savings. In addition to avoiding unexpected news, reviewing your finances every three months allows you to tackle challenges before they get out of hand (think quickly reining in unnecessary debt or excessive spending).ĭoing a personal financial review on a regular basis can also help you proactively address changes in your financial situation. “If you wait for a year before you do a checkup, you may find some surprises,” she says. With these upsides in mind, you’re probably ready to get started! Let’s talk timing: How often should I conduct a financial checkup?įord recommends conducting a personal financial review once a quarter to stay on top of your money. “Once you know about it, you can make the necessary adjustments.” “You can’t change something unless you know about it,” Ford says. 1Īnother benefit of conducting a regular financial checkup is that you’ll be empowered to improve your financial situation. In fact, 53% of Americans say thinking about their finances makes them anxious, and 44% feel that discussing their finances is stressful, according to the Financial Industry Regulatory Authority, or FINRA. This knowledge can help alleviate financial stress, which is a common challenge for Americans. One is you’ll learn the balances in your accounts, giving you a clear sense of your savings, investments and debt. There are several reasons to take time for a personal financial review, Ford says. But first, let’s explore why it’s important to make time for a personal financial review: Why is a regular financial checkup important? Using the downloadable financial checkup template below as a guide, conduct a review for yourself. A financial checkup is no different.”Ĭonducting a personal financial review can give you peace of mind-and empower you to tackle common financial challenges as they pop up. It’s just a checkup to make sure everything is working the way it’s supposed to. “Most people have a physical done every year-not because anything is wrong. “A financial checkup is just as important as a physical checkup,” says Karen Ford, a personal finance coach, author and speaker. But how often do you do the same for your finances? Like clockwork, you visit your doctor for your annual physical. You check the batteries in your smoke detectors twice a year. You get your furnace tuned up every fall.
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