Financial checkups
How long has it been since you last checked to see whether your accounts are meeting your needs? Since you last reviewed your estate plan? Your financial goals? Your insurance needs?
If it’s been more than a year, chances are it’s time for a financial checkup.
I’ve found that the hardest part of doing the checkup is actually getting started. It sounds like a lot of work, and so I put it off, but in reality it doesn’t take very long to review the things you’ve already set up. If it seems overwhelming, commit to reviewing just one portion per week.
Here are the things that I check for:
Accounts
- Am I still using all of my accounts?
- Can I consolidate some of them?
- Do they have the correct beneficiaries/pay on death designations?
- Are the terms still favorable?
Insurance
- Do I have all of the types of insurance that I need?
- Is my coverage still adequate?
- Can I get a better deal?
- Do I still have the items that are being insured?
Goals
- Are my goals still in line with what I want to have happen?
- Am I making progress toward them?
- Are there any goals that I want to eliminate or add?
- Do I need to scale back on any goals or step any up?
Estate Planning
- Do my will & trust still say what I think they say?
- Have there been any changes in my life that might require a change to my will or trust?
- Do my beneficiaries match up with my estate plan?
- Do I want to make any changes?
Usually this process doesn’t take too long, unless of course I actually do need to make changes. That’s rare, but when it has happened I’ve been glad I caught the necessary changes.
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