You go to the doctor for your annual physical to ensure your bodys healthy.
But whens the last time you had a checkup for your financial health?
Its important to know how well youre managing your money and where you might make changes for the better.
Drowning in Expenses?
Maybe youre scrambling after your car broke down.
Or you got a medical bill you werent expecting.
Or inflation has finally pushed your budget over the edge.
You dont need to go it alone.
When money is tight,these resourcescan help you manage unexpected expenses without stress.
11 Steps to Complete Your Own Financial Checkup
Heres how to examine and improve your financial health.
1. upgrade your Budget
Budgets should not be static.
Jump in and adjust yours if its not working for you.
Increase or decrease spending limits in your variousbudget categoriesso they fit your current priorities and desires.
Track Your Spending
Do you often wonder where all your money goes?
If so, logging every dollar you spend will give you some insight.
Practice tracking your spending for a month, but dont just include dollar amounts and what you bought.
Jot down notes on why you made the purchase and how it made you feel.
Research competitors rates to negotiate your bills with your current provider or switch to a new one.
When it comes to housing costs, getting a roommate can significantly reduce that fixed expense.
Just see to it toscreen all potential roommatesso you dont end up with a dud.
Or if youre cool with the nontraditional, thesealternative housing optionscan help you save money.
Add to Your Emergency Fund
An unexpected crisis can pop up at any time.
Having a robustemergency fundmakes those situations a little less stressful.
During your financial checkup, review how much money you have set aside for emergencies.
Use this financial checkup time to see how close or far away you are from meeting those goals.
Do you gotta adjust your deadline or increase regular contributions to yoursinking funds?
Are you making the most of your money by putting it in ahigh-yield savings accountor money market account?
Can You Survive 10 Days of Budgeting?
If you oughta wrangle your budget, it may be time to consider a savings challenge.
Retirement accounts grow the more time you give them to benefit fromcompound interest.
Are you meeting your employers 401(k) match?
Did you up your retirement contributions the last time you got a raise?
Every little bit helps.
Evaluate Your Debt Repayment Plan
There are different ways to tackle paying off debt.
Use this financial checkup to determine if your current repayment plan is working for you.
If you want to attack the debt with the monster-sized interest rate, try theavalanche method.
A low credit score can mean getting denied or paying significantly more in interest or for a security deposit.
Conversely, the higher your score, the less money youll have to pay.
Pull Your Credit Report
Yourcredit reportdelves into the reasoning behind your three-digit credit score.
Review your credit reports to check for any inaccuracies.
10. upgrade your Resume
Stay prepared to jump on a great job opportunity by keeping anup-to-date resume.
Review your various policies to confirm you have the coverage you need.
Need Some Quick Cash?
If youre looking to boost your income this month, weve got just the thing for you.
Nicole Dow is a senior writer at The Penny Hoarder.
