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Not happy with how things are going this year with your finances or are you ready to kick things up a notch? Here are four key areas to review and reset your finances!
This post may contain affiliate links. Please read my full disclosure for more info.
Financial Reviews and Resets
The year can slip by quickly so having some regular schedule to sit down and do a financial review is crucial.
For us, we like to do monthly money dates. It's a way for us to stay on top of things without having to constantly worry about the numbers.
If things have been hectic, no worries.
Now is a fantastic time to go over things. There's still plenty of time left in the year to adjust if needed.
The good news is you don't need a lot of time to do it either. I want to share four key areas to review together along with tools that can make tracking things much easier for the rest of the year (and beyond).
You can watch me break them down in this week’s Marriage and Money Tips or check out my take right below!
Before we optimize anything we have to make sure the foundation is there.
If you want to stay on top of your money, but not stress over the small stuff, three of my favorite tools are Tiller, Personal Capital, and Mint.
They all allow you to keep up with your finances quickly and easily.
Go with whatever one fits you and your style.
You reviewed your budget to make sure the essentials are covered. Awesome.
If you have debts, now the time to look over and see if you can adjust your budget to pay them off faster.
There are two main strategies to do this:
- Debt Snowball: you pay it off based on your balance
- Debt Avalanche: pay it off based on the interest rate
Not sure which method is the right one for you? Check out my review of both debt strategies along so you can choose the best approach.
This is one area where you don't want to meddle in things. if you remember, a few weeks ago I did an episode about big investing mistakes.
One of them is tinkering with your portfolio based on the noise that's out there.
With your financial review, we're looking to make sure that your portfolio reflects your goals and your risk tolerance.
You also want to make sure you're not paying unnecessary fees for accounts.
If you have 401(k), blooom can be really handy. They offer a free analysis of your accounts and can uncover any hidden fees.
Your Net Worth
Finally, we want to look at the big picture and when it comes to your money, reviewing your net worth is key.
We've been tracking our net worth for years (you can see a big chunk of the journey here in the archives).
Seeing those numbers was kind of a kick in the pants to dig out from debt and then start actually saving and eventually move towards building assets.
Your Take on Financial Reviews
How often do you two go over your finances? Which areas are you doing well on? Which areas are you looking to improve?