Annual financial check-up if you’re in your 20’s, 30’s or 40’s

Just as you visit your doctor for a yearly exam and take your car in for regular tune-ups, it’s also smart to perform an annual checkup on your finances. Checking in on your financial health will help you stay on track -- next week, next year, and far into the future!

Here’s what needs reviewing if you’re in your 20’s, 30’s, or early 40’s:

Your spending

  1. If you’re living without much of a financial cushion, can you analyze your monthly spending to identify ways to cut back?
  2. Could you get a part-time job if you regularly have more money going out than coming in?

Your home

  1. If you’re currently renting, is buying your first home a good idea financially?
  2. Could you reduce your monthly mortgage payments by refinancing your mortgage?
  3. Should you consider some other type of mortgage (ARM, 15-year, 30-year) that corresponds with how long you plan to stay in your current home or allows you to pay down your home loan faster?

Your insurance

  1. Have you chosen deductibles that provide lower premiums with an acceptable level of risk?
  2. Do you have an umbrella liability policy to cover larger claims beyond what your regular insurance covers?
  3. Do you have disability insurance (which is a good idea even for young adults) and enough life insurance?

Planning for your future

  1. Have you started to think about calculating your retirement income and asset needs? (It’s never too early!)
  2. Are you taking full advantage of your employer's 401(k) plan or other retirement plan?
  3. Do you have a will that establishes your beneficiaries?

Your child’s college fund

  1. Are you regularly saving for a child's college expenses? (Many financial experts recommend doing this only if your own savings are on track.)
  2. Have you investigated Coverdell Education Savings Accounts (Education IRAs) or Qualified Tuition (Section 529) Plans? These types of accounts provide tax advantages and can make it easier to save for college.

Your investments

  1. If you have investments, have you reviewed your portfolio lately?
  2. Does your investment strategy match your time horizon and risk tolerance?

We can help

Get in the habit of performing a financial self-checkup every year. If you need help, visit one of our branches or call us at 1-800-288-3425.