No fluff checklist guide to doing a financial annual review

8 steps to get your finances in order

Photo by Glenn Carstens-Peters on Unsplash

An annual financial review consists of evaluating your financial situation and making any necessary adjustments to reach your financial goals.

Here are some steps you can take to conduct a review. (Note: This list doesn’t include examples, stories, explanations, or justifications. There’s a time and space for that, of course, but I’ve designed this particular post to be something you could presumably print out and use as a checklist if you’d like.)

1. Gather all of your financial statements, including bank and credit card statements, investment and retirement account statements, and tax returns.
2. Review your income and expenses to determine if you are living within your means. Look for areas where you may be able to cut back on expenses.
3. Assess your debt situation. Look at your credit card balances, loans, and other debts. Make a plan to pay off high-interest debt and consider consolidating or renegotiating loans.
4. Evaluate your savings and investments. Look at your emergency fund, retirement accounts, and other investments. Make sure you are saving enough for your future and consider re-balancing your portfolio.
5. Review your insurance…