Financial Wellness Checklist

Money has a big effect on how we live, work, and play. How do you feel about your money? Let’s get a financial checkup! If you agree with a statement, then you are on the right track! If you don't think the statement aligns with your current financial status, click on the statement to learn how to get back on the track to financial freedom>>

I have an emergency fund that can cover at least 3 months of bills

It’s important to be prepared for the unexpected. It’s best to have at least 3 months' worth of bills tucked away in a savings account that you have access to so that if you would lose your job, you would have time to look for a new one and still be able to pay the bills. Yet, 3 months of bills is a lot. If you aren’t sure you can do it, chop up the sum into manageable bits. Perhaps the goal is to only save for one month, first. The key is momentum. Once you start saving, you’ll be able to reach your goals in no time.

Learn money basics here

I have a household budget that I modify for the upcoming month

Keeping an up-to-date budget is essential to know how much money you’re working with. While a lot of your bills may be the same every month, there will always be fluctuating expenses you should try to factor in. For example, your electrical bill may be cheaper in the summer versus the winter due to how much energy it takes to cool rather than heat your home. Or maybe you only pay for your car insurance every 3-6 months. Well, that means some months you need to factor in more money coming out of your budget. When you plan ahead and have a budget that reflects that, you have a better handle on your finances.

Learn the basics about building your budget here

I have a plan to pay down my credit card debt

Feeling like you’re in a sea of credit card debt with nothing more than a piece of driftwood keeping you afloat? Regardless of how you ended up with the debt, you CAN pay it off. There are a couple of ways to help consolidate it to make it easier to manage, such as a balance transfer. Or there are strategies, such as the snowball or avalanche method, to strategically throw extra money towards your debt to pay it off faster.

I am spending less than what I make and putting it toward savings

Creating and having a savings account provides a buffer from your expenses for when the unexpected occurs. Also, having a savings account builds up funds for big purchases or fun vacations. Building your savings account creates a cushion of comfort and financial flexibility. Open a savings account today!

I participate in an employer-sponsored retirement plan, if applicable

The earlier you start saving, the sooner you can retire! If your employer has a 401(k) option for you, opt into it and save as much as possible. Oftentimes, employers have an incentive program and they will match up to a certain percentage. So, whatever you take out of your paycheck, they’ll match it to a certain point. You probably don’t want to keep working until you’re 80, so start making plans to retire today. If you don’t have an employer-sponsored retirement plan available, you’re still in luck. Check out these retirement options:

I pay my bills on time

It is crucial to pay bills on time. If you don’t, it puts your payments behind, risks having services revoked or turned off, and potentially jeopardizes your credit score. Nothing good happens when you miss a payment. Instead, it builds more stress and anxiety knowing your next paycheck has to cover more than what it’s supposed to. That’s the opposite of financial freedom.

Learn what money moves you can make to build your wealth after paying your bills on time.

I frequently check my spending habits and look for ways to cut back

Even if you’re not in a difficult financial situation, it never hurts to reevaluate where your money is going. There’s no point in paying for a streaming service you don’t use or for a gym membership that was purchased in reaction to your New Year’s fitness goal. It never hurts to take a good look at your finances to find ways to save. Check out these other money-saving tips while:

Financial wellness is essential to help reach your goals of owning a house, purchasing a car, raising your family, retiring, and more. Having a handle on your finances and understanding where there is room for improvement will help achieve your goals faster! If you’re looking for more financial health tips, check out this article. If you are looking for a financial institution who is ready to help you on your financial journey, open an account with a credit union today.