How to conduct a quarterly financial review

Conducting a personal financial review every few months can help you stay on top of your finances and reduce money stress. In addition, it can give you peace of mind and encourage you to work on common financial challenges as they come up.

Use these steps to conduct a financial review:

Step 1: Track your progress toward your financial goals

If you’re focused on saving up for a significant expense, are you on track for your purchase? If not, think about how to increase your savings.

Step 2: Analyze your retirement savings

How’s your 401(k) or IRA looking? At your current rate of saving, are you planned to meet your retirement goal?

Step 3: Take a look at your other investments

If you have other investments beyond retirement accounts, what’s their status? 

Step 4: Observe your insurance

Is your coverage still appropriate? This can include car, health, life, and home (or renter’s) insurance. 

Step 5: Check your credit report

How’s your credit? Checking your credit report will give you a clear look at how potential lenders view your financials.

Step 6: Calculate your net worth

How much do you have versus how much do you owe?