Skip to Content

When’s Your Next Financial Health Checkup?

  • Posted on July 09, 2024
You probably wouldn’t let your health run on autopilot, but what about your finances? In the often hectic day-to-day, it can be easy to let the pulse of our finances go unchecked. Understand why it’s worth thoroughly examining your finances at least once a year and with every major life change.

Key Takeaways

  • A financial health checkup includes analyzing your budget, long-term planning, goal setting and a credit check.
  • Review your credit report for accuracy at least once a year.
  • Set financial goals by life stage—student, professional, parent, retiree.
  • Your community banker is here to help. Schedule an appointment online.

What Is a Financial Health Checkup?

A financial health check-up is a review of your finances to determine how well your money is working for you. It can help you spot areas for improvement and opportunities to save as you work toward your financial goals. The four main components of a financial health check are:
  • Budget analysis
  • Long-term planning
  • Goal setting
  • Credit checking

Analyze Your Budget

First, identify all sources of income, including monthly salary, hourly wages and investments. Is it enough to cover your monthly expenses? Is it enough to allow for saving for the future?

Where is your money going each month? Review your spending habits to identify areas where you can potentially save. Think in terms of needs and wants or essentials and nice-to-haves.

Consider your debt next:
  • Total outstanding debt
  • Interest rate on each credit card, loan or line of credit
  • Progress in paying down debt
Look for opportunities to convert or consolidate higher-interest credit card debt into a lower-cost personal loan or home equity line of credit (HELOC).

Plan Long Term

Think beyond today to the coming months and years. Are you setting aside enough to pay for an emergency or hoping to get lucky? Try putting something aside every month, even if it’s not much.
Evaluate your insurance coverage, too:
  • Health
  • Life
  • Auto
  • Boat
  • Home

Set Financial Goals

Check out common financial goals by life stage and pick a few to aim for.

  • Rent an apartment
  • Buy a car
  • Cover school tuition and expenses
  • Travel

  • Save for retirement
  • Buy a house
  • Lease a boat

  • Protect your growing family financially
  • Pay for kids’ education
  • Leave a legacy

  • Travel
  • Pursue hobbies and passions
  • Spend more time with family and friends
  • Give back to the community

Check Your Credit Report

Your credit report affects your ability to borrow money and get favorable interest rates. Review your credit report for accuracy at least once a year. You can request a free copy from each of the three major credit bureaus annually: Equifax, Experian and TransUnion. Visit or call 1-877-322-8228.

If you own a small business, you can apply these same methods to your business’s financial health. You may also benefit from exploring business banking if you haven’t already, as well as Treasury Management Services that span:
  • Account management
  • Accounts receivable
  • Accounts payable
  • ACH
Call 1-866-270-6100 or email with questions.

Reach Out to Your Community Banker.

We’re always here to help. Explore more learning resources online or schedule an appointment with your community banker.

Frequently Asked Questions

Why should I consider a financial health checkup?
Just like a health checkup, a financial checkup helps you assess your current situation, identify issues and opportunities and make informed decisions to reach your goals.

How often should I have a financial health checkup?
At least once a year and whenever you have big life changes like starting a new job, getting married and having children.

What does a financial health checkup involve?
  • Analyzing your budget—income, expenses and debt
  • Planning for the long term with emergency funds, insurance and retirement savings accounts
  • Setting financial goals
  • Reviewing your credit report

What are the benefits of a savings account?
Savings accounts provide a safe place to store your money, earn a modest interest rate and easily access your funds when needed. They are ideal for emergency funds and short-term goals. 
Get seven tips to establish good savings habits.

What are the different types of mortgages available? Understand how mortgage interest works.

What is a HELOC, and how does it work?
A Home Equity Line of Credit (HELOC) allows you to borrow against the equity in your home, providing access to funds for home improvements, debt consolidation or other expenses. It works like a credit card with a revolving credit line.

How can I manage my credit card debt effectively?
  • Prioritize paying down high-interest debt first
  • Consider transferring balances to lower-interest cards
  • Create a realistic budget to avoid overspending
Check out the United budget calculator.

External Link Disclaimer

You are leaving United Community and being directed to a third-party site that is not maintained, owned or operated by United Community Bank. United Community does not control and is not responsible for the privacy or security practices of the third-party. By clicking “Accept,” you are requesting to be transferred to the third-party website. If you do not want to visit the page, you can close this page by clicking "Return To Site”.