Get Your End-of-Year Financial Health Checkup
As the eagerly awaited holiday season gets underway, the end of the year is an ideal time for a financial health checkup to ensure your finances are on track. Regular checkups can help you identify and address small problems before they become significant issues. This year, maintaining financial health is especially critical due to ongoing economic uncertainties, including inflation, inventory shortages, and the expiration of COVID relief programs that were introduced to support individuals during the pandemic.
Your Financial Health Checkup
Like a physical health checkup, a financial checkup examines your vital signs to ensure your financial health and wellness are in good shape. Here are some key areas to assess:
Emergency Savings: Do you have a sufficient emergency fund?
Credit Card Balances: Are your balances manageable?
Budget Tracking: Are you monitoring your monthly income and expenses?
Credit Score and History: Do you know your credit score and understand your credit history?
These vital aspects are part of an end-of-year financial review. Coloramo’s trusted partners, the caring NFCC-certified counselors at GreenPath, offer a comprehensive assessment of your financial fitness and provide actionable steps to improve your financial health.
A Financial Checkup Guides You To:
Review Your Financial Goals
Have there been any significant life changes this past year? A change in jobs, marriage, divorce, home purchase, or other major events can impact your financial situation. A checkup is an excellent opportunity to assess whether your current financial goals align with your overall situation.Understand Options After Relief Programs Expire
Loans deferred under COVID-related relief programs now require attention. While these deferments offered temporary relief, their expiration is a good time to explore options for repayment. A checkup helps you evaluate any loans that were on pause and take a closer look at your overall financial picture.Manage Income and Expenses
Coping with inflation is easier when you prioritize monthly spending. A spending plan ensures that what you spend does not exceed what you earn, even as prices rise. A financial checkup provides a clearer understanding of your income and expenses and can help you create a spending plan to stay on track and save for future goals.Pay Down Debt
A checkup is a great time to explore strategies for reducing credit card debt and managing other debts, such as those affected by expiring forbearances on mortgages or student loans.Assess Your Credit
Are you planning a significant financial move, such as taking out a mortgage or making a large purchase in the new year? Reviewing your credit report during a checkup can provide insights into your current standing and help you take steps to improve your score.
Your Checkup Starts Here
Your financial fitness is essential for a healthy and stress-free New Year. GreenPath’s caring, certified counselors are dedicated to easing financial stress and providing access to clear, actionable information. Connect with them today for your financial checkup and gain confidence in managing your money.