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10-item checklist to help keep your finances on track

June 25, 2024 ·3 min read
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Financial planning can prepare you for monumental changes, such as buying a house or getting married, as well as everyday expenses and budgeting. To stay on track, it’s a good financial practice to have regular check-ins. This checklist includes ten items that can help you keep moving toward your financial goals and get more comfortable managing your money.

1. Assess your current financial situation

Review your income, expenses and investments to identify the changes you want to make. You can build your investing knowledge by working with an advisor through Ally Invest Personal Advice. They can help you create an investment portfolio that aligns with your goals and the financial risk you’re comfortable with.

2. Set financial goals

Once you’ve reviewed your finances, determine where you’d like to be by next month, next year or in five years. Setting goals can look different for everyone, but setting SMART (Specific, Measurable, Attainable, Relevant and Time-bound) goals is one strategy you can try. As life presents new opportunities or throws you curveballs, talking to a financial advisor can help you update your plan for your specific circumstances, or they can work with you to create a plan if you don’t have one.

Read more: Take advantage of financial advising to help keep your finances in check.

3. Review your budget

When you make a budget, account for any upcoming life changes, like growing your family or planning your retirement. You may find you need to shift spending within your budget or that you have extra funds. By allocating additional cash to your savings and investments, you can start making progress toward your goals.

4. Build an emergency fund

Avoid the stress of going into debt from an unexpected event by building an emergency fund. Calculate how much to save by determining the timeframe you want to save for — the general guidance is to save three to six months of living expenses.

Life circumstances can change and cause doubts that sway your resolve but remember to be flexible.

5. Review and manage debt

Make a list of your debts and their interest rates to create a debt repayment plan. You can prioritize paying back your debt by starting with the smallest (using a method like the snowball strategy) or high-interest debt depending on your goals. Categorizing good vs. bad debt or recognizing when you need a debt counselor can also help you manage your debt without stress.

6. Check your credit report

You can request and review free credit reports from the three major credit bureaus (Equifax, Experian and TransUnion) to address errors, discrepancies or other issues that may negatively impact your score. Maintaining a good credit score can help you reap financial benefits in the long run like more affordable insurance premiums and lower credit card interest rates.

7. Invest for the future

If you don’t have retirement savings, consider setting up an Individual Retirement Account (IRA) and start making contributions to your 401(k) so you can take advantage of any matching contributions your employer may offer. As you pay back your debts or receive a raise at work, consider increasing your contributions with the help of an advisor to guide your decision.

If you already have retirement accounts, review them to ensure they are invested to support your retirement goals. A dedicated advisor through Ally Invest Personal Advice can review these and other assets with you if you need professional assistance or a second opinion.

8. Review insurance coverage

Coverage for health issues or a family can be expensive and life events can mean your insurance needs to change. Provide financial security for your family with Ladder’s Term Life Insurance or update your existing life insurance plan if needed. Review the types of coverage in other areas like home and auto to ensure you have adequate protection.

9. Plan for taxes

Prepare for tax season by understanding your obligations and deductions. Filing taxes as a single person differs from filing jointly and/or claiming dependents. Avoid surprises when it’s time to file and minimize your tax burden by using tax-efficient investment strategies like tax loss harvesting.

10. Monitor and adjust your financial plan regularly

Life circumstances can change and cause doubts that sway your resolve, but remember to be flexible. Periodically checking on your financial plan and making adjustments as needed can help you stay on track with your progress. That’s where working with a dedicated advisor can take some of the stress off your shoulders — they’ll help you keep your eyes on your goals.