The Importance of Regular Financial Check-Ups: A Guide to Securing Your Financial Health

Amid life’s daily demands, letting our financial well-being slip into the background is easy. At Boyer Financial, we understand that regular financial check-ups are the foundation of a secure and thriving financial future. In this blog post, we’ll delve into the vital importance of these assessments and provide you with a guide tailored to the Boyer Financial approach, ensuring your financial health remains robust and resilient.

Why Regular Financial Check-Ups Matter:


  1. Identifying Changes in Income and Expenses: Regular financial assessments allow you to stay attuned to any fluctuations in your income and expenses. Life is dynamic, and changes such as a new job, salary adjustments, or unexpected expenses can impact your overall financial health. Awareness of these changes early on enables you to adapt your financial strategies accordingly.
  2. Tracking and Managing Debt: Debt can accumulate quickly without us even realizing it. By conducting regular financial check-ups, you can closely monitor your outstanding debts, interest rates, and payment schedules. This proactive approach helps you develop effective debt management strategies and avoid potential pitfalls while possibly enabling you to pay it off faster.
  3. Reviewing and Adjusting Budgets: Your budget is the foundation of your financial stability. Regular check-ups empower you to assess whether your current budget aligns with your financial goals. If circumstances change, adjustments can be made to ensure your budget remains a realistic and effective tool for managing your finances.
  4. Monitoring Investments: Regular financial check-ups are essential for those with investment portfolios. Evaluate the performance of your investments, assess your risk tolerance, and make adjustments based on market conditions. This proactive approach ensures that your investment strategy aligns with your financial goals.
  5. Relaying Major Life Events: Life can come with major changes such as childbirth, marriage, starting a business, going to college, or buying a house, to name a few. With these changes can come the need for things like Trusts, insurance, loans, education accounts, financial goals or planning updates, etc. Relaying these major changes in your life allows you to plan, prepare, and execute a strategy and allows you to focus on said changes wholeheartedly.

Conducting a Boyer Financial Comprehensive Financial Check-Up:


Review Your Budget:

    • Examine your monthly income and expenses (fixed & variable outflows).
    • Identify areas for potential savings or reallocation.

Assess Your Debt Situation:

    • List all outstanding debts, including interest rates and loan terms.
    • Create a plan to pay down high-interest debt or start with the lowest first (snowball or reverse snowball method; google it; these methods are very helpful).

Evaluate Your Savings and Emergency Fund:

    • Ensure your emergency fund is adequate for unexpected expenses. 3 months of outflows is sufficient for families with 2 steady incomes or a family with a single income and a secondary source of steady income (such as trust funds, etc.). 6 months should be the goal if you have a singular income or two incomes with a large discrepancy or instability in receiving the funds.
    • Review your savings goals and progress.

Check Your Credit Report:

    • Obtain a copy of your credit report.
    • Look for inaccuracies and address any issues promptly.

Review/Update Financial Plan:

    • Ensure accuracy in your assets, liabilities, investment returns/projections, short/longer-term goals, and your ability to meet them.
    • Link bank accounts, mortgages, investments, or any outside account to stay in real-time with the latest info.

Review and Update Your Investment Portfolio:

    • Assess the performance of your investments.
    • Consider adjusting your portfolio based on your risk tolerance and financial goals.

Evaluate Insurance Coverage:

    • Review your insurance policies.
    • Ensure coverage aligns with your current needs and circumstances.

At Boyer Financial, we believe in empowering our clients to navigate their financial journey confidently. Regular financial check-ups are not just a task but an investment in your financial wellness. With Boyer Financial by your side, commit to this proactive approach, and let us guide you toward a future of financial strength and security.

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.