It’s never too early or late to start your journey to financial freedom. The key to making your journey a successful one? Regular money check-ups! Just like you take care of your physical health, there are easy ways to make sure your financial health is in good shape.
Here are four financial checkup steps you can take anytime:
Step 1: Make sure your budget is ready-to-go.
Think of your budget as an assistant on your financial freedom journey. It’s your map that shows how much you have, what you’re spending, and where to change direction if needed. If you’ve never made a budget or you need to revisit one you’ve created, use our free Money Management tool. Not only can you get a snapshot of your financial health anytime, you’ll have access to a full suite of features to manage your finances easier.
Step 2: Build a rock-solid savings plan.
Do you have $1,000 saved for emergencies? An emergency fund is essential to helping you keep financially fit. Make FAIRWINDS Emergency Savings, an account specifically designed for emergencies, part of your plan to help you stay in control when the unexpected happens.
Step 3: Pay off debt with the debt snowball method.
This is one of the most effective methods in helping financial freedom seekers eliminate their debt. Create a list of every single debt you carry, then use the debt snowball method to attack the smallest balance first. Once the smallest balance has been eliminated, move on to the next smallest debt, and continue destroying every balance on your list until you’re completely debt-free. Our complimentary Debt Snowball calculator is the perfect place to crunch the numbers and get a simple, easy-to-follow plan to put into action.
Step 4: Chart a successful, sustainable future course.
Everyone needs a plan to build wealth, and there’s no time like the present to start planning. Leave the guesswork behind and punch in the numbers with our Retirement Freedom calculator to get an idea of how much you should start saving for your future retirement.
By using this four-step guide to a financial checkup, you can decide where to make changes or stay the course to get closer to financial freedom. You can do it!
For more information on educational tools and resources, check out Financial Freedom Education Center by FAIRWINDS.