Tag Archives: Financial checkup

How to Conduct a Financial Check-up

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A financial check-up is like an annual physical in that it can help you catch problems early, adjust to life changes, and set yourself up for a healthier future. Whether you live with family, a partner, or roommates – reviewing your money together builds trust and alignment.

1. Review Your Starting Point

Gather bank, credit card, and investment statements to see where your money is going. Compare income to expenses and calculate your net worth (assets minus debt). This gives you a clear snapshot of where things stand. The financial calculators on our website can help with this step.

2. Revisit Your Goals

Life changes – new jobs, moving in with someone, or welcoming kids – can shift financial priorities. Take time to review whether your goals, like paying down debt or saving for travel – still make sense to your household and adjust accordingly.

3. Tune-up the Budget

Budgets aren’t “set and forget.” Use your check-up to identify overspending, cut unnecessary subscriptions, and redirect money toward savings goals and retirement. We also have a fillable PDF budgeting worksheet on our website, which you can use to help you complete your financial check-up.

4. Check Your Safety Nets

Make sure you have an emergency fund (ideally 3–6 months of expenses) and review your insurance coverage. If you’re carrying debt, consider repayment strategies or refinancing.

Getting Kids Involved Early

Financial check-ups are a chance to teach children valuable habits. Even young kids can:

  • Sit in on simple discussions about saving and spending.
  • Help with small tasks, and set savings goals for toys or items they would like to purchase in the future.
  • Learn through practice, such as managing an allowance with jars labeled “spend,” “save,” and “give.”
  • Receive positive reinforcement when they make good choices.

At First Financial, we believe financial check-ups are an important step toward building confidence and stability at every stage of life. Whether you’re reviewing goals with your partner, teaching your kids the basics of saving, or planning for the future – our team and resources are here to help. For more tips, guidance, and tools to support your financial journey, make an appointment at your local branch or check out our First Scoop Blog.

It’s Time for a Mid-Year Financial Check In

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Can you believe it’s June already? The official start of summer will be here before you know it. Being that it’s now mid-year, this is a significant time to re-evaluate your financial goals from January. Think about what is working and what you may need to change up for the second half of the year. Keep reading to get some ideas on how to complete your mid-year financial review.

Organize Your Financial Records

If your financial records are a mess or you don’t know where to find important documents, now’s the time to get organized. Make sure you have original documentation for wills, deeds and any paperwork for inherited assets. Other records of importance? Be sure you are maintaining files on tax returns, retirement plan and investment statements, mortgage records, insurance policies, bills, important receipts, financial account statements, pay stubs, benefits information and any estate planning documents. You can either choose to maintain records of these documents in paper form or electronically on your computer or tablet – just ensure you have some record of this list or know how to access them quickly if needed.

Check Your Credit Score

Your credit score is a good indicator of your financial well-being. Double check your credit score at least annually to look out for any red flags, like missed payments or possible identity theft. Also checking your monthly account statements or regularly logging into online banking or your financial institution’s mobile app, can help you spot any fraudulent account activity right away.

Feed Your Emergency Fund

Credit cards are not substitutes for having cash on hand. It’s important to regularly add to your emergency fund, which should only be accessed for unexpected emergencies – like home or auto repairs. A good way to add to your emergency fund? Allocate your direct deposit. Even if you start with taking $20 out of each paycheck and having it deposited right into your emergency savings account every payday – this can really add up over time and most likely, you won’t even miss it. If you’re not sure how to set this up, ask your Human Resources or company payroll department for assistance.

Put Up Digital Walls

Cyber crimes are increasing in number by the day. It’s time to make sure you’ve updated your online passwords, that you’re using encryption or two-factor authentication to login to websites whenever possible, and that you aren’t sharing sensitive data or doing your banking over public Wi-Fi networks.

Re-Evaluate Your Financial Goals

Do your financial goals still make sense for the rest of the year? A lot can happen in 6 months, and you may have had some scenarios that warrant a second look. Have there been any other major financial changes this year? Think family, income, asset, debt or business related events. If there have already been or you know there will be changes to any of these items before the end of the year – reach out to a financial professional today.

At First Financial, our members are like family and we are here to help you achieve your financial goals. For more personalized financial assistance call 732.312.1500 or visit your local branch today. Don’t miss out on more financial tips and advice – be sure to subscribe to our monthly e-newsletter.

Get in Touch with Your Finances During Financial Literacy Month

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April is Financial Literacy Month and First Financial is here to guide you on getting in touch with your finances with smooth sailing. While financial automation can be a great way to bring ease into managing regular expenses and savings, it also demands a vigilant approach to ensure your financial health remains robust. Here are some important things to keep in mind when automating your finances and areas of consideration when conducting necessary financial check-ups.

Catch Mistakes Early

Automation doesn’t guarantee perfection. Errors in billing amounts or unexpected charges can occur. Regularly reviewing your accounts allows you to spot these discrepancies early, preventing minor issues from escalating into financial headaches. At First Financial, we encourage members to utilize our mobile banking app and card management resources for effortless monitoring of finances.

Maintain Awareness of Spending

It’s easy to let automation lead to an out-of-sight, out-of-mind attitude toward your finances. However, this approach can cause you to lose track of where your money is going and lead to unnecessary spending – deviating from your financial goals. First Financial offers budgeting tools and resources that help you stay on top of your spending habits, ensuring you’re always aligned with your financial aspirations even when you’re not actively thinking about them.

Strategic Financial Planning

Automation should enhance, not hinder your ability to plan for the future. Regular check-ins with your personal financial plan and budget will allow you to adjust as needed, keeping you on track toward your long-term goals. Whether you’re saving for retirement, planning a major purchase, or building an emergency fund – our planning resources are designed to support your journey toward financial stability and success.

Conducting a Financial Check-Up

Don’t overlook the value of a comprehensive financial check-up. First Financial’s suite of online tools and personalized advice from our team can guide you through this process, ensuring your financial well-being is always at its peak.

Key Areas to Review:

  • Net Worth: Start by evaluating your current net worth to understand where you stand financially. Compare it with past assessments to gauge your progress or identify areas needing attention.
  • Financial Plan: Revisit your financial goals and the plan you’ve laid out to achieve them. Are you on track? Adjustments may be necessary to realign with your objectives.
  • Insurance Coverage: Review your insurance policies thoroughly. Ensure you have adequate coverage for your assets while also identifying opportunities to optimize premiums.
  • Investments: Examine your investment portfolio. Check if your asset allocation aligns with your risk tolerance and financial goals. Look for ways to reduce fees and improve returns.
  • Spending and Saving Habits: Assess your spending patterns and saving practices. Ensure they’re aligned with your financial priorities and adjust where necessary, to meet your goals.

By regularly performing these checks, you’ll maintain a strong pulse on your financial health and adapt more effectively to life’s changes. First Financial is here to support your financial check-ups and to help you navigate your financial journey with ease and confidence. Remember, your financial well-being is our top priority. Let’s make this Financial Literacy Month a milestone in your journey toward financial empowerment! For more personalized financial assistance call 732.312.1500 or visit a branch today.