Check Your Financial Health with an Assessment - Money Tip Tuesday

How satisfied are you with your overall financial health? When was the last time you even checked it? If you’re not sure where you stand financially, assessing your existing financial situation is an important place to start.

Stay tuned to learn more about the steps you can take to improve your financial health and wealth. 

Links: 

• Triangle's Financial Assessment tool
• Check out our Budgeting 101 webinar 
• Check out TCU University for more financial education tips and resources! 
• Follow us on Facebook, Instagram and Twitter! 
• Learn more about Triangle Credit Union 

Transcript:

This is Money Tip Tuesday from the Making Money Personal podcast. 

According to research with online financial experts, the beginning of a new year is the perfect time to assess your financial health and future. Many people recommend doing an assessment right at the beginning of the year because it’s a pivotal time to start fresh. But if you feel a bit behind because you haven’t done it yet, the good news is that there is no bad time to do a financial assessment.  

So, where should someone start with a financial assessment? Here are a few steps to take to get started.  

The first step in a full financial assessment is your monthly spending. Does your income meet or exceed your expenses? How will know if you don’t do a budget! To learn more about budgeting, we encourage you to check out our YouTube channel for our Budgeting 101 webinar. This webinar provides all the information you’ll need to start a budget, including a dynamic Excel spreadsheet that is easy to navigate and fun to use. 

Second, we recommend looking at your income. How much did you earn last year? Is your salary in line with and competitive with similar jobs in your area? If not, a candid conversation with your employer may be in order. As you prepare for this discussion, make sure you do your research and provide collaborating documentation for your presentation. While this type of meeting may be uncomfortable for you and your employer, more employees are sharing their concerns and salary information—not to be negative, but to stay competitive.   

Third, make sure your financial checkup includes a credit check. You can access your credit report for free through annualcreditreport.com. Examine your report closely to ensure there are no discrepancies, especially credit card balances. Identity theft often starts with credit card fraud, so your close examination can guard against fraudulent activity. 

Last, assess your financial progress with savings goals, wealth-building investments, and retirement. Triangle offers a variety of financial planning tools including a new financial wellness assessment tool that provides an immediate snapshot of your shortcomings and recommend steps to improve them. This assessment takes less than 5 minutes, but the outcome is worth it! Check it out at trianglecu.org.  

A solid financial position is essential for a healthy and secure future. An annual assessment can help you make intelligent decisions about your financial health today and prepare you for a wealthy tomorrow. 

If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org.  Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  

Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  

Have a great day!