As you begin assessing your financial situation, include the following steps:
Assessment Steps Include This Financial Information Assessment Considerations
1. Organize your financial records
Label and keep track of your financial records by using a notebook, storage box or a filing cabinet. You may also want to use a computer software program to keep track of your financial matters.
Continue to add new information and keep track of changes that occur in your financial life.
Include the financial information of your partner or spouse.
2. Review and become familiar with all of the financial areas of your life.
Define where you are in terms of debts or liabilities, such as loans, credit card debt, and mortgage balance and unpaid medical expenses.
Find out about your current credit status, including any concerns you have and ways you can fix credit problems.
Assess how prepared you are to handle financial emergencies.
Try to find a way to contribute towards a financially secure future, such as your retirement, if you are not doing so already.
Assessment Steps Include This Financial Information Assessment Considerations
1. Organize your financial records
- Bank, investment, loan and credit card accounts
- Insurance policies, billing statements and correspondence
- Documents such as real estate titles, insurance policies and tax files
- Legal, personal and family financial information including Social Security retirement and other government-sponsored benefit information
Label and keep track of your financial records by using a notebook, storage box or a filing cabinet. You may also want to use a computer software program to keep track of your financial matters.
Continue to add new information and keep track of changes that occur in your financial life.
Include the financial information of your partner or spouse.
2. Review and become familiar with all of the financial areas of your life.
- Income, including wages, gifts, refunds
- Tax information, including income and property taxes
- Debts, including mortgages and loans
- Typical cost of living expenses, including food, utilities and transportation
- Bank accounts, including checking and savings accounts
- Credit accounts, including balances and interest rates
- Insurance policies, including medical, disability and life
- Property and estate records, including real estate and other assets
- Retirement accounts and pension plans
- Social security disability benefits
Define where you are in terms of debts or liabilities, such as loans, credit card debt, and mortgage balance and unpaid medical expenses.
Find out about your current credit status, including any concerns you have and ways you can fix credit problems.
Assess how prepared you are to handle financial emergencies.
Try to find a way to contribute towards a financially secure future, such as your retirement, if you are not doing so already.
