A lot can happen in one year. Has there been a marriage or a birth in your family? Have you recently changed careers? These life changes often come with a price in the form of an inevitable increase or decrease in your expenses. When this happens, it’s important to ask yourself whether the budget you created at the beginning of the year is still relevant. That’s why we always recommend that our clients get a financial checkup.
What’s a financial checkup?
I always advise clients to look into getting a financial checkup at least once per year. A financial checkup is essentially when we look into your budget and investments and see how much is going in and out of your accounts and whether the allocation of your cash flow from the start of the year is still relevant at the end of the year.
What do we look at in a financial checkup?
What’s changed:
First, we analyze what’s changed and we determine whether you’re on track in terms of savings to anticipate year-end expenses.
Are you tackling your debt?
How much do you owe and how much can you pay off? Can you afford to pay off your debts more aggressively, or do you need to come up with a different strategy for tackling debt?
What do your investments look like?
Your investments are extremely important, and we always want to make sure that your wealth is being invested in a way that works for you. When we conduct a financial checkup we analyze whether your asset allocation is working for you, are you on track to saving enough money for you to retire?
A financial checkup can be done at any time, so call up your fiduciary advisor at LexION Capital today to schedule a time to review your financial health.
