How To Effectively Review Your Financial Situation

Image of couple reviewing their financial situation in kitchen at home

Now is the perfect time to review your financial affairs. You’ve gathered all the information needed to prepare your tax return.

Why not go one step further and perform a complete financial review? It could have a positive impact on your long-term financial picture.


Here are seven suggested action steps that’ll help guide you through your review:

1. Talk to your family

Factor in the financial decisions and goals of your spouse and children.


2. Put your financial goals in writing

Figure out how much money you’ll need to meet each goal, when you’ll need it, and how you’ll get it.


3. Create a net worth statement

Create a list of your assets and debts, and compare it to last year’s statement. Are you gaining ground or losing it?


4. Review investment performance

Weigh your investment performance minus the effects of inflation, and compare your progress with your goals. Determine which investments are worth it and what may need to change this year.


5. Protect what you have

Consider the risks of your financial strategies. Your long-term goals may be unobtainable if you lose your present assets or your income potential.


6. Determine if you have the insurance you need or if you’re missing critical coverage

Don’t duplicate employer-provided coverage. Review your coverage annually; don’t just automatically renew policies.


7. Review your will and your estate plan

Did your situation change during 2017? If so, make the appropriate changes to your will and estate plan. Pay attention to the 2018 tax reform changes and how they might affect your plans.


If your financial situation has changed and you need help creating an updated tax strategy for 2018, take the time to do it now.

Setting new goals, enacting strategies, and making changes to your current plan may be more effective the sooner you start.


Have questions about your financial situation? Let’s talk!