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Check off the Action Steps after you have completed them.
Cash Management
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Develop financial management knowledge and skills, i.e., record-keeping, budgeting, tax, risk, and credit management.
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Reduce expenditures to free up money to help achieve financial goals.
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Compare financial account statements provided by institutions with personal records.
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Complete an annual financial checkup, including net worth and cash flow statements.
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Build a team of financial advisors to guide and direct financial decision making.
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Review financial management strategies periodically and revise when necessary.
Emergency Cash Reserve
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Determine/establish adequate amount of emergency fund for your individual situation.
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Deposit funds in easily available accounts where they can be accessed with minimal financial penalties.
Risk Management
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Locate your insurance policies such as life, health, property, casualty, automobile, liability, and disability.
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Evaluate current policies and shop around for additional or replacement coverage if indicated.
Tax Management
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Learn about tax laws and use related strategies to reduce total taxes owed.
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Check your income tax withholding level and adjust, if indicated.
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Explore the advantages of different tax strategies.
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Utilize tax-advantaged and tax-deferred options when appropriate, i.e. IRAs, 401(k), 403(b).
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Maximize tax deductions (e.g., using home equity credit-line loans versus non-deductible consumer interest.
Financial Goals
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Write out short-, intermediate-, and long-term financial goals following the SMART goal format.
Credit Management
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Keep credit use at a safe, manageable level.
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Obtain a copy of your credit report to see if it is accurate and complete.
Home Ownership, Investments, Children’s Education, Retirement Planning
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Determine which of these categories contain areas you wish to include in your financial goals.
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Write down specific financial goals for those categories following the SMART goal format.
Estate Planning
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Establish and periodically evaluate wills and estate plans.
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