| Financial Aspect | Checklist Items | Status/Comments |
|---|---|---|
| Income and Cash Flow | Calculate income from all sources | |
| Track monthly expenses | ||
| Budgeting | Create a detailed budget | |
| Ensure expenses < income | ||
| Emergency Fund | Check emergency fund (3-6 months’ expenses) | |
| Evaluate sufficiency based on circumstances | ||
| Savings Goals | Identify short-term, mid-term, and long-term goals | |
| Ensure adequate savings for each goal | ||
| Debt Management | List outstanding debts | |
| Review interest rates, minimum payments, balances | ||
| Develop debt repayment strategy | ||
| Investments | Review investment portfolio | |
| Assess diversification and risk level | ||
| Ensure alignment with financial goals and risk | ||
| Retirement Planning | Estimate retirement needs | |
| Confirm sufficient retirement contributions | ||
| Consider tax-advantaged options | ||
| Insurance | Review insurance coverage | |
| Ensure adequate protection | ||
| Explore cost-saving opportunities | ||
| Estate Planning | Verify an up-to-date will and estate plan | |
| Appoint guardians for minor children (if needed) | ||
| Consider trusts and other tools | ||
| Tax Efficiency | Assess tax situation | |
| Utilize tax-advantaged accounts, deductions, credits | ||
| Financial Goals | Set specific short-term and long-term goals | |
| Track progress and adjust plan | ||
| Financial Advisor | Consider seeking professional advice | |
| Review and Adjust | Regularly review and update financial plan |
check list financial health check.