Financial AspectChecklist ItemsStatus/Comments
Income and Cash FlowCalculate income from all sources
Track monthly expenses
BudgetingCreate a detailed budget
Ensure expenses < income
Emergency FundCheck emergency fund (3-6 months’ expenses)
Evaluate sufficiency based on circumstances
Savings GoalsIdentify short-term, mid-term, and long-term goals
Ensure adequate savings for each goal
Debt ManagementList outstanding debts
Review interest rates, minimum payments, balances
Develop debt repayment strategy
InvestmentsReview investment portfolio
Assess diversification and risk level
Ensure alignment with financial goals and risk
Retirement PlanningEstimate retirement needs
Confirm sufficient retirement contributions
Consider tax-advantaged options
InsuranceReview insurance coverage
Ensure adequate protection
Explore cost-saving opportunities
Estate PlanningVerify an up-to-date will and estate plan
Appoint guardians for minor children (if needed)
Consider trusts and other tools
Tax EfficiencyAssess tax situation
Utilize tax-advantaged accounts, deductions, credits
Financial GoalsSet specific short-term and long-term goals
Track progress and adjust plan
Financial AdvisorConsider seeking professional advice
Review and AdjustRegularly review and update financial plan

check list financial health check.