7 Key Areas to Review in Your Spring Financial Health Checkup

Spring is the perfect time to give your finances a fresh start. A financial health checkup can help you identify areas where you can improve and set yourself up for a more financially secure year ahead. Here are seven key areas to review during your spring financial health checkup.

Review Your Budget

Take the time to revisit your budget and ensure that it aligns with your current financial goals. Check if you’re overspending in any category, and adjust accordingly. A spring review helps ensure you’re staying on track with your spending and saving.

Evaluate Your Emergency Fund

Do you have enough saved for emergencies? Financial experts recommend having three to six months’ worth of living expenses in an emergency fund. Now’s the time to assess whether you’re in a good place, or if you need to put more effort into building that cushion.

Check Your Credit Score

Your credit score plays a significant role in your financial health, from loan rates to rental applications. Make sure to check your score and look for ways to improve it. If there are any discrepancies, now’s the time to dispute them.

Revisit Debt Repayment Strategies

If you have outstanding debt, assess your repayment strategies. Consider whether refinancing or consolidating could help lower your interest rates. A strong strategy for tackling debt can save you money in the long run.

Rebalance Your Investment Portfolio

Over time, your investment portfolio can shift, leaving you with a mix of assets that may no longer align with your goals. Rebalancing your portfolio ensures it stays diversified and helps you maintain the risk level that’s right for you.

Review Your Retirement Contributions

Take a look at your retirement savings and ensure that you’re contributing enough to meet your future needs. If your financial situation has changed, consider increasing your contributions or taking advantage of employer matches.

someone's investment portfolio on a laptop

Plan for Upcoming Expenses

Spring is also a great time to think ahead and plan for any upcoming expenses, whether it’s a summer vacation, home improvements, or school fees. Setting aside money for these expenses can help you avoid last-minute financial stress.

Summary

Conducting a financial health checkup every spring ensures that you’re making the necessary adjustments to achieve your goals and maintain financial wellness.