Free Financial Review Checklist—Verve, a Credit Union

It’s November, which means 2020 is almost over! November is typically a month filled with gratitude and reflections on the past year, as well as looking ahead to the coming year. As you look back on 2020, did you achieve the goals or resolutions you set at the beginning of the year? If not, what stopped you? Money is often a crucial aspect of meeting goals, and we’re here to help you make the most of your finances.

Use the financial checklist below to review where you are currently, as well as to set goals for where you want to be.

Look at your spending habits. You don’t need to have a formalized budget to do this either. Log in to online banking and look for trends over time. There will be fixed expenses you have each month like housing, auto loan payments and phone bills, and there will also be seasonal or one-time expenses. Make note of anything that stands out—do you see anything you could adjust?
Find ways to trim your spending. Maybe you could make coffee at home instead of stopping for a cup every morning, and make it a once-a-week treat instead of daily ritual. Or, maybe you signed up for a premium version of your favorite app and now you realize the free version is all you really need. Take note of adjustments you can make and how much money it will free up in your budget.
Explore options to reduce fixed expenses. Whether it’s looking at different housing options to find cheaper rent, refinancing your mortgage to a lower rate or switching wireless providers, it doesn’t hurt to look. P.S. Don’t forget to check out these exclusive deals for Verve members to help you save.
Put your savings on autopilot. Now that you’ve looked at your spending and looked at ways to reduce your expenses, it’s time to boost your savings account. Let’s say you switched wireless providers and are saving $12 a month. Set up a $12 automatic transfer to occur monthly. You can even name your savings accounts to match your goals (i.e. epic summer vacation) to make it less tempting to dip into savings.
Check your credit report. You can get three free reports (one from each reporting agency) each year through com, so space them out every four months to keep tabs on your credit. This is a good way to make sure no one else is trying to take credit out in your name.
Check-in on your investments. Review your investments and retirement plan contributions to see if your investments are on track for helping you reach your goals. Be sure to also look at fees associated with your assets and any end-of-year actions you might need to take. If you’re not sure where to start, connect with a member of the Verve Wealth Management team for a free investment review.
Set new goals. Maybe you reached your goal of having $1,000 set aside for an emergency savings fund or perhaps you were hit hard financially this year and needed to tap into your savings. Whatever your financial goals are, take time to set new ones each year and outline what you need to do to achieve those goals.