Financial Fitness Starts With Financial Check-List

If you want to be financially fit, you must start with a financial check-list.

You probably have a check-list for almost everything you do.   You most likely have a check list for your to-do’s, your shopping, your spring cleaning to name a few.  You use these lists to keep you on course and organized.   Your finances need the same type of organization and can be accomplished the same way; with a financial check-list.   Do you have a financial check-list?

Your Financial Check-List Should Include:

#1 – Monitoring Your Credit Score

The first item on your financial check-list must be your credit score.   If you have not been monitoring your credit score, you need to start doing it.   You can get your credit score once a year for free from each of the 3 national credit reporting agencies.

Your credit score is number one on your financial check-list because of the trickle down effect it has.

Your little old credit score determines how much you pay for mortgage and car loans, credit card interest, insurance premiums and even your utilities.   The financial industry evaluates you financially by your credit score.   If you need to improve your credit score, do so immediately, unless you like wasting money on fees, insurance and interest.

#2 – Managing Your Debt

Financial check-listYou need to put debt management on your financial check-list because of the cost of debt.   When you have high credit card debt, you waste so much money.  Sometimes the interest you pay on your credit cards ends up costing you two or three times the original cost of whatever you bought.

The best financial shape you can be in is to be debt free.   This financial goal is not impossible to attain; individuals are doing it every day and they started with a financial check-list.

The money you will save by properly managing your debt can be invested.

#3 – Planning For Your Retirement

If you want to stop working someday, you must put planning for your retirement on your financial check-list.

The only money that will be there when you retire is the money that you sent ahead.   That’s a great concept, do yourself a favor and follow it by making retirement planning a financial check-list priority.

The best time to save money for retirement is was yesterday, the second best time is today.   There is no advantage in delaying your retirement planning. No one will be investing for your retirement for you; so put it on your financial check-list and get started.