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Don't Forget Your Financial Wellness Check Up!

November 19, 2023

Here we are at the end of another year.  I am sure we have experienced changes throughout the year both in our personal life and in the world around us.


Thanksgiving is around the corner and then Christmas but with all the festivities, I want to provide a gentle reminder to do your ‘Financial Check.”

 

What is a Financial Wellness Check?

 

Similarly, to our yearly wellness checkup, it is also important that we do a yearly Financial Welness Check.


1)      Update your beneficiaries – changes in life are natural, maybe you have a new addition to the family, lost a loved one, got married or got a divorce. It is important that you review your important documents such as life insurance policy, bank account, retirement account to make sure the person that you want to be your beneficiary is listed.   

 

You must also make sure that the distribution is the way you want it. For example, before I got married, my mom was my beneficiary on everything for me. My bank accounts, my life insurance policy, etc. When I got married, it was changed to my husband and now that I have kids, I update them again. Change is the only constant in Life so get it done.

 

2)      Review your credit report – some of us probably have not pulled our credit report in a while. Make this year the year to do so. It might be scary because you just do not want to face the information, but you cannot fix what you do not know. Not only that, but you also want to make sure that all the information listed is correct and is yours.


It is important that we are aware and in tune with our finances because the last thing you want is for a financial institution to know more about your financial life than you do. So, whether you are looking to make a big purchase for which you are going to borrow/ finance or not. It is important to know what is in your report and if there are any blemishes start taking steps to resolve them.


You can obtain a free copy of your credit report at annualcreditreport.com

 

Conducting this check will not take up a lot of your time. So, make a list of all the documents you need to update, check it twice to make sure everything is right, grab your computer or cell phone. Get it done and make this Financial Wellness Check a part of your yearly traditions.

 

Happy Holidays from our family at Brown Financial Solutions, LLC

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