Annual Financial Checkup

Educational PurposeThis annual checkup helps households review their overall financial position, recognize progress, identify areas that need attention, and prepare for the coming year.

1. Household Information

2. Major Changes During the Past Year

Check all that apply.

• ☐Marriage or partnership change
• ☐Birth or adoption
• ☐Child entered college or adulthood
• ☐Job change
• ☐Promotion or salary increase
• ☐Reduced income or job loss
• ☐Retirement
• ☐Home purchase or sale
• ☐Relocation
• ☐New business or side income
• ☐Major medical expense
• ☐New debt
• ☐Significant debt payoff
• ☐Death in the family
• ☐Began supporting an aging parent
• ☐Insurance change
• ☐Other

3. Financial Progress Review

4. Annual Income Review

Is our income:

• ☐Increasing
• ☐Stable
• ☐Decreasing
• ☐Irregular
• ☐Difficult to predict

One way we may strengthen income next year

• ☐Request a compensation review
• ☐Pursue career advancement
• ☐Complete training or certification
• ☐Increase business revenue
• ☐Add a responsible income source
• ☐Improve employee benefits
• ☐Reduce income instability
• ☐Other

5. Spending Review

Estimate the household's average monthly spending.

Was the increase expected?

• ☐Yes
• ☐No
• ☐Partly

6. Emergency Fund Review

Is it:

• ☐Separate from everyday spending
• ☐Easily accessible when truly needed
• ☐Receiving regular contributions
• ☐Being used only for appropriate emergencies
• ☐In need of rebuilding

7. Savings and Goal Progress

Adjustment needed

• ☐Increase contributions
• ☐Extend the timeline
• ☐Reduce the target amount
• ☐Pause the goal temporarily
• ☐Change the priority
• ☐Other

8. Debt Review

During the past year, total debt:

• ☐Decreased
• ☐Increased
• ☐Stayed about the same
• ☐Unsure

Debt-related action for next year

• ☐Stop adding new revolving debt
• ☐Pay more than the minimum
• ☐Review interest rates and terms
• ☐Create a formal repayment plan
• ☐Seek qualified credit or debt guidance
• ☐Other

9. Credit Review

Have all adults reviewed their credit reports recently?

• ☐Yes
• ☐No
• ☐Unsure

Items requiring attention

• ☐Incorrect personal information
• ☐Account not recognized
• ☐Late-payment history
• ☐High credit utilization
• ☐Collection account
• ☐Duplicate account
• ☐Fraud or identity-theft concern
• ☐No concerns identified
• ☐Other

Credit scores and reports may differ among reporting agencies and scoring systems. Review information carefully and dispute errors through the appropriate official process.

10. Retirement Review

Are we contributing regularly?

• ☐Yes
• ☐No
• ☐Inconsistently

Are we receiving the full employer match available to us?

• ☐Yes
• ☐No
• ☐No employer match
• ☐Unsure

Have we reviewed:

• ☐Contribution amounts
• ☐Investment allocation
• ☐Fees
• ☐Beneficiaries
• ☐Retirement timeline
• ☐Estimated retirement-income needs
• ☐Social Security information, when applicable

11. Insurance and Financial Protection Review

Has household income, debt, property, or family responsibility changed?

• ☐Yes
• ☐No

Important reminder: Insurance needs vary. Review coverage amounts, exclusions, deductibles, beneficiaries, premiums, and policy terms with qualified professionals.

12. Employee Benefits Review

For each working adult, review:

• ☐Health benefits
• ☐Dental and vision coverage
• ☐Retirement plan
• ☐Employer match
• ☐Health savings or flexible spending account
• ☐Disability benefits
• ☐Life insurance
• ☐Paid leave
• ☐Tuition assistance
• ☐Employee assistance program
• ☐Other workplace benefits

13. Tax Preparation Review

Are these records organized?

• ☐Income documents
• ☐Business income and expenses
• ☐Charitable-giving records
• ☐Education expenses
• ☐Healthcare account records
• ☐Property-related documents
• ☐Retirement contributions
• ☐Estimated tax payments
• ☐Dependent information
• ☐Prior-year tax return
• ☐Other relevant records

Did the household experience a major tax-related change?

• ☐New job
• ☐Multiple jobs
• ☐Self-employment
• ☐Home purchase or sale
• ☐Marriage or divorce
• ☐New dependent
• ☐Retirement
• ☐Investment activity
• ☐Relocation
• ☐Other

14. Estate and Important Document Review

Check whether the following are current and accessible.

Do trusted household members know where important documents are stored?

• ☐Yes
• ☐No
• ☐Partly

Estate-planning laws and requirements vary. Consult qualified legal and tax professionals regarding appropriate documents and strategies.

15. Beneficiary Review

Review beneficiaries on:

• ☐Life-insurance policies
• ☐Workplace retirement accounts
• ☐Individual retirement accounts
• ☐Pensions
• ☐Annuities
• ☐Transfer-on-death accounts
• ☐Payable-on-death accounts
• ☐Other financial accounts

Have beneficiaries been reviewed after major life changes?

• ☐Yes
• ☐No
• ☐No major changes occurred
• ☐Unsure

Beneficiary designations may control how certain assets are distributed, regardless of instructions in a will. Obtain qualified guidance when needed.

16. Family Support Review

Was this support:

• ☐Planned in the budget
• ☐Mostly planned
• ☐Mostly unplanned
• ☐Funded through debt
• ☐Creating household strain

17. Family Money Communication Review

During the past year, did we:

• ☐Hold regular money conversations
• ☐Review the budget together
• ☐Discuss major purchases before committing
• ☐Share information about accounts and debts
• ☐Avoid financial secrecy
• ☐Respect different money perspectives
• ☐Discuss support for relatives
• ☐Include children appropriately
• ☐Celebrate financial progress
• ☐Seek help when needed

18. Financial Organization and Security

Are our financial records:

• ☐Organized
• ☐Partly organized
• ☐Disorganized
• ☐Stored securely

Have we reviewed:

• ☐Account passwords
• ☐Multifactor authentication
• ☐Fraud alerts
• ☐Automatic payments
• ☐Unused subscriptions
• ☐Joint-account access
• ☐Emergency account information
• ☐Document backup
• ☐Identity-theft precautions

19. Annual Net-Worth Snapshot

Assets

Liabilities

Estimated Net Worth

Total assets − total liabilities

This estimate is a planning snapshot and may not reflect taxes, selling costs, penalties, market changes, or formal appraised values.

Compared with last year, our net worth:

• ☐Increased
• ☐Decreased
• ☐Stayed about the same
• ☐Was not previously calculated

20. Overall Financial Health Check

Rate each area.

21. Our Top Priorities for the Coming Year

22. Ninety-Day Action Plan

23. Professional Reviews to Schedule

Our household may need to consult:

• ☐Financial professional
• ☐Tax professional
• ☐Estate-planning attorney
• ☐Insurance professional
• ☐Credit counselor
• ☐Benefits specialist
• ☐Mortgage professional
• ☐Business accountant or attorney
• ☐Other