Money Checkup: How to Assess Your Financial Health in 10 Minutes  

Doctors encourage physical health checkups annually.  But what about your financial health? As your trusted Credit Union, Honor recommends a “Money Checkup” for your finances.  An intentional monthly review of your finances will help you see what’s working, what’s not, and what needs attention. Just like a wellness exam, regular money checkups help catch issues early and keep you on track with your goals.

Here’s how to give yourself a financial checkup in just a few minutes; no spreadsheets required.

1. Review Your Monthly Cash Flow

This is the heartbeat of your financial health.

Ask yourself:

• Are you consistently spending more than you earn?
• Do you know where your money goes each month?
• Are you budgeting or tracking your spending in any way?

Do you have positive cash flow? That is, any money left after expenses? This will help give you insight to save, invest, and plan ahead.

2. Check Your Emergency Fund

Your emergency fund is your financial oxygen mask.

Aim for:

• 3–6 months of living expenses if your income is stable
• 6–12 months if your income is variable or you’re self-employed

If you’re not there yet, don’t stress, start with $500, then $1,000, and build gradually. Consistency is key and with dedication over time, you’ll get there!

3. Evaluate Your Debt Health

Debt isn’t always “bad,” but it should be manageable.

When evaluating debt look at:

• Your total balance
• The interest rates
• Your minimum monthly payments

Higher‑interest credit card debt is usually the priority to address. If it’s weighing you down, consider a balance transfer. If you can’t transfer your debt to a lower rate, use methods like snowball or avalanche.

Learn More: Take Control of Your Debt with a Credit Card Balance Transfer

4. Revisit Your Financial Goals

Your goals change as life changes; your money plan should too.

Think about:

• Short-term goals (vacation, car repair fund)
• Medium-term goals (home down payment)
• Long-term goals (retirement, investments)

Are you making progress? Do your timelines still feel realistic? A checkup is the perfect time to adjust.

5. Review Your Credit Score

Your credit score affects everything from loan approvals to insurance rates.

Aim for a score of:

• 700+ = good
• 750+ = very good
• 800+ = excellent

If your score is lower than you’d like, small steps add up. It’s as easy as making payments on time. Log into the Honor App or Online Banking and use the free tool SavvyMoney to learn your score, how to raise it, and set achievable goals!

Learn More About SavvyMoney: How to Improve Your Credit Score with SavvyMoney in the Honor App

6. Audit Your Subscriptions & Recurring Bills

It’s shocking how many people forget they’re paying for subscriptions they don’t use.

Do a quick scan for:

• Streaming services
• Apps
• Gym memberships
• Automatic renewals

Canceling unused subscriptions will instantly free up some extra cash.

7. Check Your Investment & Retirement Contributions

Even small contributions grow significantly over time thanks to compound interest.

Ask:

• Am I contributing enough to get my employer match?
• Have I reviewed my investment mix in the past year?
• Is my risk level appropriate for my age and goals?

A financial checkup is a great time to bump contributions even by 1% tiny increases compound into big wins.

Why Regular Money Checkups Matter

A money checkup puts you back in control. It helps you:

• Reduce stress
• Build confidence
• Spot problems early
• Feel more empowered in your financial decisions

Just 10 minutes every few months can completely transform your financial path.

Ready to Take Control of Your Financial Wellness?

Regular money checkups help keep your finances and your life running smoothly. A quick review gives you clarity, confidence, and the reassurance that you’re moving forward with purpose.