FORUM Credit Union's website works best with JavaScript enabled

A Financial Checklist

To be successful at anything in life takes planning and effort, and that is especially true when it comes to finances. If you are not diligent and don’t have a plan, you are sure to fail in your efforts. Here is a checklist to help make sure you keep on track and reach your financial goals.

1.       Are you saving enough for retirement?
We’ve all heard the staggering statistics about how much it will cost to live in retirement. Make sure to review your retirement plan with a professional and take full advantage of employer contributions if they are available. Check out our Retirement Calculators for more detailed information on Retirement Planning.

2.       Are you working toward eliminating debt?
You might think this is a no brainer, of course you don’t want debt, but are you actually working toward eliminating debt completely? You need to have a plan in order to accomplish this and paying the minimum on your credit cards will not get you there. It may seem like a daunting feat, but it can be done. Attending a class like Dave Ramsey’s Financial Peace University can help.

3.       Do you have a financial plan?
Creating a budget, setting goals, reducing debt, etc. are all part of the planning process. You need to sit down individually or with your spouse and discuss what your plans are for the next 5, 10, 20+ years. Do you see yourself in the same house, sending your kids to college, taking an early retirement? It’s easier to work toward something tangible than to “fly by the seat of your pants.” Use our SaveItUp Tools to help you develop a plan.

4.       Do you review your finances on a regular basis?
If you have a plan in place, you need to make sure you are reviewing it on a regular basis, whether that’s annually or every 5 years. This includes reviewing expenses, budget, retirement savings, and insurance needs. You may find that you are paying too much for something you don’t need, or that you aren’t doing enough to reach your goals.

5.       Do you know your credit score and how to improve it?
Your credit score means a lot to your financial life and not knowing what it is or how you can improve it can have major consequences. Make sure to review it on a regular basis not only for your knowledge but to also look for errors or possible identity theft. Read our Improving Credit History life kit for additional resources. We also offer Free Credit Check Days at our branches.

Posted: 10/13/2011 with 3 comments

Categories: Budgeting, Credit, Debt Reduction, Finances, Saving

Bridget Parker
I always love posts about saving, and this one is no exception. My problem is that we do all of the above and we still can barely hold our head above water. Our "eliminating debt" portion is definitely our priority, and we are moving closer and closer to meeting that goal; one car payment will be gone in 8 months with the next one following a year after that! The problem is that it it seems like every time we get ahead SOMETHING happens that wipes us back out! It's a vicious cycle!
10/31/2011 10:41:52 AM

coray Simonds
thanks for tge list. I sunconciously have been doing some of the list, but its good tp know that im on the right track
10/31/2011 9:59:46 AM

Remember: "If you fail to plan, then you plan to fail!"
10/31/2011 8:12:25 AM

 Security code