You’re Due for a Checkup!

When you start a new exercise regime to get healthier or more physically fit, one of the first steps is to do a quick weigh-in and BMI (Body Mass Index) check. Similarly, before you tackle your next financial goal (hello, awesome new car or long-awaited Paris vacay!) it’s a good idea to do a financial checkup. Why? If you know where you’re at now, you can see how to get where you’re headed. It’s like GPS for your financial goals!

Here Are Some Things to Look At:

  • Your Credit Score

    Check with your credit card company to see if they offer free credit score updates. Many do, including Desert Financial! Alternatively, you can visit Equifax.com1 and sign up for free score checks (2x per year max).

    How Does Your Score Stack Up?

    According to Experian:

    580-669
    Fair
    670-739
    Good
    740-799
    Very Good
    800-850 Exceptional
  • Your Credit Report

    Get yours for $0 three times per year (once from each credit reporting bureau) at freecreditreport.com. When you receive your credit report, look for potential errors and trouble spots that you can correct going forward.

  • Your Account Balances

    Do a quick inventory of the money you have in savings, emergency savings, money market accounts, etc.

  • Your Debt Load

    Maxed out your credit cards? Have a ton of student loan debt? Total up the amount you owe. It may seem shocking at first, but remember — mortgages, auto loans and small credit card bills can actually be good debts if monthly payments are manageable with your current income and you pay on time.

  • Your Retirement Savings Progress

    Check your 401(k) and other retirement savings. Are you on track to meet your retirement goals? In fact, do you even HAVE a specific amount you’re aiming for?

    $1

    MILLION

    EXPERTS RECOMMEND SAVING A MINIMUM OF $1M FOR RETIREMENT

    $117,000

    AVERAGE RETIREMENT SAVINGS (BY AGE 60) = $117,000

    10%

    ONLY 10% OF AMERICANS THINK THEY WILL HAVE ENOUGH $ FOR RETIREMENT

  • Your Budget

    Do you have a set monthly budget that accounts for housing, transportation, food, utilities, etc.? Is your budget working for you, and are you able to save? Now’s a great time to redo your budget if it’s not helping you achieve your goals.

Once you’ve completed your checkup, you’ll have a more detailed picture of your financial situation. Whether the answers you find are reassuring or revealing, you’ll know exactly where to start on your journey to stability. Remember, losing weight or getting buff doesn’t happen overnight — and neither does getting financially fit! This is a marathon, and you’ve already taken the first step toward the finish line.

Does your banking partner care about your financial wellbeing?

Desert Financial does!

LEARN MORE

1https://www.equifax.com/personal/

Wealth Management:

Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Securities offered through Raymond James Financial Services, Inc., Member FINRA / SIPC | Legal Disclosures | Privacy Policy | Terms of Use

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Desert Financial Credit Union, Desert Financial Wills and Trusts, Desert Financial Insurance and Desert Financial Wealth Management is not a registered broker/dealer and is independent of Raymond James Financial Services, Inc.

The material presented here is for educational purposes only, and is not intended to be used as financial, investment, or legal advice.