A comprehensive interactive checklist to help you audit your finances, optimize your accounts, and plan for the year ahead.
Disclaimer: This checklist is provided for informational and educational purposes only and does not constitute professional financial advice. Please consult with a qualified financial advisor, tax professional, or attorney for advice specific to your situation.
An annual financial review is a comprehensive checkup of your entire financial life. Like an annual physical, it catches problems early and ensures you are on track to meet your goals. It covers net worth tracking, retirement progress, insurance adequacy, tax optimization, and estate planning. Start by calculating your current net worth.
Every adult, every year. The review is especially valuable after major life events: marriage, divorce, new baby, job change, home purchase, inheritance, or reaching a milestone birthday (30, 40, 50). Use our budget planner to set up the coming year.
Example Input
Age: 35. Household income: $140,000. Net worth last year: $285,000. Current net worth: $340,000. Retirement savings: $180,000. Emergency fund: 4 months.
Sample Output
Net worth growth: +$55,000 (+19.3%). Retirement on track (1.3x salary, target is 1-2x by 35). Emergency fund below 6-month target: increase by $4,000. Action items: Increase 401k contribution by 2%, review insurance beneficiaries, check credit report.
Example Input
Age: 24. Income: $65,000. Student debt: $32,000. Savings: $3,500. No retirement accounts.
Sample Output
Priority 1: Build $5,000 emergency fund (7 months at $200/month). Priority 2: Start employer 401k with at least the match (typically 3-6%). Priority 3: Set up student loan autopay for 0.25% interest rate reduction. Annual net worth target: positive by age 26.
Schedule it in December or January when you have full-year financial data. Set a recurring calendar event. Key checkpoints: review all account balances, verify insurance coverage, rebalance investments, maximize remaining tax deductions, and update beneficiaries. Check your retirement projections annually.
Create a simple spreadsheet tracking net worth month over month. Review your credit report (free at annualcreditreport.com). Check that your emergency fund covers 6 months of expenses. Verify your savings rate is at least 20% of gross income using our savings rate calculator.
Skipping the review entirely is the most common mistake. Other errors: not updating beneficiaries after marriage or divorce (your ex could inherit your 401k), having inadequate life insurance (10-12x income is the guideline), and not rebalancing a portfolio that has drifted from its target allocation.
Cover these 7 areas: (1) Net worth calculation, (2) Budget vs actual spending, (3) Retirement account balances and contribution rates, (4) Emergency fund adequacy, (5) Insurance coverage review, (6) Credit report check, (7) Beneficiary and estate document updates.
Calculate Total Assets (cash, investments, property, retirement accounts) minus Total Liabilities (mortgage, student loans, credit card debt, auto loans). Track this number monthly or quarterly. A growing net worth, even if slow, means you are building wealth.
Financial experts recommend saving at least 20% of gross income (including employer 401k matches). FIRE movement adherents target 50-70%. The median American saves only 4-6%. Even increasing your rate by 1% per year makes a significant long-term difference.
Complete a rigorous 7-pillar personal financial physical without entering confidential bank logins. Assess liquidity, investment glide paths, tax shields, and estate readiness across an interactive checklist that operates entirely within your browser.
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