You schedule your annual appointments. You renew your insurance. You somehow remember when everyone in your family needs to be somewhere.
But when was the last time you have your financial life that same kind of check-in?
For many women, money is just one of the many things competing for our attention. We’re managing careers, households, kids, aging parents, relationships, and endless to-do lists. Even when we’re on top of the day-to-day finances, some of the bigger-picture details can easily get pushed aside.
That’s why we love the idea of an annual financial check-in.
It doesn’t have to mean overhauling your finances or spending an entire weekend buried in paperwork. Think of it as a chance to make sure the decisions you made a year ago still make sense for the life you’re living today.
Here are a few places to start.
Review Your Beneficiaries
Beneficiaries are one of those financial details that can be easy to set once and forget.
But a lot can change in a year. Marriage, divorce, a new child, the loss of a loved one, or simply a change in a relationship can all affect whom you want to name.
Take a few minutes to review the beneficiaries listed on your retirement accounts, life insurance policies, annuities, and any accounts with payable-on-death or transfer-on-death designations.
It’s a small task, but an important one. In many cases, beneficiary designations determine who receives an account, even if your will says something different.
Give Your Insurance a Check-In
When was the last time you actually looked at your insurance coverage?
The policies that worked for you a few years ago may not make as much sense after buying a home, changing jobs, growing your family, or taking on new financial responsibilities.
Review your health, home or renters, auto, life, disability, and umbrella coverage. You don’t need to become an insurance expert. The goal is simply to know what you have, what it covers, and whether it still fits your life.
Revisit Your Retirement Savings
Retirement can feel far away, especially when there are so many financial priorities right in front of you.
But women can face some unique challengs when it comes to saving for retirement. Career breaks, caregiving responsibilities, the gender pay gap, and longer life expectancies can all have an impact over time.
Check how much you’re currently contributing to your workplace retirement plan and whether you’re taking full advantage of any employer match. If you recently received a raise or bonus, could you increase your contribution even a little?
And if you pulled back on retirement savings during a particularly expensive or demanding season of life, that’s okay. Your annual check-in is simply a good time to ask: Does what I’m saving today still make sense for where I want to go?
Make Sure Someone Else Could Find the Important Stuff
You may know exactly where the insurance documents live, which bank holds which account, and how to find the family’s tax returns.
But would someone you trust know where to start if you weren’t able to manage everything for a period of time?
Make sure your trusted contacts, powers of attorney, estate documents, insurance information, and instructions for locating important records are up to date.
You don’t need a perfectly organized filing cabinet. You just want a secure system that makes it possible for the right person to find the right information when they need it.
Do a Subscription Sweep
This one can actually be kind of satisfying.
Pull up a few months of bank and credit card statements and look for subscriptions, apps, memberships, and automatic renewals you may have forgotten about.
For each one, ask yourself:
“If I weren’t already paying for this, would I sign up for it today?”
If the answer is no, cancel it. The goal isn’t to cut out everything fun. It’s to make sure your money is going toward the things that still add value to your life.
Give Your Financial Security a Refresh
A few small digital housekeeping tasks can go a long way toward protecting your financial information.
Update any passwords you’ve reused across email or financial accounts, turn on two-factor authentication, and make sure alerts are enabled for unusual purchases, withdrawals, login attempts, or password changes.
It’s also a good time to review your credit report and make sure everything looks familiar. Errors or suspicious activity are generally much easier to deal with when you catch them early.
Your Annual Financial Checklist
You don’t have to tackle all of this today. Pick two or three things to start with and come back to the rest when you have time.
- Review beneficiary designations
- Review insurance coverage
- Check retirement contributions and employer match
- Update trusted contacts and important documents
- Review subscriptions and recurring payments
- Update passwords and enable two-factor authentication
- Shred outdated financial documents
- Check your credit report
- Schedule next year’s financial check-in
The point of an annual financial review isn’t to have every part of your financial life perfectly figured out. It’s to stay connected to your money and make sure your financial decisions continue to reflect the life you’re building.
Start small. Check off a few things this week, schedule time for the rest, and give yourself a reminder to do it all again next year.
Ready for a Financial Check-In?
As you work through your checklist, you may realize you have questions about your investments, retirement savings, insurance, or bigger financial goals. You don’t have to figure all of those pieces out on your own.
If you want a personalized plan, Willow can match you with a financial advisor who fits your goals and your life — not just your numbers. Visit trustwillow.com to get matched.
The statements and opinions expressed in this article are for general informational purposes only and are not intended to provide specific financial, tax, legal, or investment advice. Individuals should consult an appropriately qualified professional regarding their personal situation before making financial decisions.
