How To Do A Financial Health Check?

[Yusra]

If you're looking to take your finances to the next level, then a financial health check might be just what you need. An easy way to make sure that your money is working for you is by having a check-up on your finances. Here's how:

Identify where you're spending your money. Do you have a budget? How much do you spend on groceries each month? How much do you spend on transportation? What are your expenses? Making an honest list of all your expenditures helps you see where your money goes and how it can be used more efficiently.

Create a plan for saving money. If you want to save more, then look into ways that will help you save some cash. It could be as simple as cutting back on eating out or buying generic items at the grocery store instead of name brands. Don't forget about tax refunds too! You may even be able to get some tax credits if they've been withheld from your paycheck over the past year (check with a tax professional first).

Make sure that all of these things are happening in harmony with one another so that they're not competing with each other for resources (like time or energy).

 

[Augusta]

There is no two ways about this one financial health need to always be checked. You start by identifying where you're spending your money to be sure you are spending wisely. Do you have a budget? And what yu are spending your money on to help strengthen the health of your finances

To make your financial life healthy, you need to start planning for saving money. If you want to save more, then look into ways that will help you save some cash saving is one way of always being liquid and having money for the rainy day which is very important

 

[Mika]

It is really easy to analyze your financials and determine whether your financial health is good or not. You need to ask yourself a couple of questions, do you have savings that will pay your bill for 12 months if you lose your income stream tomorrow? Do you have another stream of income and can still pay your bills if you lose your current income stream? Do you have investment portfolios, do you have passive income? If your answer to these questions is yes, your financial health is perfect, if your answer is no, your finances are in poor condition.