- Take stock of my financial assets. This includes my checking, savings, and retirement accounts, as well as my emergency fund. Knowing where my funds are saved and how much I have in each account is helpful information in case I need to consolidate or close accounts.
- Review my financial liabilities. Credit-card balances, my mortgage, and my student loans are all financial liabilities that have the potential to delay me from reaching some of my financial goals. Knowing my assets and liabilities is helpful in figuring out when I'll be able to pay off a debt, or if making additional payments will help me reach my goals even faster.
- Assess my insurance policies. Keeping track of homeowners, life, and health insurance policies (as well as other policies) and knowing what my deductibles are and other details can help determine if there is a need to decrease or increase coverage amounts.
- Develop my goals for the next 12 months. This will include an updated plan for reaching my retirement and personal savings goals, and college savings goals for my children.