How to Evaluate Your Financial Health

Financial Health

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Imagine finding an old pair of jeans while cleaning your closet. You think about if they fit, match your current style, and if you should keep them. This is a good chance to check your wardrobe’s health. Similarly, it’s important to do the same for your finances. A personal finance checkup is like evaluating your wardrobe, but for your bank account and investments. And believe me, it’s easier than trying on those tight jeans again.

Checking your financial health is key to knowing where you stand and making plans for the future. It’s like guiding a ship through a storm—knowing where you’re headed is crucial. A financial checkup lets you look at your savings, debts, investments, insurance, and even estate planning. Generally, people with good financial health have a steady income, stable expenses, see good returns on investments, and their cash keeps growing1. Sounds great, doesn’t it?

Experts suggest doing a financial checkup every year, especially after big life changes like marriage, having kids, or retiring. Keeping an eye on your financial health helps you deal with life’s changes better. Also, it’s smart to save an emergency fund with 3-6 months’ worth of living expenses2. This prepares you for unexpected events, like losing a job or car repairs.

Now, let’s get into the details. It’s crucial to have a plan for evaluating your retirement savings, emergency funds, budget, and overall net worth. Making a budget helps you watch your spending by separating needs from wants1. If you have debts, consider clearing them with the avalanche or snowball methods to improve your financial health1. Automating your bill payments and savings can also help. It frees up your mind so you can focus on other things in life1.

Key Takeaways

  • A personal finance checkup is crucial for understanding your financial well-being.
  • Perform annual financial assessments and after major life events.
  • Setting up a budget helps in identifying needs versus wants and controlling spending1.
  • Building an emergency fund with 3-6 months of expenses is vital for future crises2.
  • Paying down debt using methods like avalanche or snowball can greatly improve financial health1.

What Is Financial Health?

Think of financial health as the lifeblood of how you handle money. It includes your savings, plans for retirement, how you manage debt, and your spending compared to your income. It’s key for anyone who wants a solid financial plan that’s personalized.

Understanding the Basics

Starting with the basics is essential when it comes to financial health. It’s about managing expenses, being ready for financial surprises, keeping debt low, and growing your wealth3. While general advice can help, everyone’s financial situation is different1. Knowing your net worth, whether it’s good or bad, is vital in figuring out where you stand financially1.

Key elements of financial health include knowing your spending patterns, how much you save, if your debt is manageable, and your plans for your finances3. Your financial health is more important for your well-being and the health of your community than other things like your access to food or a safe home3. Regularly checking your debt, especially high-interest debt like on credit cards, is critical1.

Key Indicators of Financial Health

The signs of good financial health are like guides towards stability. Having steady income, little changes in expenses, and more cash are great signs1. But, lots of debt could make you feel depressed and unhealthy3. Looking at what you owe and planning on time can tell you a lot about your financial health. It shows the need to handle economic challenges in a well-rounded way3.

Having an emergency fund for three to six months of expenses is a strong backup1. Using a budget rule, like the 50/30/20 for needs, wants, and savings, helps in managing money well1. Also, the FinHealth Score® framework scores financial health on a 0 to 100 scale. It assesses financial health for different people4.

Keeping these indicators positive through smart handling of money matters, planning for retirement, and watching your spending will lead to true financial well-being.

Why Evaluating Your Financial Health Is Crucial

Getting to financial security is not a one-and-done task. It’s like routine health checkups. Regular checks on your finances keep you on track as your life and dreams change.

Importance of Regular Checkups

Think of financial checkups as checking your money’s heartbeat. You look at what you earn, spend, own, and owe. This tells you your net worth and cash flow5. Doing this often helps you tweak your money plan as needed. It gets you ready for surprises like losing your job or big health bills. It’s key to have an emergency fund. Aim to save at least 6 months of expenses if you’re the only earner, or 3 months if there are two earners5.

Long-term Benefits of Financial Assessments

Looking at your finances long-term helps you reach big goals. Goals like planning for retirement or cutting down debt5. Checking on debts like credit card balances, loans, and mortgages is key to planning how to reduce them. This active step helps you stick to and refine your financial aims, boosting your security and stability. Tweaking long-term goals helps match them better with what you want5. Regular risk checks spotlight what needs work, so you can fix issues fast.

Learning about finance non-stop improves how well you manage money5. Finance always changes. Knowing the latest helps you adjust well, making you financially stronger. Make financial checkups a yearly habit, like doctor visits. They show what needs work and let you polish your plan for a solid and thriving financial future.

Reviewing Life Changes

Major life events really shake up our financial health. It’s key to update your financial plan when big changes happen. Whether you’re starting a new job, getting married, going through a divorce, or adding to your family, it’s crucial to review your strategy. This helps you keep your finances on track.

Recent Major Life Events

After big life changes like a new job or marriage, adjusting your financial plans is essential. It’s smart to do a financial check-up annually or when these events happen. This ensures your goals and your plan are still a good fit67.

For example, getting married or remarried means combining finances and figuring out taxes—this impacts your financial plan8. Buying a house brings in new regular expenses that need planning8. Regularly reviewing helps you handle these big changes.

Updating Financial Designs Accordingly

It’s vital to update your financial strategy after major life events to match your new situation. This might mean looking again at your 401(k) contributions to make sure you’re saving enough for retirement7. Changing financial plans helps you stay solid financially during transitions like a new career. This could also mean reviewing your budget and spending habits8.

Also, checking your insurance coverages, like life, disability, health, and property insurance, ensures you’re well-protected for your new life scenario6. By correctly adapting your financial plans, you can lower risks and keep your financial well-being strong, no matter what life throws your way.

Setting and Reseting Financial Goals

It’s key to have clear goals for your money, like building up savings or starting a business. Check how you’re doing with these goals often. This keeps you on track. Set times to review your finances, maybe monthly or yearly, to adjust how you spend and save9.

setting and resetting financial goals

Once you hit a financial goal, it’s time to aim for a new one. This helps you keep building wealth and moving towards being financially independent. Focusing on reducing debt and refining your budget can boost your financial health9. Having a good look at your credit scores and how your choices impact them offers extra help in setting your goals9.

A solid financial plan has both big and small goals. Short-term goals give you quick wins, pushing you towards bigger achievements later on10. Putting away at least 10% of your income for retirement is smart, especially if you’re behind on your goals11.

Also, setting a timeline for your goals helps in managing and reaching them efficiently. Picture your financial success, like saving regularly, having an emergency fund, and reaching dreams such as owning a home or retiring comfortably9. This approach makes sure you’re not just making goals but also updating them to secure a financially sound future.

Creating and Maintaining a Budget

Creating and maintaining a budget means making a plan that aligns your income and expenses. It’s a roadmap for your money matters. Keeping track of your contracts and payments is vital, especially for freelancers and self-employed folks12.

Essential Components of a Budget

Start by figuring out your net income, which is what you get after taxes and other deductions. It’s helpful to organize your expenses to see where your money goes. This makes it easier to find places to save money12.

The 50/30/20 budget rule is a good guide: 50% of your income goes to needs, 30% to wants, and 20% to savings or paying off debt. Always check your real spending against your budget, so you can keep your expenses in check12.

Tools for Budget Management

There are many tools to help manage your income and track expenses. You can use simple spreadsheets or the envelope system. Or, try advanced software like Mint, YNAB (You Need A Budget), or the Bank of America Life Plan®. These offer detailed ways to monitor and adjust your spending12.

Setting aside money for unexpected costs is smart. This way, your budget can handle surprises, like car fixes or home repairs13. It’s also a good idea to start an emergency fund with at least $500. Eventually, it should grow to cover several months of expenses13.

Tool Function Recommended Use
Spreadsheets Customized tracking Traditional and straightforward
Envelope System Envelope-based cash management Hands-on control
Mint Automatic expense categorization Real-time insights
YNAB Zero-based budgeting Detailed financial planning
Bank of America Life Plan® Comprehensive financial planning Bank clients

Using these tools wisely helps you plan for the future and adapt to changes in life. Even small cuts in spending can boost your savings a lot over time. This ensures you stay on track with your financial plans12.

Assessing Your Debt

Managing your debt wisely is crucial for good financial health. A key tip is to watch your debt-to-income ratio. It should ideally be below 30% of your total income2. This ratio helps creditors see if you can handle your debt well14.

Reducing high-interest debt is important, and there are two methods to do it. First, the snowball method makes you pay off small debts first. This brings quick wins and boosts motivation. The avalanche method, on the other hand, tackles the highest interest debts. This saves more money over time.

debt management strategies

It’s good to check on your debts regularly to manage them better. Think about refinancing to get better interest rates. Also, combining many high-interest debts into one with a lower rate helps. The 50/30/20 budget rule is a great guide. It helps with your needs, wants, and savings, while reducing debt14.

Checking your credit score often is also a smart move. A healthy credit score is key for loans and renting places214. By keeping an eye on your score, you can work to improve it. This supports your debt management plan. Thinking ahead to minimize high-interest debt can make you financially healthier and lead to a debt-free life.

Checking Credit Reports

Knowing what’s in your credit report is key to good money health. Reports from Equifax, Experian, and TransUnion give you a look at your credit past. They help find mistakes or fraud fast. These agencies keep their info on your credit updated15. By law, you can get a free report from each bureau every year15.

How to Obtain Your Free Credit Reports

It’s easier now to get your free credit report through AnnualCreditReport.com. You can now check your credit weekly16. This lets you keep up-to-date easily, aiding smarter money choices16. Plus, Equifax gives out six more free reports a year until 202615. Equifax users can also get free reports by signing up for a myEquifax account17.

Addressing Errors and Discrepancies

Checking your credit reports often can catch mistakes quick16. This keeps your credit true, guarding against identity theft harm16. Fixing errors fast also helps protect your credit score. Keeping a watch on your credit report changes is vital17. Loaners and landlords look at your credit. So, having it right and clean matters15.

Knowing what affects your credit score is important. Making sure lenders report your payments right helps improve your score17. Regular checks on your report help you make wise credit or loan moves. This leads to better rates and financial health.

Evaluating Retirement Savings

Planning for retirement is a must for a secure financial future. Look at your retirement savings often to stay on course. This means checking out various retirement accounts. You also need to adjust how much you save based on your goals and risk comfort.

Types of Retirement Accounts

Knowing about different retirement accounts is key to a good retirement balance. 401(k) plans let you save up to $23,000 by 2024. And if you’re over 50, you can add another $7,50018. Traditional and Roth IRAs let those over 50 save $8,000 by 202418. Each account has perks like tax breaks or tax-free growth. They help you build a mix of savings for retirement.

Adjusting Contributions and Risk Levels

Changing how much you save can greatly impact your retirement. Experts say save 10% to 15% of your income before taxes19. They also suggest saving more than 10% in 401(k)s to get full benefits from employer matches18. As you get closer to retirement, think about making your savings less risky. You might move money from stocks to bonds to keep your savings safe.

retirement portfolio balance

Keep an eye on your retirement savings, especially after big life or money changes. Aim to replace 80% of your income before retiring19. Remember to consider Social Security and other income. Using these tips can keep your retirement savings healthy and secure.

Examining Other Savings Goals

Managing your savings wisely affects how well you meet financial goals. With a recession possibly hitting in 2023, it’s vital to check and tweak how you save. This includes plans for emergencies, college, or big buys20.

Emergency Funds

About 68% of people fear not affording a month’s living costs during hard times, showing why a solid emergency fund matters20. You should have enough saved to cover three to six months of crucial bills. This prepares you for surprise expenses.

Putting your money into high-yield savings accounts is a smart move. They offer better returns, helping your emergency fund grow quicker.

College Savings and Other Goals

A 529 plan is great for college saving. With 49% of Americans saving less than before, these plans keep your college savings on track, even when money’s tight20. Using high-yield savings for big purchases, like houses or cars, also keeps you financially safe.

Tools like My Savings Plan help you keep an eye on your savings goals21. Whether saving for your kid’s college or a vacation, flexibility in how you save is key. It helps you overcome financial challenges and hit your saving targets.

Insurance Coverage and Its Importance

As life changes, it’s key to check your insurance like life, disability, health, and property coverage. These types help protect against sudden money problems. It’s smart to sometimes look over your policies.

insurance coverage

Types of Necessary Insurance

Life insurance keeps your family safe financially. Disability insurance helps if you lose your income. Health insurance covers medical bills, and property insurance guards your stuff. Together, they support your financial well-being and bring peace of mind during tough times.

Reviewing and Adjusting Coverage

It’s critical to keep an eye on your insurance plans. More people using Medicaid means better care for them22. But, a small part of the U.S. spends most on healthcare23. Still, 28 million Americans don’t have health insurance, which is risky22.

Change your insurance to match new life changes. You might switch companies, change deductibles, or combine policies. This ensures your coverage is full, affordable, and fits your financial plans.

Evaluating Estate Planning Essentials

Evaluating your estate plan is crucial for everyone, not just the very wealthy. Regular reviews ensure your assets are distributed according to your wishes after death. They also shield them from probate court24. This includes looking over wills and trusts, and evaluating powers of attorney and advance directives. Let’s look at the important parts to focus on.

Reviewing Wills and Trusts

Wills and trusts are key in estate planning. A will distributes your assets as you wish, while a trust can avoid probate. This makes the process faster and keeps it private24. It’s vital to regularly review these documents to match your current life changes. Family changes like births, deaths, or marriages, can affect your asset distribution.

Choosing the Right Executors and Trustees

Choosing executors and trustees is crucial. They will ensure your wishes are carried out and manage your estate. Pick people who are reliable and can handle finances and legal steps. Also, durable powers of attorney are important. They let someone manage your affairs if you can’t, ensuring your estate plan’s integrity24.

Don’t overlook your advance directives, such as healthcare power of attorney and living wills. These documents state your healthcare wishes if you can’t communicate them. They reduce stress for your loved ones and make sure your medical care matches your wishes. They’re vital for a thorough estate plan review.

Talking to estate planning professionals can greatly help. They assist you through complex laws and situations to keep a strong plan. This gives you peace of mind, knowing your assets and wishes are safe for the future.

Tax Strategies for Financial Health

Having good tax strategies is key for your financial health. Learning to withhold the right amount of tax and getting advice from tax pros can help a lot. Use a tax withholding estimator recommended by the IRS to keep from owing too much at year-end. Planning ahead for taxes is a big part of staying financially healthy.

Importance of Proper Tax Withholding

Using a tax withholding estimator is a smart move. It helps you figure out the right amount to withhold to avoid big tax bills later. Following the IRS’s advice keeps your money flow steady all year. This lets you work towards goals like saving for retirement or paying off debt.

Seeking Professional Tax Advice

Talking to a tax expert can give you tips that match your money situation. They can advise on making tax payments, especially helpful for freelancers. They also know about special rules like Section 121 Exclusion, letting you not pay taxes on some home sale profits25. And Rule 72(t), which lets younger people get retirement money without extra fees25. For those investing, trading properties without paying immediate taxes is possible with careful planning25.

Getting the right tax advice helps lower what you owe. This means you can make the most of deductions and credits. Smart tax planning boosts your financial health and helps reach bigger financial dreams.

Signs of Strong Financial Health

Strong financial health is marked by several key factors. These can point you toward a wealthy future. Having a steady income lets you cover needs and save money. A smart budgeting plan, like the “50/30/20” method, organizes spending well. It suggests splitting income among needs, wants, and savings114.

Having a constant flow of money matters a lot. It means both earning steadily and keeping expenses stable. Aim to keep housing costs under 40% of your income1. Saving money for emergencies is crucial too. A good goal is to have funds for 3 to 6 months of living expenses114.

Boosting investment returns is also key. Good returns help increase your savings. Experts suggest saving 10-15% of your earnings for retirement1. Growing your net worth shows financial strength. Balance debt, income, and assets while avoiding unnecessary spending increases114.

To wrap up, spotting these signs is crucial. Strong financial health means controlling expenses, earning from investments, and building a reliable safety net. Watch your income closely, make the most of your investments, and use these guidelines for financial success.

Improving Financial Health Through a Step-by-Step Plan

Improving your financial health is all about following a plan. This plan includes budgeting, managing debt, and keeping an eye on your finances. Let’s take a closer look at these steps.

Building and Following a Budget

First, creating a budget is key. It’s the foundation for good financial choices and setting goals26. You’ll be able to see what you earn and spend, and save more easily. Starting a budget can really change things for you.

By using your money wisely, you’ll know what’s important and what’s not. Consider using automated savings plans. They help by splitting your paycheck between your usual and savings accounts26.

Strategizing Debt Reduction

Reducing your debt is crucial for a stable financial future. Pay off high-interest debts first to save money26. Techniques like the avalanche or snowball methods can make reducing debt simpler. This way, you’ll get closer to financial freedom.

Also, think about lowering your expenses. Try negotiating bills or swapping out pricey items for cheaper ones26. Effective debt management means better financial health and avoiding more debts later on.

Regularly Monitoring Financial Progress

financial monitoring techniques

Keeping track of your financial growth is vital. Reviewing your finances often, including savings and retirement adds up, shows how well you’re doing26. Staying updated with financial news helps you adjust your goals according to expert advice26.

Financial planning is also important. It involves setting goals, aligning your budget, and knowing how much risk you can take26. By monitoring regularly, you can tweak your plans to stay on course.

Following these steps together will help improve your financial situation. It leads to a secure and wealthy future.

Common Financial Health Pitfalls to Avoid

Knowing common financial pitfalls is key to good financial health, especially now. We’ll look at the top three issues and how to tackle them.

“Understanding and avoiding these pitfalls can set you on the path to financial stability.”

Overspending vs. Income

Controlling your spending is crucial. Many households spend too much on housing, leading to high taxes and upkeep costs27. With today’s economic challenges, it’s important to keep your spending in line with your income. Every year, millions of new cars are bought with borrowed money. This adds interest charges on items that lose value, making finances even tighter27.

Ignoring Debt and Credit Issues

Ignoring credit and debt issues can trap you in endless borrowing. Relying on credit cards for basics can be especially problematic27. In December 2023, the average credit card interest rate was 24.37%, making credit debt very expensive27. It’s important to regularly check your credit report for any mistakes and fix them.

Neglecting to Save for Emergencies

Saving for emergencies is crucial for stable finances. Surprisingly, the U.S. personal savings rate fell from 9.4% in June 2021 to 3.8% by October 202327. This sharp decline suggests people might not be ready for sudden expenses. An emergency fund acts as a safety net against unexpected financial problems.

  • Monitor your spending against your income.
  • Regularly review and resolve credit issues.
  • Maintain an emergency savings fund.

Acting on these pitfalls early can set a strong base for your financial well-being. For more about managing your finances, visit this comprehensive guide.

How to Perform a Self-Assessment of Your Financial Health

Checking your financial health is critical. It keeps your money matters on track and helps you plan ahead. By asking key questions, you can understand where you stand financially. This also shows you what you need to work on.

Key Questions to Ask Yourself

Begin by thinking about these important questions:

  • Do I have an emergency fund that covers three to six months of living expenses?1
  • What is my debt-to-income ratio, and is it manageable?
  • Am I on track with my retirement savings, dedicating 10-20% of my pretax income as recommended by experts?6
  • Is my insurance coverage adequate and up to date for life, health, and property?

Steps to Take Based on Your Answers

After you review your answers, it’s time to take action to improve your finances:

  1. Revise Your Budget: Try the 50/30/20 rule. It means spending 50% on needs, 30% on wants, and 20% on savings and paying off debt1.
  2. Build or Increase Your Emergency Fund: Make sure you have enough saved to cover three to six months of bills1.
  3. Review and Adjust Retirement Contributions: You should save 10-20% of your pretax income for retirement, just like experts say6.
  4. Update Insurance Policies: Check and update your insurance to make sure you’re fully covered6.

Improving your financial health involves reviewing your net worth, planning for emergencies, and tweaking your financial plans. By doing so, you can make sure your future is stable and secure.

Conclusion

As you finish evaluating your financial health, keep in mind it’s a continuous and changing journey. Getting insights from a financial health checklist is crucial for reaching financial goals and making smart plans. Recently, financial health in the U.S. has dropped for the first time in five years28. This shows why it’s key to manage your finances carefully and proactively.

Now, less than one-third of adults are considered Financially Healthy, which is a decline from before28. This fact shows how important it is to check your financial status regularly and adjust as needed. For example, both Black Americans and women have faced big drops in financial health. Yet, those making under $30,000 with higher wages have seen some improvements28. These points highlight the gaps in society but also show where we can make positive changes.

A complete financial health checklist and regular money checks will help you secure a better future. Reviewing your budget, retirement savings, and insurance helps strengthen your financial plan. Making these adjustments keeps your finances strong, supporting your goal to stay financially stable.

Your financial journey involves constant progress and being flexible. Keep up-to-date, take active steps, and you’ll move closer to your financial targets.

FAQ

What is a financial assessment?

A financial assessment helps you understand where you stand with money. It looks at how you save, your debts, where you’ve invested, insurance, and plans for your estate.

Why should I conduct a personal finance checkup annually?

Doing a yearly financial checkup keeps you on track with your money goals. It lets you adjust plans when needed and be ready for surprises. Think of it as a health check but for your finances.

What are the key indicators of financial health?

The main signs include having stable savings and investments. Watching how your debts and assets affect your net worth is also key. More cash over time means you’re heading in the right direction financially.

How do life events impact financial health?

Big life changes like getting married, having a baby, or losing someone close can shake up your finances. They mean you need to change how you handle your money to stay in line with your new life stage.

How do I set and reset financial molds?

Goals, like saving for emergencies or buying a house, guide your money journey. Keep checking and changing these goals to keep moving toward better wealth and financial freedom.

What are the essential components of a budget?

A good budget is like a map for spending against your earnings, aimed at reaching your financial goals. You need to watch it closely and tweak it now and then to stay on track.

How can I manage and reduce high-interest debt?

Use strategies like the snowball or avalanche method to tackle debts with high interest first. Reviewing your debts often helps you decide how to prioritize and deal with them wisely.

How do I obtain my free credit reports?

Free yearly credit reports are available from Equifax, Experian, and TransUnion at AnnualCreditReport.com. Checking these helps you spot mistakes and fix them.

What types of retirement accounts should I consider?

Think about how much you’re putting into 401(k)s or if you need an IRA to beef up your savings. As you get closer to retiring, adjusting how much risk you take with your investments is crucial.

How should I evaluate other savings goals, like emergency funds and college savings?

Regularly see how you’re doing with saving for emergencies and college. Make sure these plans are flexible enough to change as your life does. Look into accounts that grow your savings faster.

How often should I review my insurance coverage?

Always check your insurance plans, like life, health, and property, to make sure they match your current life and money goals. Good insurance protects you from unexpected financial problems.

What is involved in estate planning essentials?

Estate planning means making sure your will, trusts, and power of attorney are up to date. Having these in order protects your assets for those you care about.

Why are proper tax strategies important for financial health?

Smart tax moves help avoid penalties and big tax bills at the end of the year. Staying ahead with your taxes is key for keeping your finances healthy and reaching your dreams.

What are signs of strong financial health?

If you have steady income, keep spending in check, see good returns on investments and your cash stash grows, you’re on a solid financial path.

What are common financial health pitfalls to avoid?

Spending more than you earn, ignoring debt, and not having emergency funds can mess up your finances. Tackling these early helps avoid bigger problems later.

How do I perform a self-assessment of my financial health?

Check how ready you are for life’s ups and downs, your debt situation, if you’re set for retirement, and whether you’re insured enough. Depending on your answers, adjust your budget, save more, or get advice on planning your finances.

Source Links

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  4. https://finhealthnetwork.org/about/what-is-financial-health/
  5. https://www.tsgfinancialstrategies.com/Re-evaluating-Your-Financial-Health-Assessing-and-Improving-Your-Financial-Well-being.71.html
  6. https://www.investopedia.com/personal-finance/how-conduct-financial-checkup/
  7. https://www.valleystar.org/how-to-complete-a-financial-health-check/
  8. https://www.newmakerfinancial.com/financial-planning-for-life-changes
  9. https://www.experian.com/blogs/ask-experian/how-to-reset-your-finances/
  10. https://money.usnews.com/money/personal-finance/saving-and-budgeting/articles/ways-to-improve-your-finances
  11. https://www.truist.com/money-mindset/principles/mind-money-connection/financial-resolutions
  12. https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/creating-a-budget
  13. https://www.nerdwallet.com/article/finance/how-to-budget
  14. https://www.nerdwallet.com/article/finance/financial-health
  15. https://consumer.ftc.gov/articles/free-credit-reports
  16. https://www.forbes.com/sites/forbesfinancecouncil/2024/02/06/why-you-should-regularly-check-your-credit-report/
  17. https://www.equifax.com/personal/education/credit/report/articles/-/learn/why-check-your-credit-reports-and-credit-score/
  18. https://www.investopedia.com/terms/r/retirement-planning.asp
  19. https://www.nerdwallet.com/article/investing/how-much-to-save-for-retirement
  20. https://www.bankrate.com/banking/savings/savings-strategies-for-different-goals/
  21. https://collegesteps.wf.com/financial-health-tools-to-help-reach-your-goals/
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  23. https://www.ncbi.nlm.nih.gov/books/NBK223643/
  24. https://www.investopedia.com/articles/pf/07/estate_plan_checklist.asp
  25. https://www.businessinsider.com/tax-strategies-irs-rules-that-can-improve-your-financial-situation-2024-5
  26. https://www.experian.com/blogs/ask-experian/ways-to-improve-your-financial-health/
  27. https://www.investopedia.com/personal-finance/most-common-financial-mistakes/
  28. https://finhealthnetwork.org/research/financial-health-pulse-2022-u-s-trends-report/

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