Watching Your Wallet: The Importance of Financial Check-Ins

FRESNO, Calif. (KFSN) -- Whether you're working toward paying down debt or trying to build your savings, being intentional with your finances is critical.

"Every six months to a year, you should be asking yourself, 'What are your financial goals? What's really going on?'"

Certified Financial Therapist and CEO of The Academy of Financial Education, Samuel Molina, emphasizes that taking a proactive approach to your finances can significantly help in achieving your goals.

Planning ahead makes it easier to save for major life events and avoid financial emergencies.

"If we can weather the storm for six months, we're pretty solid," Molina said. "We have less stress in our lives and if we own our own homes, a lot of folks like that because there's a lot of freedom that comes with it."

Stay on top of your safety nets by reviewing your protection policies every three months.

"Make sure your car insurance policy is up to date," Molina advised. "Check your homeowners insurance to ensure nothing has changed. Often, we overlook these documents, so reviewing them quarterly is important because you might miss something."

Each month, Molina recommends checking in on your budget.

"You need to track what income is coming in and what expenses are going out, as expenses can fluctuate. It's important to know what's happening each month," he said.

If you own a business or itemize expenses, don't wait until tax season to organize your receipts.

"Waiting until the end of the month to total your receipts can be time-consuming," Molina said. "Doing it weekly makes it easier."

Contributions to savings or retirement accounts can be made weekly or monthly. Setting up automatic contributions helps maintain consistency.

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