Checking Your Financial Vital Signs

If you set financial goals this past year, how did you do?

Here are some tools to check your “financial vital signs” that can help you understand where you are and help you decide where you want to go financially.

Review Your Credit Reports. Federal law states every consumer is entitled to one free credit report from each of the three major credit bureaus once a year. It’s important to review your reports so you can make sure your information is being reported correctly, and that there are no incorrect reports of late payments or old collections or fraudulent accounts. You can receive your free reports at

Create a Personal Balance Sheet. Write down the value of everything that you own and subtract the value of everything that you owe to calculate your net worth. This tool can help you develop more refined financial goals by showing if you need to work towards increasing savings or reducing debts.

Monitor Your Savings Accounts. Unexpected expenses can cut into your regular monthly spending, throwing your budget off track. Many of us can benefit from setting up a plan for separate savings to help you manage those infrequent expenses. If you are already doing so, you may also want to increase your retirement savings.

Understanding what challenges got in your way and identifying where you can improve moving forward can help shape the financial decisions to make 2016 the year you meet your financial goals.

And remember, RTN is always here to help you with your financial needs, wherever you are and whenever you need us.