Check your vital signs!

When you’re concerned about your health, monitoring your vital signs on a regular basis gives you valuable information about your body and provides an important snapshot for your doctor. Well, guess what? Taking the same approach when it comes to your financial health is essential if you are to properly manage your debts, monitor your investments and provide for your future.

Like monitoring your blood pressure, pulse, cholesterol and other crucial vital signs, spending an hour with your money at least once each week is a great way to stay connected with your current financial condition. Doing so also serves as a powerful psychological motivator – just the fact that you are involved and interested makes it much more likely that you will make progress toward your financial goals.

Like an annual physical, an end-of-year financial evaluation should include a look at your progress on debt repayment plans, especially those pesky and expensive credit cards, and a look at your investment strategy, including 401K contributions and current fund choices.

This is also a great time to check your credit score, which you for free once each year with each of the 3 main credit reporting agencies, Equifax, TransUnion and Experian. To do so, DO NOT go to, where you will find their trademark cheesy rock music and a credit monitoring service you don’t need. Instead, go to, where you can learn about what goes into your credit score and what you can do to improve it.

In my next post, we will look at FICO scores, how they are determined, and how your financial decisions impact your score.

Until then, spend an hour each week with your money and check your financial vital signs frequently. You’ll be glad you did!

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4 Responses to Check your vital signs!

  1. Trisha Connell says:

    This is a good blog for us young students on our way to financial independence!

  2. Seythe McCoy says:

    i liked your last 2 posts on “Checking your vital signs!” and is it “Time to go on a diet?.” Great advice on the importance of taking a financial snap shot and measuring your financial goals. But what tools can we use to make that easier for us on a day to day basis.

    For example, if I was to monitor my health, I can use an online portal such as where I can keep not only numerical record of my progress, but I also have other tools at my disposal like a journal and other advice and tidbits that can be used to keep me focused, better manage my finances, and increase my efficiency in tracking.

    Is there something like that or something you may use that is similar to but for finances?

    Lastly, I did a piece on the FICO score, check it out if you have time. Let me know what you think.

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