The 10-Minute Financial Health Check Everyone Should Do At Least Once a Month

Managing your finances doesn’t have to be complicated. With just 10 minutes, you can assess your financial health, identify areas for improvement, and take action to set yourself on a better path. Here’s a simple, practical guide to check your financial well-being in no time.

1. Review Your Savings (2 Minutes)

Start by assessing your savings and emergency fund.

• Emergency Fund: Do you have at least 3–6 months of living expenses saved for unexpected events?

• Short-Term Goals: Are you saving for specific goals, such as a holiday, car, or renovations?

• Long-Term Savings: Are you contributing regularly to retirement funds or investment accounts?

Action Tip: I use Linked Investment Service Providers (LISPs) such as Allan Gray, Ninety-One, and Momentum. These platforms allow you to set up multiple accounts for different purposes—emergency funds, short-term goals, and long-term savings—all in one easy-to-use interface. Gone are the days of confusing insurance-linked products. With LISPs, you gain flexibility, transparency, and control over your finances.

2. Check Your Debt Levels (2 Minutes)

Understand how much you owe and ensure you’re managing your debt effectively.

• High-Interest Debt: Look at credit card balances and personal loans. Are you paying more interest than necessary?

• Good Debt vs. Bad Debt: Are your loans (e.g., mortgage or business loans) contributing to wealth creation or draining your finances?

• Monthly Payments: Ensure repayments fit comfortably within your budget.

Action Tip: Take stock of all your debts and their interest rates. Prioritize paying off high-interest debt first to free up cash flow. If possible, consolidate your debt on a platform offering the lowest interest rates to save money and simplify repayments.

3. Track Your Spending (2 Minutes)

Review your recent transactions to identify where your money is going.

• Essentials vs. Non-Essentials: Are you overspending on dining out, subscriptions, or non-essentials?

• Budget Alignment: Are you sticking to your budget, or is your spending creeping up?

Action Tip: There are several apps that can help you track and manage your budget effectively:

• 22Seven (iPhone and Android): Sync all your accounts, track spending, and create budgets effortlessly.

• Goodbudget (iPhone and Android): Helps track spending and savings goals, with the ability to sync across devices.

• Mint (iPhone): Tracks spending, sets budgets, and even pulls your credit score.

Use these tools to identify one area where you can cut back and redirect the saved money toward your financial goals.

4. Assess Your Investments (2 Minutes)

Check your investment portfolio to ensure it aligns with your goals and risk tolerance.

• Diversification: Is your portfolio balanced across asset classes like equities, bonds, and real estate?

• Performance: Are your investments meeting your expected returns?

• Risk Tolerance: Does your current allocation match your comfort with risk?

Action Tip: Using LISPs provides you with a clear, consolidated view of your overall portfolio. You can see:

• Your asset allocation at a glance.

• A breakdown of your investments, including offshore holdings.

• The fees you’re paying and how your portfolios have performed over different time frames.

If you’re unsure about your investments, consult a financial advisor to optimize your strategy and align it with your goals.

5. Bonus: Update Your Financial Goals (2 Minutes)

Reflect on your goals and progress:

• Short-Term Goals: Are you on track with immediate goals like saving for a holiday or paying off debt?

• Long-Term Goals: Are you contributing enough toward retirement and building wealth?

• Adjustments: Have life changes occurred that require revisiting your financial goals?

Action Tip: Write down one specific goal you want to achieve this year and break it into actionable steps.

Final Thoughts

Your financial health impacts every aspect of your life. By spending just 10 minutes reviewing these key areas, you can identify opportunities to improve and take small steps that lead to big results.

If you need help with a deeper financial analysis or creating a personalized plan, let’s chat. Together, we can craft a strategy to secure your financial future and help you achieve your goals.