Day 15: Evaluate Financial Past (30 Day Financial Wellness Challenge)
A necessary step in your progress to becoming financially well.
Welcome to Day 15 of the 30-Day Financial Wellness Challenge.
Each day will comprise of financial exercises, some short and others a bit longer, to help you become financially fit. The goal is to tackle different aspects of personal finances one day at a time.
After the 30 days, you’ll have a stronger understanding of your financial health and an action plan to improve your financial wellbeing. Review Day 14: Tax Transcripts
On Day 15, we’re wrapping up Phase 2: Evaluating your financial past. It’s important to evaluate your financial past to help you understand the results of your financial health checkup.
In Phase 3, we’ll discuss mindset, vision, values and life goals. And we can’t have a meaningful conversation about your future without addressing your past that informs your present decision making.
To recap, you evaluated the following:
- earnings statement – shows the history of money you’ve earned (Day 10)
- credit report – uncovers how you’ve managed credit (Day 11)
- banking relationships – asks to reassess how you bank (Day 12)
- paycheck & paystub – gives insight about your income and benefits (Day 13)
- tax transcripts – provides an overview of your taxes paid (Day 14)
You might have wondered why it’s been challenging for you to grow income, improve credit, pay off debt, save or invest money. The answers can be found by looking at your past. It can be quite revealing and helpful.
In the past 5 days, I challenged you to look at your financial past by reviewing records. Doing so provides insights into your relationship with money which we will further explore in the Awareness Phase.
Day 15 Assignment
Since your past is unique to you, the recommended action will vary based on what you’ve uncovered.
- Take the time to revisit the previous assignments. What have you uncovered about your past?
- Write down your thoughts or indicate key findings in the Comment column.
- Consider Next Action steps based on your results.
Financial Past Evaluation
| Key Findings & Comments | Next Steps | |
| Earnings Statement | Retirement income planning | |
| Credit Report | Improve Credit File | |
| Banking Relationships | Switch from Bank to Credit Union | |
| Paycheck & Paystub | Update W-4 Allowance
Increase 401k Contributions Ask HR about other benefits |
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| Tax Transcripts | Speak with a tax specialist
Use tax-advantaged accounts Create a strategy to lessen taxes |
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Why is an evaluation of your financial past important?
It’s a necessary step in your progress to becoming financially well. Your past can help you understand the results of your financial health checkup. And most importantly, evaluating your past helps you see a history of progress amidst the twist and turns of your recent financial reality.
Additional Reading
Recommended Resources
- Credit Karma offers you two free credit scores and access to credit report cards using the information found on your TransUnion and Equifax credit reports.
- Personal Capital is a free personal finance app with a 360-degree view of your money. With Personal Capital, you can see all your accounts in one place with planning and analysis tools.
Next Daily Challenge: Day 16: What’s Your Vision?
What’s coming ahead?
Congrats on completing Phase 2: Evaluating Your Financial Past. In the next few days, we’re going into the Awareness phase. Now, that you understand your present and past, I’m going to focus your attention on your mindset, vision, values, and goals.
