How to improve your financial health: A workout plan

4 minute read

Are you someone who is fairly health conscious? Do you attempt to eat right and exercise on a regular basis? Are you taking time for yourself with some meditation or mindfulness to keep your mind in the right place? If so, that's great, as all of that is critical to a long and prosperous life.

Do you have a regular routine to take care of your financial health? The reality is that if you want that long and prosperous life, being healthy physically, mentally and financially are key to your overall health. However, people often neglect their financial health.

Here’s a training regimen to help even the most out-of-shape individuals can get financially fit.

This one is easy. Every morning, wake up and log in to your checking/savings accounts. This is a great healthy habit that accomplishes a handful of things. For starters, it gives you a gut check as to your daily cash position, which can help you make financial decisions on purchases, money transfers, etc.

Additionally, in today’s cybercrime onslaught, you can see if any unexpected activity is happening in your accounts. If you catch it right away, there is a very good chance the banking institution will refund you the stolen money.

Another simple cash tip: If you tend to keep a decent amount of cash on hand, you should have a portion of it in a liquid savings account. Every quarter, it is worth seeing if that savings account is paying you competitive rates. If you are not, consider looking around and opening an easy-to-use account with an online bank. That way, your cash reserves will have some earnings.

If you are using credit cards, here are some good tips:

  •  Check them weekly to make sure you understand what you are spending and to see if any unauthorized transactions have occurred. Much like your cash accounts, if you catch these quickly enough, almost every credit card will end up refunding you. Plus, you can stop it in time before they really get away with doing serious damage.
  •  If you have credit card debt, it is critical every month to see what your outstanding balance is, how much interest you are paying and which debt to overpay first. It is absolutely essential to have a steady and consistent plan to pay down these debts each month.
  •  Points are the last thing I’ll comment on here. Once a month, I’d look at the charges and see if you are maximizing your credit card rewards. Many of these cards offer different promotions, different rewards and different incentives. If you want to maximize your “free” money, keep a steady eye on using your cards correctly.

There are a few healthy things to focus on when it comes to your investment health. First, on a monthly/quarterly basis, it is worth understanding what you have and where. Also, are your accounts trending in the general direction of the markets? If markets are up 20% and you are down 10%, it’s time for a new routine. However, if they are trending in a similar direction as the markets, then you are likely on course.

Additionally, are you comfortable with your overall risk allocation? It makes good sense to check your risk allocations, likely quarterly, to align them with your risk tolerance.

Consider logging into your retirement account a monthly basis and confirm you are on track to contribute your desired amount. Remember, limits go up each year, and you want to make sure, if you're able, that the percentage being allocated is enough to max out each year.

Additionally, do an audit to ensure you are getting the appropriate match dollars on your contributions. These two things will keep you on cruise control for your financial health.

One of my favorite financial vehicles is the health savings account. Once a month, make sure you are on track to max out your HSA contributions for the year. These are some of the best dollars to stow away, so be sure you're taking advantage of every last bit. And if there is an investment account option within your HSA, try to keep the appropriate amount there.

You know how they say if you write down and journal everything you eat, you’ll be much healthier? You can do the same with your expenses. Depending on how much you think you would benefit from a detailed accounting of your expenses, you may consider doing this daily or weekly. The good news is there is some easy-to-use software that can track this for you. 

In the end, if you’re aware of where your money is going, you will be the master of your domain.


This article was written by Cfp®, Andrew Rosen and Cep from Kiplinger and was legally licensed through the Industry Dive Content Marketplace. Please direct all licensing questions to

This material is provided by Voya for general and educational purposes only; it is not intended to provide legal, tax or investment advice. All investments are subject to risk. Please consult an independent tax, legal or financial professional for specific advice about your individual situation.