IT IS IMPORTANT TO DO A FINANCIAL CHECK-UP

We all do a health check-up annually, or at least once in 2-3 years.

- PV SUBRAMANYAM

This is just to see the parameters and decide whether we need to take some corrective action. We give a small quantity of blood and many parameters are checked. We know that it helps us to take some corrective action to improve our health.

Similarly, we can check our finances – let's call it a 'Financial check-up'. Having a financial check-up is crucial for several reasons:

• Assessing financial health: Just like regular health check-ups, a financial check-up helps you understand your current financial status, including your assets, liabilities, income, and expenses. This assessment can reveal how well you're managing your finances.

• Goal setting and planning:

• Short-term goals: You might plan for immediate needs like saving for a vacation or paying off credit card debt.