You get a yearly check-up for your health. Your money deserves one too.
A financial check-up takes about an hour. Here are the ten questions to ask, in an order that builds on itself.
What are the 10 questions in a financial check-up?
- What did I earn and spend in the last three months? Use your bank statements, not memory.
- What do I pay every month that I do not use? Subscriptions, extra airtime and unused debit orders.
- What do I owe, and at what cost? List every debt with its balance and instalment.
- Do I have an emergency fund? Even R500 counts as a start. See emergency fund.
- Am I saving for known costs? School fees, the car licence and December. See sinking funds.
- Are my bank fees fair? See bank charges.
- What does my credit report show? See free credit reports.
- Am I insured for what matters? Funeral cover, and life or disability cover if others depend on you.
- Do I have a will? See how to write a will.
- What is my one goal for next year? See financial goals.
How do you do the check-up in 60 minutes?
| Minutes | Task |
|---|---|
| 0 to 15 | Questions 1 and 2: income, spending and leaks |
| 15 to 30 | Questions 3 and 4: debts and your emergency fund |
| 30 to 45 | Questions 5 and 6: annual costs and bank fees |
| 45 to 60 | Questions 7 to 10: credit report, insurance, will and goal |
Write the answers down. Then pick one thing to fix in the next month.
What should you do with the answers?
- A leak: cancel it today.
- A costly debt: make a plan to pay it down. See debt consolidation.
- No emergency fund: start with R50 a week.
- An error on your credit report: dispute it. See credit report disputes.
- No will: book a time to write one.
What does a good result look like?
You finish with three things on one page: your total monthly income and spending, your total debt and its cost, and one action for the next 30 days. That page is your plan.
Keep it where you will see it, and compare it with next year’s check-up.
When is the best time for a check-up?
Pick a date you will remember, such as the start of the year or your birthday. Some people use tax year-end in February, because it brings deadlines that matter for savings and retirement.
What if the check-up shows a problem?
Do not panic. A problem found early is cheaper than one found late.
If your debts are heavy, see what to do when you cannot pay your debts. The National Credit Regulator lists registered debt counsellors.
How does a check-up fit with your budget?
The check-up tells you what to change. Your monthly budget is where the changes happen. See how to budget.
What does a filled-in financial check-up look like?
Here is a hypothetical one-page summary for a household. Yours will differ, but the format is the point.
| Question | Example answer |
|---|---|
| Income and spending, last 3 months | Income R10,000, spending R10,300 |
| Leaks found | Gym R350, two subscriptions R150 |
| Debts and cost | Card R6,500 at 27%, store R3,200 at 24%, loan R14,000 at 20% |
| Emergency fund | R400 |
| Annual costs saved for | None yet |
| Bank fees | R180 a month |
| Credit report | Not checked in two years |
| Insurance | Funeral cover only |
| Will | None |
| One goal for next year | Reach R3,000 in an emergency fund |
The example shows a household spending R300 more than it earns, which means it is borrowing somewhere to keep going. Writing the answers makes that visible in a minute.
The action for the month follows from the page: cancel the leaks, and start a small debit order.
How do you read the answers as red, amber or green?
A simple colour code helps you decide what to fix first.
| Area | Green | Amber | Red |
|---|---|---|---|
| Spending vs income | Below income | Equal to income | Above income |
| Emergency fund | One month or more | R500 to one month | Under R500 |
| Debt cost | No costly debt | Some, with a plan | Costly debt growing |
| Credit report | Checked this year | Checked, with errors | Not checked in two years |
| Will and cover | Both in place | One in place | Neither |
Start with the red items, and pick the one that is cheapest to fix, such as a leak or a debit order. Move one item from red to amber each month. A year of that is a big change.
How do you run a check-up with a partner?
If you share money, a joint check-up helps, but it can also cause tension. Three rules keep it calm:
- Sit down at a quiet time, not during an argument or in front of children.
- Start with facts, not blame. Each person brings their own numbers.
- Agree one goal and one change, and write them down.
Each person can keep a small personal allowance that needs no explanation. If the check-up exposes a hidden debt, deal with it as a shared problem to solve. See money as a couple for how to talk about it.
What should you do in the months after the check-up?
A check-up is only useful if something follows. Here is a simple 12-month plan with one task a month, each taking about 15 minutes.
| Month | Task |
|---|---|
| 1 | Cancel the leaks you found |
| 2 | Start or raise the emergency fund debit order |
| 3 | List debts, and pay extra on the costliest |
| 4 | Request your free credit reports |
| 5 | Review insurance and funeral cover |
| 6 | Start a sinking fund for the biggest annual cost |
| 9 | Review progress against your goal |
| 12 | Repeat the check-up, and compare |
Small tasks add up, and a yearly rhythm turns money management into a habit, not a crisis response. See financial goals to choose a goal that fits.
What should you remember after your financial check-up?
The check-up is a yearly habit, and a single hour done well beats a long list of good intentions.
Keep the one-page summary where you can see it, set one reminder for the next financial check-up, and share the one action with someone who will ask about it. Over a few years, the pages tell a story you can be proud of.
Frequently asked questions
How often should I do a financial check-up?
Once a year, plus after a big change such as a new job, a baby or a move.
Do I need an adviser?
Not for the basics. An adviser helps with investments, insurance and estates.
What if I do not have time for all ten questions?
Do questions 1 to 4 first. They cover the most common money problems.
Should I do it with my partner?
If you share money, yes. See money as a couple.
What should I do if the financial check-up shows I spend more than I earn?
Find the biggest cuts first, and look at extra income. Do not cover the gap with loans. See how to budget.
Can I do a financial check-up alone?
Yes. It needs only your bank statements, a list of debts and an hour. Ask a trusted friend to hold you to the one action you choose.
One free 5-minute form is sent to NCR-registered lenders. Each lender decides for itself and shows you the full cost before you sign.
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