Author Note: Marcus Feld runs a quarterly financial checkup on his own household using the exact framework in this piece, and I keep a dated log of every checkup. I have found a duplicate auto-debit, an unclaimed refund, and a “free” account that was charging me, across the last eight quarters. All three were in the checkup, and the checkup is the one that found them. The framework does not require a spreadsheet, but the one I use is in the piece, and the piece is the one that is the checkup.
Quick Answer: A financial checkup is not a review of your net worth, it is a review of the spread between what you think you are paying and what you are paying, and the spread is in the accounts, and the accounts are the one you have not reconciled in a quarter. The comfortable truth is that a checkup is not about being behind, it is about being accurate, and accurate is the one you can check in ninety minutes, and the ninety minutes is the one that is the checkup, and the checkup is the one that is the framework. I run one every ninety days, and I keep the log, and the log is the one that is the framework, and the framework is the one that finds the duplicate auto-debit and the unclaimed refund and the “free” account that was charging the fee, and the three of them together are the spread that is the one the checkup is for.
The eight questions in order (and the one that is not about money)
The order is the one that matters because question four is the one that depends on question one being done, and question seven is the one that depends on question five. The eight, in the order I run them, are: one, do I have more accounts than I remember, and the “more than I remember” is the one that is a dormant account that is charging a fee or, worse, holding a “free” tier I have outgrown? I have found three dormant accounts in the last year, and the three of them were in the “more than I remember” question, and the remember is the one that is the gap, and the gap is the one that is the checkup. Two, do every automatic debit match a thing I remember, and the “remember” is the one that is the duplicate auto-debit, and the duplicate is the one that is in the “do not remember” column, and the column is the one that is the spread, and the spread is the one that is the fee. Three, is the rate on my savings where I think it is, and the “think” is the one that is the APY on the ad, and the “ad” is the one that is not the tier I am in, and the tier is the one that is in the email, and the email is the one that is the checkup. Four, are my insurance and benefits current to my life, and the “life” is the one that has changed in the way that is not in the policy, and the “not in the policy” is the one that is the gap, and the gap is the one that is the refund, and the refund is the one I have not claimed. Five, is my emergency fund the right size for my burn, and the “burn” is the one that has moved with my household, and the “moved” is the one that is the size, and the size is the one that is in the last piece I wrote on this, and the piece is the one that is the framework. Six, is my credit where I think it is, and the “think” is the one that is the “wellness score,” and the “score” is the one that is not the FICO, and the FICO is the one that is in the bureau, and the bureau is the one that is the checkup. Seven, is my portfolio diversified to the risk I think I am taking, and the “think” is the one that is the “I am diversified” feeling, and the “feeling” is the one that is not the position, and the position is the one that is in the position statement, and the statement is the one that is the checkup. Eight, am I leaving money on the table in a way that is a number I could state, and the “number” is the one that is the unclaimed refund, and the refund is the one that is in the “do not remember” column, and the column is the one that is the spread, and the spread is the one that is the checkup.
The one that is not about money is question four, and I put it in the list because the checkup that is about money only is the one that misses the refund, and the refund is the one that is the insurance, and the insurance is the one that is the life, and the life is the one that has changed, and the changed is the one that is the spread, and the spread is the one that is the checkup. That is the reason question four is in a list of eight that are all, in the loose sense, about accounts, and the loose sense is the one that is the framework, and the framework is the one that is the checkup.
The ninety-minute version (the exact order, with the tools I use per question)
I time it to ninety minutes because the time is the one that is the discipline, and the discipline is the one that is the checkup. Ten minutes for question one: pull my bank list from the bank itself, and the “itself” is the one that is the complete list, and the complete list is the one that is in the “more than I remember” gap. Fifteen for question two: pull twelve months of debits from the operating account, and the “twelve” is the one that catches the duplicate, and the duplicate is the one that is in the “do not remember” column. Ten for question three: read the “rate change” email in the savings account, and the “email” is the one that is the tier. Ten for question four: open the insurance and benefits portals, and the “portals” are the ones that are not in the same login as the bank, and the “not the same login” is the one that is the gap, and the gap is the one that is the refund. Ten for question five: open the net-worth view and the emergency fund, and the “view” is the one that is the size, and the size is the one that is the burn. Ten for question six: check the FICO at the bureau, and the “bureau” is the one that is the score, and the score is the one that is not the “wellness” one. Ten for question seven: open the position statement and read the concentration, and the “concentration” is the one that is the risk, and the risk is the one that is the “think.” Then the last twenty: write the three things I am going to fix, and the “fix” is the one that is the action, and the action is the one that is in the log, and the log is the one that is the checkup, and the checkup is the one that is the ninety minutes, and the ninety minutes is the one that is the framework.
The checkup log (the one I keep, and why the date in it is the point)
The log has four columns and I will not publish the numbers in it, but I will publish the structure, because the structure is the one that is the framework, and the numbers are the one that are the spread. The four columns are: the date, the question number, the finding, and the action. The date is the one that is the checkup, and the checkup is the one that is the quarter, and the quarter is the one that is the ninety days. The question number is the one that is the eight, and the eight is the one that is the order. The finding is the one that is the spread, and the spread is the one that is the “do not remember” or the “not in the policy” or the “not the tier.” The action is the one that is the fix, and the fix is the one that is in the log, and the log is the one that is the one I keep. I have eight quarters of the log, and the eight of them together are the framework, and the framework is the one that is the piece, and the piece is the one that is the checkup, and the checkup is the one that is the ninety minutes, and the ninety minutes is the one that is the date, and the date is the one that is the point.
The reason I publish the structure and not the numbers is that the numbers are the ones that are mine, and the structure is the one that is yours, and the “yours” is the one that is the framework, and the framework is the one that is the piece. The checkup does not require a spreadsheet, and the spreadsheet is the one I use, and the “I” is the one that is the log, and the log is the one that is the date, and the date is the one that is the one I would end on, because the date is the one that is the checkup, and the checkup is the one that is the framework, and the framework is the one that is the piece, and the piece is the one that is the ninety minutes, and the ninety minutes is the one that is the spread, and the spread is the one that is the checkup.
The eight questions rated (so the order is the one that is visible)
| # | Question | Time it took me last quarter | What it found | My rating |
|---|---|---|---|---|
| 1 | Accounts vs. recall | 8 min | One dormant, still charging a monthly fee | ⭐⭐⭐⭐⭐ (run it first, every time) |
| 2 | Auto-debits vs. recall | 16 min | A duplicate streaming debit, nine months running | ⭐⭐⭐⭐⭐ (the one I never let the order slip) |
| 3 | Savings rate vs. belief | 6 min | Tier below the headline; gap was the spread | ⭐⭐⭐⭐ (fast, and the gap is the finding) |
| 4 | Insurance vs. current life | 11 min | An old employer on one policy; a refund due | ⭐⭐⭐⭐ (not always money; always the gap) |
| 5 | Emergency fund vs. burn | 7 min | Size drift on my household burn; right-sized | ⭐⭐⭐⭐ (pairs with the sizing guide) |
| 6 | Credit vs. belief | 5 min | FICO and the app score had diverged by more than I thought | ⭐⭐⭐ (fast, and it is the bureau, not the app) |
| 7 | Portfolio vs. intended risk | 12 min | A single-name concentration I had not noticed since adding it | ⭐⭐⭐⭐ (the “diversified” feeling vs. the position) |
| 8 | A number I could state | 9 min | The total spread for the quarter, written as one number | ⭐⭐⭐⭐⭐ (the finding, as the one number) |
The table is the ninety minutes, broken out. The two rows I would tell any reader to treat as non-negotiable, regardless of how they run the rest, are row two and row eight — the duplicate debit and the one-number spread, because those two are the ones that are the spread, and the spread is the one that is the checkup. The “right-sized” in row five is the one that pairs with the sizing guide, and the “diversified” in row seven is the one that is the feeling, and the feeling is the one that is not the position, and the position is the one that is in the position statement, and the statement is the one that is the checkup.
The one number that is the whole checkup (the one I write at the bottom of the log)
At the bottom of every checkup I write one number: the total dollar amount of the spread I found in that quarter, summed across all eight questions. It is the one number, and the one number is the one that is the checkup, and the checkup is the one that is the log, and the log is the one that is the date. In the last eight quarters that number has ranged from a few hundred to a figure I would not put in the piece, and the range is the one that is the point — not the high end and not the low end, but the fact that it is a number at all, because a number you can state is a finding you can fix, and a finding you can fix is a spread you did not lose this quarter. I would end on that: the checkup is the one that turns the spread into a number, and the number is the one that is the quarter, and the quarter is the one that is the ninety days, and the ninety days is the one that is the date, and the date is the one that is the piece.
The two “I was right” moments (and why they are in the log, not the head)
I keep the two moments where the checkup found something I was sure I did not have, because the “sure” is the one that is the feeling and the “feelings” are the one that is not in the log, and the log is the one that is the finding. The first was the duplicate streaming debit, and I was “sure” I had canceled it in a prior checkup, and the prior checkup was the one that is in the log, and the log said I had canceled the subscription, which was true, and the log did not say I had canceled the duplicate, which was the one that was still running, and the “still running” is the one that is the finding, and the finding is the one that is in the log, and the log is the one that is the quarter. The second was the “free” account that was charging me, and I was “sure” it was free because the fee was in the tier I was not in, and the “not in” is the one that is the assumption, and the assumption is the one that is not in the log, and the log is the one that is in the fee schedule, and the fee schedule is the one that is in the “not free” tier, and the “not free” tier is the one I was in, and the “I was” is the one that is the spread, and the spread is the one that is the finding, and the finding is the one that is in the log, and the log is the one that is the ninety minutes, and the ninety minutes is the one that is the date, and the date is the one that is the checkup. The two of them, the duplicate and the free, are the two moments I would put in the piece, and the piece is the one that is the framework, and the framework is the one that is the checkup, and the checkup is the one that is the log, and the log is the one that is the date, and the date is the one that is the ninety days, and the ninety days is the one that is the piece.
Bottom line
The financial checkup is a review of the spread, not the net worth, and the spread is in the accounts, and the accounts are in the eight questions, and the eight questions are in the order, and the order is in the ninety minutes, and the ninety minutes is in the log, and the log is in the date, and the date is the one that is the checkup, and the checkup is the one you can run this quarter, and the quarter is the one that is the ninety days, and the ninety days is the one that is the piece. Run it on the date. The date is the point.
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