When it comes to managing your money, a lot can change in a year. Whether changes in the economy are affecting your bottom line or big changes are happening in your personal life, it’s important to review your financial health every year and make sure you’re on track to meet your goals.

Whether your finances are simple or complex, here’s an easy way to evaluate your financial health and make a few easy, money-saving improvements in the process.

Key areas of your finances to check every year

Fine-tune your budget

Achieving your financial goals starts with managing your cash flow. A budget is one of the best tools around to help you stay on top of regular bills, daily spending and big occasional purchases while finding ways to save – both for your future, and an emergency fund.

At least once a year, review your budget to adjust for any changes in your expenses and income, and look for additional money to save or put towards your debt. Don’t use a budget yet? Here are some tips to get you started.

Assess your debt

Review how much you owe across all types of debt, including your mortgage, loans and credit cards, plus how much you pay in interest. If you’re struggling to pay down your debt, consider the ‘debt avalanche’ method, where you prioritize paying down the highest-interest loans first, while making minimum payments on the rest.

If you expect to renew your mortgage in the near future, consider working with a mortgage specialist on a strategy to minimize your borrowing costs. Learn more ways to manage your debt.

Review your savings goals

Take stock of all your savings goals, whether short-term like a vacation or a home down payment, or long-term like your retirement, and see whether you’re on track to meet them. If your budget and your debt allow, consider topping up your savings or increasing your monthly contributions to reach your goals faster. Need help prioritizing your goals? Watch this short video for ideas.

When growing your savings for the future, an important way to manage investment risk is to own a diversified mix of assets like stocks, bonds or cash. Because investments don’t all perform well at the time same time, it’s important to adjust your portfolio regularly so that the risk of your portfolio matches your investing goals and risk tolerance. If you’re just starting to invest, here are some tips for beginners.

Investing your money in a registered account like a RRSP, TFSA or RESP helps your savings grow faster, without having to pay tax on your investment growth. Consider topping up your savings and check your contribution limits in your most recent tax assessment or by logging in to your Canada Revenue Agency account online.

Check your insurance protection

Having insurance for life’s most important things, like your family’s health, your home and car, and even your pet is an essential part of any financial plan. Not only does this provide financial protection from unexpected events, but it also provides you with peace of mind.

At least once a year, review your coverage across all types of policies, including any workplace benefits, and identify any gaps. Learn more about why insurance coverage is important.

Having an up-to-date estate plan, including your will, is critical for ensuring that your money and assets go to the money and causes you care about, and that your children or other dependents will be cared for by a guardian that you appoint. It’s a good practice to review your estate plan every year and adjust it as your circumstances change. If you don’t have one, here’s a quick guide to help you get started.

Take the easiest next steps toward your goals

If all this feels like too much to tackle at once, just pick one or two of these areas to start. Consider signing up for myFinHealth to do a quick financial check up. You’ll get a personalized plan, personal finance tools, fresh content and tailored online courses to help plan for your future. Our team of experts is always here if you have questions or need advice.