Back to School, Back to Basics: Your Financial Protection Checklist

As the school year kicks off, it’s not just the kids who are hitting the books. This is a great time for families to revisit their financial basics and make sure their protection plans are still working hard for them.

Life moves fast. Over the past year, your family’s needs may have changed: a new job, a new home, growing kids, or even a new family member. That’s why it’s important to review your financial safety nets regularly.

Here’s your Back-to-Basics Financial Protection Checklist:

1. Review Your Insurance Coverage

Your life, health, disability, and home insurance should reflect your current needs. Check your policies to make sure coverage is still enough and that beneficiaries are up to date.

2. Build or Revisit Your Emergency Fund

Life is unpredictable. Aim for three to six months of essential expenses in a separate, easy-to-access account. This gives you breathing room when unexpected costs pop up.

3. Revisit Your Budget

Back-to-school season often brings new expenses: school supplies, activities, clothing. Adjust your budget so these costs don’t throw you off track.

4. Check Your Estate Planning Documents

Make sure your will, power of attorney, and any guardianship arrangements still reflect your wishes. If you’ve experienced a major life change, update them now.

5. Reassess Debt and Credit

Review your credit report, look at interest rates, and see if there’s an opportunity to pay down debt faster. Even small changes can free up more of your money over time.