8 Life Changes That Should Prompt a Financial Check-In
Life keeps moving fast, no matter how much we want it to move slower.
While there will be times of stability and calm, most adults know it's essential to prepare mentally and financially for the many changes life brings.
Let's discuss eight life changes and events that should prompt adults to schedule a financial check-in as an individual or with their spouse, family, and/or financial advisor.
Getting a New Job or Career Change
A new job comes with a new salary, benefits, and lifestyle. Whether earning more or less, switching industries, or starting your own business, it's a great time to review your budget and financial goals.
You may need to revisit your retirement plan contributions, set up or roll over a 401(k), review stock options, or adjust your tax withholding. Don't overlook benefits like health insurance, life insurance, or commuter perks—they can significantly affect your financial strategy.
Engagement or Marriage
Combining lives often means combining finances. You and your partner should talk through whether to merge accounts, how to manage debt together, and how to budget as a team.
Marriage is also key to updating life insurance, beneficiaries, and estate plans. Discuss your long-term goals—buying a home, starting a family, building wealth—and how to work toward them together.\
Pregnancy or Expanding the Family
Welcoming a child is exciting—and financially significant. Costs add up quickly, from prenatal care to diapers to future college tuition.
Now is the time to create or adjust a family budget, increase your emergency savings, and consider opening a college savings account.
Review your health and life insurance coverage and ensure you have a will that includes guardianship plans for your child.
Death of a Family Member
Losing a loved one is deeply emotional—and it can also bring financial decisions, especially if you're managing an inheritance or estate.
A financial advisor can help you understand tax implications, update your estate plan, and ensure proper asset transfer.
Checking and revising beneficiaries on your accounts is essential to reflect your new circumstances.
Starting a New Educational Program
Whether you're going back to school yourself or helping a child or spouse pursue education, it often means significant financial changes.
If you're taking time off work, your income may decrease. You may need to budget for tuition, supplies, or student loans; this is a good time to revisit your financial priorities and ensure you're making decisions that support both short-term needs and long-term goals.
Divorce or Separation
Ending a relationship can be one of life's most financially disruptive events. The financial impact is far-reaching, from dividing assets to navigating new living expenses.
You'll want to create a new budget, rebuild your credit (if needed), and establish independent financial goals. Be sure to update beneficiaries, insurance policies, and your will to reflect your new reality.
Becoming a Grandparent
A new generation brings fresh opportunities—and responsibilities.
Many grandparents want to support their grandchildren through college savings, gifts, or shared experiences; this is a good time to revisit your estate plan and consider how you want your legacy to support your family.
You should also talk to your advisor about tax-efficient ways to give and protect your financial future while helping others.
Turbulent Economic Times
Feeling uncertain about your finances during market volatility, inflation, or recession is natural.
A check-in can help you assess whether your investment strategy matches your risk tolerance and long-term goals.
Now's the time to evaluate your emergency savings, reassess your spending, and prepare for potential changes in income or expenses. An advisor can help you stay focused rather than make emotional decisions.
Clayton Financial Group is Here to Help
You don't need to wait for a crisis to review your finances, but these life changes offer perfect moments to pause, reflect, and reset.
By staying proactive, you'll be better prepared to handle transitions and confidently pursue your financial goals.
It may be time for a financial check-in if you've experienced these life events recently—or see one on the horizon.
At Clayton Financial Group, we help clients achieve their life plans and take their growth and security seriously. We are an independent boutique advisory firm with national coverage and decades of industry experience.
Contact us today if you need help with investment, tax, risk management, estate, or other planning. We are ready to help you and your family!
