Money Makeover Checklist
A money makeover checklist has five sections: (1) Inventory — list all accounts, debts, rates, and fees; (2) Budget — write a zero-based monthly plan; (3) Debt — choose a payoff order; (4) Accounts — move savings to high-yield accounts and kill fees; (5) Protection & Growth — review insurance and automate investing. Completing all 25 points below typically takes 2–4 weekends.
Section 1: Financial Inventory
- List every bank account with balance, APY, and monthly fee
- List every debt with balance, APR, and minimum payment
- Pull free credit reports from all three bureaus at AnnualCreditReport.com
- List insurance policies with coverage amounts and premiums
- List retirement/brokerage accounts with balances and expense ratios
Section 2: Budget
- Track 30 days of actual spending (bank statements work)
- Write a zero-based budget — see the budget guide
- Cancel unused subscriptions
- Set one automatic transfer to savings on payday
- Schedule a monthly 30-minute budget review
Section 3: Debt
- Choose snowball or avalanche and order your debts
- Call card issuers and request lower APRs
- Get quotes on a consolidation loan if carrying high-APR balances
- Set all minimum payments to autopay
- Send every freed-up dollar to the target debt
Section 4: Accounts
- Open a high-yield savings account for the emergency fund
- Switch to a no-fee checking account — how to switch
- Ladder surplus cash into CDs for money not needed for 6+ months
- Dispute any credit report errors — credit makeover steps
- Turn on account alerts for low balance and large transactions
Section 5: Protection & Growth
- Confirm 401(k) contributions capture the full employer match
- Compare term life insurance quotes if anyone relies on your income
- If 50+, price long-term care insurance
- Consolidate old 401(k)s / IRAs into one low-fee account — brokerage guide
- Write beneficiary designations on every account
Tip: print this page. Checking boxes on paper is a proven commitment device.
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How long does the money makeover checklist take?
Most people complete the 25 points in two to four weekends. The inventory and budget sections take one weekend; account openings and insurance quotes fill the rest.
What order should I do the checklist in?
Top to bottom. Inventory must come first because the budget, debt order, and account decisions all depend on knowing your balances, rates, and fees.
Is there a free money makeover checklist?
Yes — this page is free to print and use. AnnualCreditReport.com provides the free credit reports required in step 3; it is the only federally authorized source.