Free resource
Beginner Money Checklist
Use this checklist to track the money basics that matter most when you're starting out. Work through each section at your own pace — check off items as you complete them.
Budget basics
- I know my monthly take-home pay (after taxes)
- I listed my fixed monthly bills (rent, utilities, insurance, minimum debt payments)
- I tracked discretionary spending for at least one week
- I created a simple monthly budget using the 50/30/20 method or a similar framework
Saving foundation
- I opened a separate savings account for my emergency fund
- I set a first savings goal ($500 starter fund or one month of essentials)
- I automated a transfer to savings on payday — even a small amount
- I know what counts as a real emergency vs. a want
Credit awareness
- I checked my credit report for free (AnnualCreditReport.com)
- I know my approximate credit score range
- I pay at least the minimum on every account, on time, every month
- I keep credit card balances below 30% of my limits when possible
Debt plan
- I listed all debts with balance, interest rate, and minimum payment
- I chose a payoff strategy (snowball or avalanche)
- I set up autopay for at least the minimum on every debt
- I am not taking on new high-interest debt while paying down existing balances
Banking setup
- I have a checking account for everyday spending
- I have a savings account (preferably high-yield) for goals and emergencies
- I reviewed my bank statements for unnecessary fees in the last 90 days
- I know how to avoid overdraft fees (alerts, buffer, or opt out of overdraft)
Long-term basics
- I set at least one specific financial goal with a target date
- If my employer offers a 401(k) match, I contribute enough to get the full match
- I understand the difference between saving (short-term) and investing (long-term)
- I know when to consult a qualified professional for personalized advice