DIY Wealth Planning

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Free Educational Resource  ·  Guide & Checklist

The Family Financial Starter Checklist

12 money moves every family should complete before investing a single dollar. Work through each item in order, check it off, and build a foundation that actually holds.

Provided by DIY Wealth Planning  ·  diywealthplanning.com  ·  © 2026 Cube Insurance Group. All rights reserved.

Section 1  ·  Protection & Safety Net

• 1
  Build a starter emergency fund of $1,000

  Before anything else, park $1,000 in a separate savings account. This single buffer stops most financial emergencies from becoming debt spirals.
• 2
  Review and update all insurance coverage

  Confirm you have adequate health, life, auto, and renters/homeowners insurance. Gaps here can wipe out years of savings in a single event.
• 3
  Create or update your will and beneficiary designations

  Ensure retirement accounts, life insurance policies, and bank accounts have current beneficiaries named. A will handles everything else.

Section 2  ·  Know Your Numbers

• 4
  Calculate your net worth

  Add up everything you own (assets) and subtract everything you owe (liabilities). This single number is your financial starting line — you can't improve what you don't measure.
• 5
  Pull and review your credit report

  Get your free annual report at AnnualCreditReport.com. Check for errors, unfamiliar accounts, or collections that could be dragging your score down.
• 6
  Write out every debt with balance, rate, and minimum payment

  List every debt — student loans, car loans, credit cards, medical bills — with the current balance, interest rate, and minimum monthly payment. You can't attack debt you haven't mapped.

Section 3  ·  Cash Flow & Budgeting

• 7
  Build a written monthly budget

  Track every dollar of income and every category of spending for one full month. A budget isn't a restriction — it's a spending plan that tells your money where to go instead of wondering where it went.
• 8
  Automate your savings and bill payments

  Set up automatic transfers to savings on payday and autopay for fixed bills. Automation removes willpower from the equation and eliminates late fees.

Section 4  ·  Debt & Retirement Foundations

• 9
  Eliminate all high-interest debt (above 7%)

  Credit card debt at 20%+ is a guaranteed negative return on your money. Pay it off before investing in anything except an employer match. Use the avalanche (highest rate first) or snowball (smallest balance first) method.
• 10
  Capture your full employer 401(k) match

  If your employer matches retirement contributions, contribute at least enough to get the full match. This is an immediate 50–100% return on your money — no investment beats it.

Section 5  ·  Build the Full Foundation

• 11
  Grow your emergency fund to 3–6 months of expenses

  Once high-interest debt is gone, build your emergency fund to cover 3–6 months of essential living expenses in a high-yield savings account. This is your financial immune system.
• 12
  Open and fund a Roth or Traditional IRA

  With your foundation in place, open an IRA and begin investing in low-cost index funds. Contribute consistently — even $50/month compounds significantly over decades. Now you're investing.