Financial Literacy Month: The Simple Financial Checkup Everyone Should Do This Year--And Where to Save Now

Jeff Smith of The Retirement Smith dishes up a checkup list that will help everyone reduce spending

FREDERICKSBURG, Va., April 8, 2026 /PRNewswire/ -- Most people in the country are in debt and have very little money saved, and things are only getting worse. With April being Financial Literacy Month, it's a great time to do a checkup that can help get everyone on the right track with cutting unnecessary spending and increasing their savings. The good news is that with a checklist of what to look for, it doesn't get any easier or more effective.

"People usually know if they are not on the right track, but they don't always know where the issues are that need to be addressed or how to correct them," said Jeff Smith, a financial planner and owner of The Retirement Smith. "Now is the time to get serious with looking at the various ways money is being spent so that you can make meaningful changes."

The truth is that many people are bleeding money and they don't know from where. Until those places are identified, it's hard to ease the bleeding. What we know is that the amount of debt people have is getting worse, making it crucial that the issue be addressed. According to Debt.org, American household debt is on an upward trajectory, as are delinquency rates. People owe on mortgages, car payments, credit cards, and a multitude of other places that they often forget about.

Many people avoid looking at their financial situation because they fear what they may find or feel they don't want to be inconvenienced with making changes. But without it, most will continue to bleed money and avoid financial security. At least once a year, it's crucial that people do a financial checkup. This will help them keep more of their money, avoid unnecessary spending, and put them in a better position to save and prepare for the future. Conducting a simple and quick financial checkup could save hundreds. The good news is that most people can find "hidden money" by doing a financial checkup, as they review areas such as subscriptions, fees, and everyday spending.

Here is a financial checklist to use as a blueprint of what to look at:

• Review Cost of Living – There are areas of living that are becoming more costly, such as the price of gas. Now is the time to review the monthly living expenses to determine what areas need adjusting and aim to offset higher expenses without changing one's lifestyle. Circumstances at times change, making it necessary to look at one's cost of living budget on a yearly basis, so it can be updated.
  
  
• Conduct a Subscription Audit – According to an article on Medium, the average consumer spends around $219 per month on subscriptions, which is $133 more than they think they are spending. People often sign up for things without realizing they continue to be billed monthly or annually, and that all adds up. Turn off automatic renewals, which will allow reviewing and deciding if it should be renewed. Ones to audit include streaming services, apps, and auto-renewals.
  
  
• Make Everyday Spending Fixes – Look at the spending habits that are costing too much and draining the wallet. These include groceries, dining out, and impulse spending. Even making small changes in this area can add up to a lot of money being saved. Consider impulse buying online, as well as purchases that allow buying now and paying later.
  
  
• Look for Quick Wins – Consider some quick ways that money can be saved that won't sacrifice one's lifestyle. Brainstorm some ideas on ways to cut costs, as well as easy money moves that can be made immediately. Finding a few of these will help keep the motivation going. Things to look at include food delivery, reducing dining out, have a weekly or monthly "no spending" period, and inquire about seeking better rate plans on phone and internet bills.
  
  
• Use More Cash – Spending electronically leads to an increase in spending. Research published in the journal Behavioral Sciences references "spendception," which is the psychological impact that digital payment systems are having on people. Their research found that people spend more digitally, compared to cash, without even realizing the financial impact. In other words, it's easy to mindlessly hit a button and spend money, compared to having to pull out the cash and see it being spent.
  
  
• Get Help If Needed – Some people can handle conducting a financial checkup on their own, while others need some assistance. Get professional help if it's needed, which will help save money in the long run. Working with someone to go over finances can go a long way toward reaching goals.

"A yearly financial checkup will help you reduce spending, increase savings, and bring you more peace of mind," added Smith. "Once this becomes a priority, you will feel better. The goal of a checkup is to address issues early, establish an acceptable baseline, and promote healthier habits."

The Retirement Smith serves those in the Fredericksburg, Va., area and beyond with individualized financial planning. Their motto is to treat people as they want to be treated, and they aim to ensure there are no gaps, that people have the answers and solutions they need, and that they will not fall short in their retirement years. They offer retirement planning, income planning, and life insurance. They provide a free, color-coded money risk analysis that focuses on the three major phases of retirement financial management: accumulation, distribution, and preservation. They also offer a Balanced Retirement book to help people plan for a successful retirement. Smith has recently joined with his wife, Jennifer Scherer, owner of Fredericksburg Fitness Studio, to create a podcast that focuses on fitness and finances. For more information or to schedule a complimentary consultation, please visit our website at: https://www.theretirementsmith.com/.

About The Retirement Smith
Financial planning expert Jeff Smith owns The Retirement Smith, located in Fredericksburg, Va. The company focuses on providing people with well-thought-out retirement income strategies. Plans are tailored to the needs of individuals and families, as well as small and large businesses. For more information, visit the site at: https://www.theretirementsmith.com/.

Sources:

Debt.org . The Demographics of Household Debt in America. July 2025. https://www.debt.org/faqs/americans-in-debt/demographics/

Behavioral Sciences. Spendception. March 2025. https://pmc.ncbi.nlm.nih.gov/articles/PMC11939284/

Medium. The $27.7 Billion You Didn't Realize You Were Paying. August 2025. https://medium.com/brain-labs/the-27-7-billion-you-didnt-realize-you-were-paying-forgotten-subscriptions-090d767413e0

SOURCE The Retirement Smith