Complete Financial Audit
A comprehensive step-by-step guide to assess and organise your complete financial situation.
1. Assets & Income Inventory
Cash & Savings Accounts
- ☐ List all current/savings accounts with balances
- ☐ Record account types (current, ISA, fixed-rate, etc.)
- ☐ Note interest rates and annual interest earned
- ☐ Identify which institutions hold each account
- ☐ Check if any accounts are old/forgotten (help reunite)
Investments & Pensions
- ☐ List all investment accounts (Stocks & Shares ISAs, GIAs)
- ☐ Record current values and holdings
- ☐ Gather pension statements (workplace & personal)
- ☐ Note pension provider names and contact info
- ☐ Record pension fund values and projected retirement income
Income Sources
- ☐ Document gross annual salary/wages
- ☐ List bonus/commission amounts (past 3 years)
- ☐ Record self-employment/freelance income
- ☐ Note investment income (dividends, interest)
- ☐ Include rental income or other sources
2. Debts & Liabilities
Outstanding Debts
- ☐ List all credit cards with balances and interest rates
- ☐ Record personal loans (amount, lender, rate, term)
- ☐ Document overdrafts or other short-term borrowing
- ☐ Include student loan details and repayment plan
- ☐ Note mortgage details (lender, balance, rate, term left)
Debt Analysis
- ☐ Calculate total debt amount
- ☐ Identify highest interest rate debts
- ☐ Rank debts by interest cost (most expensive first)
- ☐ Calculate total interest paid if no extra payments made
- ☐ Determine priority repayment order (avalanche vs snowball)
3. Monthly Cash Flow Analysis
Monthly Income
- ☐ Calculate net monthly take-home pay (after tax)
- ☐ Include regular bonuses/commissions (divide annual by 12)
- ☐ Add investment income and other regular payments
- ☐ Total all monthly income sources
Monthly Expenses
- ☐ Track housing costs (mortgage/rent, council tax, utilities)
- ☐ Record transport (car payment, insurance, fuel, public transport)
- ☐ Document food & groceries spending
- ☐ List subscriptions (gym, streaming, insurance, phone)
- ☐ Include debt repayments and minimum payments
- ☐ Add discretionary spending (entertainment, dining out)
Monthly Summary
- ☐ Total monthly income
- ☐ Total monthly expenses
- ☐ Calculate surplus/deficit (income - expenses)
- ☐ Identify areas where spending could be reduced
- ☐ Determine monthly savings capacity
4. Calculate Your Net Worth
Assets
- ☐ Cash & savings accounts total
- ☐ Investment account values
- ☐ Pension fund values
- ☐ Property value (if owned)
- ☐ Vehicle values (if significant)
- ☐ Total Assets = Sum of all above
Liabilities
- ☐ Credit card balances
- ☐ Personal loans outstanding
- ☐ Mortgage balance remaining
- ☐ Student loans balance
- ☐ Total Liabilities = Sum of all debts
Net Worth = Total Assets - Total Liabilities
Track this annually to monitor wealth growth
5. Tax & Compliance Check
- ☐ Confirm current tax code is correct
- ☐ Check if Self Assessment registration is needed
- ☐ Review tax returns from last 3 years
- ☐ Verify all income sources are registered with HMRC
- ☐ Confirm pension contributions are being claimed
- ☐ Check if eligible for Marriage Allowance (save up to £252/year)
- ☐ Review student loan repayment plan
- ☐ Ensure National Insurance record is up to date
6. Insurance & Protection Review
- ☐ Review life insurance coverage (critical if dependents)
- ☐ Check income protection insurance (replaces income if ill)
- ☐ Verify home insurance is adequate (building + contents)
- ☐ Review car insurance - get annual quotes for cheaper deals
- ☐ Check travel insurance needs
- ☐ Confirm pet insurance (if applicable)
- ☐ Review emergency fund - should equal 3-6 months expenses
7. Create Your Action Plan
- ☐ Set 3-month goals (highest priority items to tackle)
- ☐ Set 6-month goals (medium-term improvements)
- ☐ Set 12-month goals (longer-term strategic moves)
- ☐ Schedule quarterly reviews to track progress
- ☐ Identify which recommendations to implement first
- ☐ Set up automatic savings/debt repayments
- ☐ Consider booking consultation with financial adviser