It’s time to do a quarterly financial check-in. Whether for personal budgeting, homebuying, or managing a small business, this powerful habit helps keep your financial goals on track. Just as businesses analyze performance and adjust strategies each quarter, individuals and entrepreneurs can benefit from a structured financial review to assess progress, identify challenges, and make informed decisions for the future.

Smart spending habits and identifying money leaks

A quarterly financial check-in often includes spreadsheets and calculators, but let’s also consider the habits that shape your financial well-being.

As Rachel Vincent, Executive Vice President and Head of Retail Banking at Libertyville Bank & Trust Co., a Wintrust Community Bank, puts it, “A financial check-in isn’t just about numbers — it’s about making sure your money aligns with your goals and lifestyle. Small adjustments today can prevent bigger problems down the road, just like replacing worn-out socks before they cause discomfort.”

Are your finances full of mismatched spending habits? Are you holding onto outdated financial routines that no longer serve you? Or is it time to reorganize and prioritize?

Every purchase should have a purpose, whether it’s for necessities, investments, or the occasional well-deserved treat. Being intentional with your spending ensures that your financial choices align with your long-term goals.

Then, there are those sneaky money leaks — small, unnecessary expenses that add up over time. Maybe it’s a forgotten subscription, high-interest debt, or excessive fees. Identifying and eliminating these drains can free up funds for more meaningful financial priorities.

It’s also a great time to review:

• Investments: Compare your current investments to your goals and risk tolerance. Assess whether your portfolio is diversified enough to withstand market fluctuations and if adjustments are needed based on recent economic trends. Ensure your investment strategy aligns with both short-term needs and long-term financial security.
• Insurance Needs: Do you have adequate coverage for your home, health, and family? Life changes — such as a new job, marriage, or having children — may require updates to your policies. Reviewing your coverage quarterly ensures you’re not underinsured or overpaying, giving you peace of mind that you’re protected against unexpected financial burdens.
• Cash Flow & Taxes: Evaluate income and expenses and prepare for upcoming tax obligations. Tracking cash flow helps prevent overspending and ensures you have enough liquidity for emergencies or opportunities. A quarterly check-in allows you to adjust withholding, maximize deductions, and stay ahead of tax deadlines to avoid last-minute surprises.
• Savings Goals: From retirement funds to college savings, working with an expert can help you carve out the best plan for your family’s needs. Regularly reviewing your savings progress ensures you’re contributing enough to meet future financial milestones. Consider automating contributions or reallocating funds to stay on track with changing goals and market conditions.

Knowing your financial health can help you buy a home

Buying a home is exciting, but the mortgage process can feel overwhelming. Many people worry about their credit, down payment, or whether they qualify at all. The good news? Lenders want you to succeed. A mortgage consultant can help you understand your options and guide you through the process.

Start by gathering key information: What’s your monthly budget? How much can you put down? Do you have any credit anomalies that need addressing? What type of property are you considering? By working with a trusted lender, you can get educated and prepared.

“Lenders aren’t here to say no — we’re here to find a way to get you into a home,” says David Weinberg, Branch Manager and Senior Mortgage Consultant at Wintrust Mortgage. “The sooner you start the conversation, the more options you’ll have.”

For current homeowners, it’s also a great time to evaluate your mortgage. Should you refinance for a lower rate? Do you want to renovate and need financing? Are you carrying credit card debt? Reviewing your debt situation with a lender can help determine the best path forward, whether that’s refinancing, a home equity loan, or another solution.

With the right guidance, buying a home can be a smooth, empowering experience. Whether you’re purchasing a new home or making adjustments to your financial plan, staying proactive ensures you’re moving forward with confidence — ready for the road ahead with a strong financial foundation.

Business owner check-ins are a smart strategy for success

As the quarter comes to a close, small business owners have a valuable opportunity to reflect on recent performance and set strategic goals for the months ahead. Reviewing financials, assessing challenges, and identifying growth opportunities can help position a business for long-term success.

One of the most important aspects of this planning process is securing the right financial resources. Relationship banking plays a crucial role in this, offering business owners access to personalized advice, flexible financing options, and tailored solutions that align with their growth objectives. Unlike traditional banking, relationship banking fosters long-term partnerships between business owners and financial institutions, ensuring a deeper understanding of unique business needs.

Whether seeking a line of credit, expansion funding, or cash flow management solutions, having a strong relationship with a trusted banking partner can provide a competitive edge. Banks that specialize in small business services can offer insights on industry trends, risk management, and financial planning to help businesses thrive.

The Wintrust network

Did you know your Wintrust Community Bank branch can help with all your financial goals? Whether it’s a personal or business goal, a new savings account, or a new home, your banker can refer you to someone within the Wintrust network who can provide expert guidance and personalized financial solutions.

Contact your local branch today.