Now is the time for a financial check-up

Now that we've crossed the threshold of the calendar year, experts say it's a good time to review our finances. A "financial check-up" can help us prepare for tough times ahead.

Wells Fargo Senior Vice President Stephen Tufts says consumers should review their finances at least twice a year.

"Things change. Your goals change. Your outlook on life changes. Economics change," Tufts said.

It's best to meet with a financial advisor, Tufts says. But Tuft admits that financial advisors are less likely to meet with low-income earners, who are often the people who need the most help.

"There are other options. Use the internet. Look for reputable financial websites. Go to the library," Tuft says. Among the steps you can take in order to conduct a financial checkup:

Review Your Investments

Look for ways to diversify your portfolio. There are other investment options besides stocks and bonds. Consider real estate options, including commercial real estate. There are other alternative investments like hedge funds.

"They are things people don't know much about but the right ones are good opportunities and they provide diversification in your portfolio," Tuft says.

Review Your 401K Are you taking advantage of your 401K? "You should be putting in as much money as you can if your company is matching your 401K. That's just a free gift from the company," Tuft says.

Update Your Insurance Plans With life expectancy changing, many insurance plans are cheaper. Tuft says it's worth looking around for better deals, or negotiating with your current provider.

"You may be able to get better services for cheaper dollars," Tuft says.

Review Your Taxes Consumers often forget that taxes go hand-in-hand with other finances. Review the amount of taxes being taken out of your paycheck and evaluate whether you are paying too much or too little to the government. Now is also a great time to meet with your CPA or tax advisor because they aren't nearly as busy compared to the first half of the year.

Review Your Budget "The better you are at budgeting and tracking your expenses, you can get a better idea at where your money is going," Tufts says. Tuft also says now that children are out of school, it's a good time to teach them how a budget works. Budget reviews can serve as an education for everyone.

"You find out maybe you don't need to go to Starbucks five times a month," Tuft says.