As with your physical health, your personal financial health is very important. Just like high blood pressure or cholesterol, unhealthy eating habits, and a lack of exercise can lead to poor physical health, excessive spending, lack of debt management, and lack of budgeting can contribute to an unhealthy financial life.

If you haven't had your annual financial checkup yet, take time to review your fiscal health. A yearly checkup encourages sound financial decisions and gives you an opportunity to find ways to save money. To ensure good financial health, I recommend doing the following annually:

Review your personal budget and net worth

Your personal budget should improve each year. Net income, after expenses, should increase in comparison to the previous year. Every year, you should have a growing surplus. Tip: Analyze your budget monthly by reviewing and making adjustments accordingly to lower your expenses and/or increase your income.

Your personal net worth should increase annually. Net worth equals your total assets, minus your debts (liabilities such as credit card debt, mortgages, car loans, etc.). So if your total assets are $50,000, and you have debts that are $40,000, your net worth is $10,000. Once your debt obligations decrease, your net worth should increase in comparison to the previous year. You should always try to eliminate your debts until they are paid off completely.

Review your insurance policies

In today's market, life, auto, and health insurance premiums and coverage can change often. Always shop and compare premiums and coverage with other insurance companies every one to two years. For example, my wife and I were able to save roughly $500 a year while improving our coverage by comparing car insurance policies and switching to a different company.

But a word of caution: If you are considering changing insurance carriers, make sure you fully understand the policy and the terms before making a final decision. Also, be sure that your decision is right for your financial outlook.

Review your bundled or packaged services

Often, consumers take for granted that they are getting the best deal when it comes to bundled services, such as having one company for telephone, Internet, and television services. To be on the safe side, gather information regarding services and product offerings from different companies so you can make an informed decision. Analyze each product offering separately, comparing those of various companies, as well as evaluating the packaged services available.

Bundled services can sometimes be a great offer. For instance, my wife and I determined it made good financial sense to bundle our telephone, Internet, and television programming services together with one company, on one monthly statement. But that doesn't mean the product is right for you. Tip: Be sure the service is cost-effective, and be aware of any hidden charges or termination fees before switching plans, upgrading to a package deal, or switching to another company.

Lionel Shipman is the owner of Shipman Consulting, a personal and business finance consulting firm specializing in helping individuals and businesses improve their financial outlooks.