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It's easy to feel like your finances are in bad shape as inflation increases the cost of basic necessities and pushes big-ticket purchases, like homes and cars, further out of reach. Indeed, 38% of households report they are financially worse off now than a year ago, according to the Federal Reserve.

A data-backed check-up can give you a better sense of your actual financial health, let you see how much progress you've already made toward your goals and where to improve. After all, there's more to your financial wellbeing than just how much money you have in the bank.

Here are some metrics to start with to see how you stack up:

1.    Emergency fund: This is your ready-to-go savings fund for unexpected expenses, like if you lose your job or the roof starts leaking. The standard benchmark is three to six months' worth of basic living expenses, but even a $1,000 or $2,000 buffer could cover many unforeseen expenses and give you some breathing room in your budget.

2.    Credit score: This is what lenders use to predict your likelihood of keeping up with your bills. Even if you don't plan on applying for loans or other debt, some insurance and utility companies check your credit score when setting up the terms of their service. Aim for a FICO Score of at least 670 — crossing that threshold can save you thousands in interest and fees, according to the credit rating agency.

3.    Credit utilization ratio: This refers to how much of your credit you're using. To find your ratio, simply divide your credit card balances — across all cards — by your total credit line, and multiply by 100. FICO recommends carrying no more than 10% of your available limit. Not only will a lower ratio help your credit score, it's also a good way to avoid creeping credit card balances that collect interest.

4.    Debt-to-income ratio: This measure reflects your ability to repay debt. It's calculated by dividing your total monthly debt payments by your gross monthly income. The Consumer Financial Protection Bureau recommends keeping monthly debt payments (including your mortgage) below 36% of your income if you own a home, and if you rent, to 20% or less (not including your rent).

5.    Retirement savings: The typical recommendation is to consistently save 10% to 15% of your pretax income, and to aim to have 1X your salary saved by the time you're 30, 3X by 40, 6X by 50, 8X by age 60, and 10X by retirement. But your savings target may be higher or lower depending on a bunch of factors, including your career stage and what you expect to do in retirement. (You can use SoFi's retirement calculator to see how the math works for you.)

So what?

Running the numbers is important — but your progress is what matters most. Dwelling on your shortcomings is counterproductive compared to focusing on the room for improvement.

And besides, fully-stocked savings accounts and stellar credit scores don't happen overnight. Just like your physical health, your financial health takes time to build, one slow, steady step at a time.

If you're not where you want to be yet on one of these measures, set a goal, then find a tracking tool you'll actually use — whether it's a spreadsheet, journal, or budgeting app. The journey to better financial wellbeing is long: Tracking your progress can be just as important and exciting as arriving at the actual destination.

Related Reading

The average net worth by age in America (Empower)

What Is the Average Credit Score in the US? (Experian)

10 Signs You're Living Beyond Your Means (SoFi)

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