Life gets hectic and we all need someone or something to keep us honest about making sure our finances don’t take a backseat to other life demands. Let these examples serve as your reminder to secure your financial footing.
Evaluate your current investments
Take a look at your 401k contributions and adjust as necessary. In the instance your salary has increased, your investments should as well. There are free retirement calculators that can provide a guide and estimate your retirement funds. This can loosely give you an idea if you’re on track or need to make some adjustments to meet your investment goals. If you have solicited the assistance of a financial advisor, schedule a meeting to discuss how you can further maximize your investments and guarantee a better future for you and your family.
Pay off credit card debt
Vacations, celebrations, birthdays, and everything in between tend to add up over time. Commit to resolving any outstanding credit card balances and create a plan to ensure it happens. Remember, interest can accrue quickly on credit cards so be mindful, but diligent about reducing your credit card usage. Write a list of any outstanding credit card amounts and create a reasonable plan that will achieve that zero balance. Adapt a rule of thumb – what’s spent during one cycle must be paid off in full. This will help manage debt safely while making you think twice before any purchases. If there’s no discretionary money to cover the debt entirely, is that purchase really worth the headache?
Establish or update estate planning
Death can be a taboo topic for many, but to guarantee financial success for those you care about the most a will is necessary. Determine what property you would like to include and appoint an executor to handle your affairs. The passing of a loved one is never an easy life event to handle; however, it diminishes the chaos that can occur – given that you won’t physically be here to sort out any disputes. Be sure to include any new or recent assets and do this often to ensure your estate planning is up to date.
Store vital records safely
Items such as birth certificates, social security cards, wills, passports, medical records and other important documents should be stored securely in a deposit box. Theres need to scramble around to locate these items in case of an emergency. There are costs associated with replacing these records, along with varying timeframes in which you’ll receive them. Save yourself the hassle and stress – notify the important people in your life where to find the safe deposit box.
Review insurance coverages
When’s the last time you’ve verified if you’re getting the best possible rates for auto or home insurance? There’s no harm in contacting your current insurance companies to see if you qualify for any additional discounts or savings. Other companies can also provide you a quote within minutes to ensure your pricing is comparable to its’ competitors.
What methods are you using to ensure your finances are a priority?