Friday, 22 May 2009 09:38
by
Jacki
Just because you were happy with your decision years ago, doesn’t mean you can’t review it from time-to-time. Things like your mortgage, insurance, and investment plan should be looked at on an annual or every few years basis.
Here are some tips when reviewing your financial decisions:
1) Mortgage
Unless you have been living in a hole, you probably know that Mortgage rates are at or around a historic low. Pull out your old documents or call your Mortgage provider to find out the details of your existing loan. You can have them do an estimate for what refinances would save you, or there are plenty of online tools that can help you do the same. They may advice you that it is not worth it, but chances are, if you can save at least a percent or lessen the term, you would benefit from refinancing.
2) Insurance
If you’re like me, you’ve been with the same insurance provider since you were covered by them under your parents. While loyalty is an admiral quality, you owe it to yourself and your pocket book to take a closer look at your options. There is nothing wrong with wanting a personal relationship with an Insurance provider rather than going to an online provider with no local representation. Exhaust all of your efforts in finding a plan and payment that works best for you. Make sure you give your current provider the opportunity to lower your rate if you find a better deal elsewhere.
3) Investments
Investments can range from your personal savings account to your 401(k) to IRAs. Take inventory of all of your investments. Most investment firms or financial institutions offer a free review of your financial portfolio. Don’t be intimidated by visiting an Investment advisor, they’ve seen it all. Click here for another post about selecting and meeting with an advisor. Even if you don’t meet with an advisor, take advantage of the representative that visits your company for 401(k) enrollment to determine if you are investing the right amount in the right areas for your situation.
By taking a closer look at your current financial portfolio, you can determine where you can save money and be on the right track to meeting your personal goals. There are Financial Coaches available at every FORUM location who can sit down and have a one-to-one discussion about your current goals and objectives. Take advantage of their free services.