Tuesday, 20 March 2012 12:30
It’s almost that time of year again; time to start cleaning the windows, screens, and doors. Time to open the windows and clean the oven; it’s spring cleaning time! While you are thinking about getting your home in order, think about cleaning up those messy finances, too.
Develop a Budget
There’s no better way to get your finances in order than to sit down and develop a budget. Write down your income and expenses. Most people are surprised at their entertainment and eating out expenses. Make the necessary adjustments to help save more.
Talk with an Advisor
If you haven’t already, take the time to meet with an investment advisor to help you get on track to accomplish your goals for your investment portfolio, retirement, and/or educational expenses if you have children. Many advisors offer complimentary reviews.
If you are paying multiple credit cards and lines of credit, now might be the time to consolidate them to save money on interest. There are several ways to do this, possibly a mortgage refinance, a home equity loan or a low rate line of credit.
If you don’t already have 3-6 months worth of living expenses, now is the time to start setting some money aside on a regular basis. After reviewing your budget and cutting out unnecessary expenses, set up an account specifically for this goal.
Are you overwhelmed every month with balancing your check book, paying bills, checking balances, etc? There are so many great online tools that help organize everything. Check out your credit union or bank’s online bill pay so you aren’t going to multiple sites to pay your bills. Use a product such as Mint or Quicken to monitor your finances.