Cleaning up your finances can pay dividends

04/29/2020

Most of us have a host of projects we want to get completed and most of them involve home improvement. If you have exhausted your list of projects you wanted to get completed around the house or are ready for something that doesn’t require spending money, here are a few annual financial to dos for you to complete that will help you organize your finances and perhaps even save you money.
 
What part of our finances should be reviewed to find savings?
The very first place to start is the review your loans and see if you can refinance to a lower rate. It is important to remember that all loans should be included in this review. We often think only of our mortgage and yet your auto, credit card, student loans or even home equity loan could be great candidates for refinancing to a lower rate.
 
Are there any other ways to find significant savings?
One of the very next places to consider is your property and casualty insurance. You should regularly get quotes for home or renters and auto insurance and compare deductibles and added services. Most companies have discounts available to so you need to make sure you are getting them all from safe driver to bundling of products.
 
What is one of the most important tasks that can help our families?
Reviewing all of your estate planning documents from your will to making sure all your beneficiaries and power of attorney documents are in order. Your estate plan is one of the most important financial plans that can make sure that if something happens to you, your family will have less issues managing your estate.
 
How important is monitoring your credit score on a regular basis?
It is very important because you might not be aware of negative information that might be attributed to you. Regularly get free reports from the major agencies and look for incorrect information and be sure to correct it promptly.  It might also be a good idea to freeze your credit with each of the three major agencies
 
What are a couple of easy financial clean-up actions to take?
First is to de-clutter your information. Signup for e-statements on all of your accounts and manage your inbox sending those to a specific folder. The second is manage your account by setting up a variety of real time alerts and/or turning on account notifications for your mobile phone. This two actions can really help you spend less time managing your money.

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