Over the last several months, many of us have had extra time on our hands. And for some, this has been a good time to get your personal and home life a bit more organized. You shouldn't forget about these steps to get your financial life organized, and an annual financial clean-up can help ensure that your long-term financial goals are met.
If you have any questions about navigating the items below, please reach out to your team at Barry.
- Check your Loan and Credit Card Balances
- How much do you owe?
- If necessary, set up a payment plan with a lower interest rate
- Depending on your situation, you may be able to consolidate and refinance your loans
- Check your credit reports to see which debts should be paid first
- Household Spending
- There are many changes throughout our lives that may influence changes to your budget. These include but are not limited to: marriage, divorce, having a child, buying a home, etc.
- Review your bills – groceries, electricity, cable, subscriptions – and look for ways they can be reduced
- Reevaluate Insurance Needs
- Find all your policies – life, home, auto health, umbrella, etc.
- Review premiums, deductibles, and beneficiaries to make sure they are still in line with your needs and wants
- Update your Will, Advanced Directives, and Beneficiaries
- It is important to review these and update them as necessary
- Include changes to assets and liabilities
- Shred and Discard Paper Clutter
- Many documents do not need to be kept forever
- Bank statements and bills that are over one year old may be shredded
- Tax documents more than 7 years old may be shredded
- Many documents are now accessible online
- Switch to paperless statements
- Automate payments to avoid late fees
