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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


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