How Financially Fit Are You?
Now is a great time to review your personal financial situation and write out your money goals for 2015. According to statisticbrain.com, one-third of New Year’s resolutions are money related. Some of the most common financial goals include lowering debt, repairing credit, saving for a home or investing for retirement. Here are some key things to consider:
* Start a 2015 tax folder. Remember that anxious feeling of scrambling to get documents together to file your taxes? Avoid that with a simple folder labeled ‘2015 Taxes.’ As the year goes on, each time you have a tax-related document, place it in the folder and when it comes time to file, you’ll waste no time searching.
* Get a free credit report from annualcreditreport.com. This will be 5 minutes very well spent, as taking time to check in on your credit report can save you from trouble later on. Financial experts estimate nearly 75 percent of credit reports have inaccurate information, which can hinder your ability to get a low rate on a loan or possibly lead to identify theft.
* Plan family vacations now, including 3-day weekend get-a-ways, so they don’t come as a surprise budget buster later on. Add the total and divide it by the number of months you have to set aside some cash so when the time comes, you can avoid the guilt that comes with blowing your budget.
* Update and review your insurance needs, your will and your beneficiaries. Now is a great time to review your current insurance needs, from cars to health insurance. Update your will to include new items or people. Take a look at beneficiaries and make sure you’re comfortable with the allocation. Finally, be sure to share these changes with your estate manager or whoever would manage your affairs if you were to pass away. And if you haven’t yet determined that person, don’t put it off any longer!
* Set a goal for 2016. Decide what you want your financial picture to look like one year from now. Create baby steps you can work on each month to set you moving in the right direction.
Check out www.famfinpro.com for more financial management tips throughout the year. Be sure to follow our USU Extension blog at www.livewellutah.com for other great tips on everything from gardening to healthy relationships.
By: Amanda Christensen - Jan. 20, 2015