As you begin a New Year, it’s the perfect time to take a closer look at your financial well-being. What are your financial goals for 2020? What changes will you need to make to achieve these goals?
Here are a few ways to make sure you’re on track:
- Update Your Budget. Is your budget still relevant to achieving your goals? Do you need to make any adjustments? Have you experienced any life changes over the past year, such as marriage, death in the family, job loss, or divorce? Discuss your budget with all who live in your household. That way, everyone is on the same page as you enter the New Year. The more committed everyone is to the budget, the more likely you’ll achieve the goals you’ve established.
- Review Your Estate Plan. Take the time to review your estate plan with your financial advisor – especially if you’ve had any significant life changes. Update any details that may be necessary – beneficiaries, executor, power of attorney(s), etc. Additionally, be sure your plan covers the distribution of your assets as well as any end of life determinations.
- Decrease Your Debt. Are you comfortable with the amount of debt you have? Have you been able to pay down your balances regularly over the past year? If not, you may want to find ways to pay down your loans faster so you can spend less on interest payments – and put that money to work for you. It’s also an excellent time to look at refinancing your mortgage or auto loan as well.
- Maximize Your Tax Savings. With tax time around the corner, you should take the opportunity to meet with a trusted CPA to review your circumstances and find ways to maximize your tax savings in 2020.
- Evaluate Your Credit Score. Visit www.annualcreditreport.com to get your free credit report. Review it for accuracy and report any errors you find to one of the three national credit bureaus. If you’d like to improve your credit score, talk to one of our representatives to discover ways to do so. The higher your credit score, the more money you’ll save over time.
- Review Your Insurance Policies. We all have insurances policies for various purposes – auto, home, and life, to name a few. Review your premiums with your insurance agent to ensure you’re getting the coverage you need at the best price possible.
- Update or Eliminate Subscriptions and Contracts. Every year you’ll be asked to renew subscriptions or contracts for such things as cable television, Internet or cell phone service, and more. If the price of the service has increased, it’s time to negotiate a better deal or make a change. Research your options and be prepared to make a switch if you can find a better deal elsewhere.
When you experience financial freedom, you’ll enjoy other benefits as well – less stress, more time, the ability to more things you love, and so much more.
Need help getting started? Visit us or call us at 405-755-1000. We’ll work with you to review your finances so you can enjoy the financial freedom you deserve.
