Loan Resources

Give Yourself a Financial Tune-Up

Money is one of those things that, depending on your personality, you either think a lot about, or would rather not think about at all. Regardless of which camp you fall into, it’s a good idea to give yourself an annual tune-up, to make your money work more efficiently for you.

Track your spending
If you don’t use Online Banking, consider signing up and let the computer do the heavy lifting for you. Many banks and credit card companies allow you to download your transactions into a spreadsheet or financial management software like Quicken. Two or three months worth of data will give you a good idea of where your money goes. You may be surprised.

Face down your debt
If you fall into the “rather not think about it” camp, this is a critical exercise. Are you spending beyond your means? If you’re a homeowner, consider consolidating your debt with a cash-out refinance or home equity loan. Or, transfer those high-interest credit card balances onto a lower-rate card.

Check interest rates
Fluctuating interest rates impact more than your credit cards. If rates are falling, take a look at your current mortgage: could you save money by refinancing? Alternatively, if rates are rising, are you at risk with an adjustable-rate mortgage?

Evaluate your insurance situation
Are you adequately insured? You may have an employer-administered health plan, but what about life insurance and disability? Has your situation changed at all in the last year – a marriage, a birth, an illness - that would require a change in your coverage?

Check in on your investments
While you don’t want to get distracted by short-term performance, you do want to maintain diversity in your portfolio. For instance, if stocks have out-performed other types of investments in your portfolio, you may want to redistribute your investments. Check with your financial advisor to discuss changes you might want to consider.

And finally. . .
There’s nothing surer than death and taxes. Do you have a will? If not, get one. If you do, have you had any changes in your life – again, marriage, birth or a death in the family – that might require a change? As for taxes, check with your tax advisor to make sure you’re making the best tax-related decisions for you.

 

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