Your finances need a little cleaning up once in awhile, just like every other part of your life. While you’re spring cleaning the house, why not give your finances a spring tune up, as well? You won’t spend a great deal of time, but you’ll feel better about your understanding of your finances. And, if nothing else, you can relax again for a few months before you have to do your next check up.
Things you might tweak include:
Summer Plans – Do your kids play sports in the summer? What about camps or child care needs? Now is the time to be planning those activities and figuring out how to pay for them. Don’t let summer sneak up on you; plan now.
Recurring Bills – If you have some bills that are paid on automatic bill payment systems, now would be a good time to take a hard look at them. Make sure you understand what you’re paying for, verify that you’re using the services you have, and make any adjustments that you need.
Insurance Review – While you’re looking over your financial matters, you should probably take a minute to look at your insurance, too. Check out your life insurance. Do you have enough? How is your health insurance? Even if you aren’t making changes to your health insurance, you should take the time to make sure that you are familiar with the requirements you need to fulfill when you use your insurance.
Credit Card Balances – Do you pay your credit cards in full each month? If you don’t, you should make sure that you’re making some progress towards paying those off. Some people move their balances to a different card every few months to take advantage of promotional rate offers. This would be a good time to make sure you know what your rate is and when you will need to make your next transfer.
Taxes – Since you probably just finished filing your income tax return, you should take the time this spring to make sure that you have the right withholding set up on your paycheck. Did you get a big refund? You should probably adjust your withholding to keep more of your paycheck. Did you owe? You should pay more in (either through your withholding or through quarterly estimated payments) to make sure that you don’t have any penalties next year.
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