- Evaluate your budget. First off, you have one, right? (If not, what better time to start than now!) Is your current budget working for you? Have you consistently overspent in a particular category? Have your income or expenses changed? Netflix increased their prices, in case you haven’t heard or aren’t extremely mad about it—have you factored those kinds of increases into your 2012 budget?
- Clear out the filing cabinet. Just make sure you hold on to important tax documents, receipts you’ll need, etc. Clear up some space for your 2012 documents.
- Side note: assuming you get a tax return, what are you planning to do with it? The Play Station 3 is ever so tempting, but why not beef up your emergency savings, or get the jump on some debt?
- Check out your 401(k) and other investments. It’s good to check in at least once a year. You know, make sure no one has stolen your money and that your asset allocation is where you want it. You’re a year older now—are your investments too aggressive?
- Run through your will to see if any situations have changed. You have a will, right? (If not, check out some of the free will making websites for less complicated situations).
- Make a plan to pay off debt! Check out powerpay.org, schedule a session with us, sit down with your spouse to plan it out—do whatever will work for you to get moving on reducing your liabilities. Even $20 extra per month toward your debt could potentially save you hundreds in interest. Now is the time to tackle it!
- Pull your credit history. Go to annualcreditreport.com and order your report for free. Remember, you get one free pull per year from each of the three bureaus, so that’s 3 histories per year. This free history does not give you your FICO score, but it’s more important that you scan through your history and make sure everything is accurate. You’d hate to get hit with higher interest rates because of a mistake.
As always, the Family Life Center is here to educate and help you attain your financial goals.
