Do your finances need a tune-up?
The summer is almost over and the kids will be heading back to school. Pretty soon the fall and winter months will be upon us. Instead of waiting until the last minute, now is the time to plan for your year-end finances by giving yourself a financial tune-up.
Review your budget: Even if you don’t have anyone in your immediately family going back to school, it still pays to review your budget. Look at where your money has gone and address any debt you may have accumulated throughout the year. Make a solid plan for paying off debt and saving money. Don’t forget to make a budget for holiday spending and set some money aside now for the holidays instead of acquiring new debt. Don’t forget to top off your emergency fund.
Start cleaning: Clean out your wallet, drawers or cabinets and file away any important papers. Shred old papers and get rid of trash. Also clean out your closets and donate or sell any unused items especially clothing. Bonus tips: Donating items to charity can help you reduce your tax burden and shredding papers will help you avoid identity theft.
Assess fees: Look to see what fees you’re paying your bank and credit card companies. Comparison shop and look for better rates. Check your insurance coverage to ensure you’re not paying too much and that you’re properly insured. Remember, avoid additional fees and damage to your credit score by paying your bills on time.
Winterize: Prepare your home and vehicles for winter can save you money on costly repairs as well as fuel prices.
Prepare for open enrollment: October and November are the most popular months for open enrollment of medical benefits. Review your coverage and determine if you need any adjustments.
Enroll in Flexible Spending Accounts: Determine if a flexible spending account, health savings account or dependent care is right for your needs and how much you need to contribute. Don’t forget to use the accounts, if you have them, or you risk losing the money.
Plan for the New Year: Increase your savings and retirement contributions. Instead of using credit, plan for expenses such as joining a gym or going on summer vacation and put money aside to pay for them. Look for ways to reduce your spending. Don’t forget, if you filed an extension on your tax return, your taxes are due October 15th.
Sometimes when you look at your debt, income and expenses things just don’t add up. Perhaps there is nowhere you can cut back and your debt is crippling. At CBC Settlement Funding, we help people every day who are struggling financially. Maybe we can help you too. If you have periodic payments, you may be able to sell some of your future payments for a cash lump sum today. You can use the money to pay off high interest debt, make home repairs, avoid foreclosure and get back on your feet. Call today at 877-386-3377 for your free no-obligation evaluation.