The holidays pass in a blur of excitement and enthusiasm, and before we know it, we return to the daily habits and practices that generated a desire for change in the first place. If you finally decide to make 2017 the year you take control of your finances, it’s time to lay the groundwork for achievement.
Assess your finances.
Get a copy of your credit rating from one of the three major credit bureaus: TransUnion, Equifax, or Experian. Update your information and correct any errors to ensure your financial status is up-to- date. Review your stock portfolio or other investments with a financial expert to see if changes are recommended. As any bankruptcy lawyer can tell you, many people begin a downward financial spiral by losing track of their income and expenses.
Negotiate lower rates.
Meet with your banker and insurance agent to get the best possible rates on your mortgage, home equity credit line, savings account, checking account, and insurance policies, as home upgrades may help to lower your rates. Contact your utility companies to ask if any special discounts or customer appreciation rates are available. Security systems and cable providers sometimes offer lower rates to keep customers from switching to a different service provider.
Increase your savings.
If you don’t have a savings plan, start one. Create a plan to set money aside each month for short-term emergencies and long-term goals. Increase the amount you are saving proportionate to a job raise or windfall you receive. Keeping funds available for non-budgeted emergencies will protect you against having to use credit, with interest, to cover unexpected costs.
Reduce spending.
Analyze your monthly budget to see if the items you rarely use or costly luxury expenses can be eliminated. If you’re not using your gym pass or spending too much on morning lattes, get rid of them and add that money to your savings or investment plan. At W. Ron Adams Law, PSC we can advise you of manageable ways to cut costs while still keeping up with bills.
Earn extra income.
Turn your hobby into added income by writing web content for local businesses, making bird houses for the craft store, tutoring high school students in your favorite subject, or doing engine tune-up work for friends and neighbors. Use the extra cash for holidays or vacations.
Kentucky residents can make financial progress this year with these simple resolutions. If you have any questions or would like a FREE consultation, call 859-727-1000 or email us.