With the start of a new year, it is time to reevaluate your finances. Start with updating your budget. Your budget should include an emergency fund and savings along with a decreasing debt.
Should you give your insurance policies an update? Perhaps you should drop collision coverage on a car over 10 years old. For homeowner or renters insurance, take a new inventory. Start here.
If you are looking for a major purchase such as a car, join a credit union. Credit unions give better rates.
You should start organizing by decluttering your entire home. Start selling merchandise that just accumulates dust. Have a garage sale, sell it online or maybe even pawn it. Put the money in savings or investments.
It is now time to look over your portfolio and investments. Sit down with a financial planner and see if a new strategy is in order or if your situation has changed.
When it comes to getting your free credit report from the three bureaus, don't get all three at once. Get one in January, one in May and one in September.
Re-evaluate your subscriptions and memberships. Find a cheaper internet provider, phone service and provider, subscription to periodicals and gym memberships, to name a few.
On a personal note, this will be the year that I am going to try to make more money, sell or donate what I don't need, and drop or trade subscriptions. To achieve these goals I am going to try to work overtime or get a part time job. I am also going to change various plans like internet provider and phone service, because I feel I can save more money. I am also going to change my gym membership, because I can save $20 a month.
