Happy almost 2017! Below is my annual financial to-do list to help you achieve a more prosperous balance sheet in the New Year.
1: Use an online tool or app to track your spending. Try to cut one discretionary category (eating out, birthday gifts, vacations) by 10% and save that money for retirement or college.
2: Figure out your yearly savings goal. You can hire a financial planner (like me!) for even an hour to come up with what your target savings number is for retirement/college/emergency funds
3: Use your employee benefits to their fullest. Try to use in-network doctors, generic prescriptions, and vision and dental benefits in a way the has insurance paying most of the cost.
4: Start shopping early for holidays. Yes, it’s New Year’s, but Mother’s Day is just around the corner. Avoid budget busting last minute panic buys by purchasing all year long for upcoming celebrations.
5: Shop for lower cost home and auto insurance. I highly recommend using an insurance broker who is not tied to one specific company for this exercise. Have the broker shop different carriers to get the best rates on homeowners, auto, rental property, and umbrella policies. You could save hundreds of dollars each year.