The new year is upon us! If one of your goals is to improve your finances in 2021, we have some tips for you.
If you haven’t reviewed your credit report in a while, the start of the new year is a great time to do it. Experts recommend checking your credit reports once-a-year to look for reporting errors and potential identity fraud.
The official website to get your report from the three major credit bureaus (Equifax, Experian, and TransUnion) is Annualcreditreport.com. It’s free, so the cost doesn’t need to deter you.
When was the last time you shopped around for insurance? It’s something that could save you money, but it’s not much fun to take the time to do it. This is why many people “set it and forget it.”
Now can be an excellent time to compare rates and determine if you are getting the best coverage for the best price. You’ll have peace of mind knowing that you are either paying the lowest rate or will feel great knowing you’re saving money by switching.
As we start the new year, it’s also a good time to review your recurring monthly expenses. Perhaps you’ve signed up for a service that you no longer use (think dating apps, streaming platforms, or gym memberships)? You may discover that you’re paying out money needlessly each month.
With this, you can also try making a phone call. Sometimes calling customer service can net you a better rate on things like cable. Consider that as well.
This year, one way to reduce money stress is to automate your bill-paying and deposits into a savings account. You can save money by not paying late fees for your bills and grow your savings account if you deposit money directly from your paycheck or set up an automatic transfer. Most banks and brokerages let you schedule recurring bill payments, investments, and money transfers. Some banks may also offer low account balance alerts and bill reminders to avoid unnecessary fees.
We hope the beginning of the new year inspires you to focus some attention on your finances. The rewards can certainly be worth the initial effort! Please don’t hesitate to contact us if we can help you in any way.