Financial Moves For The New Year
Here are some personal finance tips to start off the new year on a good note.
It's hard to believe that another year has passed. The start of a new year is a time to look back at last year, take stock, and look ahead to a new year. That goes for your money situation, too.
To start the new year right when it comes to your money, follow these personal finance tips:
Take a look back and a look ahead with your finances.
Ask yourself:
· What did I do last year with my finances?
· What was right with and wrong with what I did last year?
· What do I want to do differently next year?
· How do I plan to get there?
Get organized.
Organize your financial paperwork to make sure that you can find them and understand what all that paperwork and all those numbers mean to your finances. Find a system that works for you and follow it.
Start or add to your emergency fund.
If you don't have an emergency savings account with at least three months' expenses saved in case you lose your job, get sick or hurt, or face a significant one-time expense, resolve to start one. If you already have an emergency fund, now may be the time to add more money to it. Debt consolidation and home refinancing can be ways to free up extra money for emergencies.
Think about your taxes.
Your tax situation may have changed from last year, or you may be thinking about ways to reduce your taxes. Ask a tax professional about the best options for your tax situation.
Consider refinancing your mortgage.
Now may be the time to refinance your mortgage. Refinancing may be able to help you lower your interest rate and monthly payment on your mortgage. For more information about refinancing, visit our Mortgage Refinance page.
Resolve to get debt under control with a debt consolidation loan.
Now also may be the time to consolidate your credit card debt and other debts with a debt consolidation loan, which may lower your interest and monthly payments, as well as streamline your finances with just one monthly payment. For more information about debt consolidation, visit our Debt Consolidation page.
Think about home equity loans and lines of credit.
A home equity loan or line of credit may offer you a lower interest rate than other ways of borrowing money, plus you may be able to deduct the interest from your taxes. Borrowing against your home equity with a home equity loan or line of credit may be an option for you to pay off your high-interest credit card debt. To learn more about home equity loans and home equity lines of credit, visit our Home Equity Loan page.
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These are general recommendations not applicable to all financial situations. Every financial situation is unique. Further, the suggestions and recommendations contained within the content provided are not an assurance of any future result. Be sure to discuss your specific financial circumstances with a legal or financial expert. Contact us for more information.
