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Annual Financial Check Up

Posted by: Jaime Faulkner on Tuesday, May 24, 2011 at 3:27:18 pm

If you get an annual check up, shouldn't your finances get one too?

Reviewing your finances can provide financial peace of mind.  Here are a few items to review annually. 

  • Insurance – Have enough coverage for your home, auto, belongings, health and life.  Review deductibles and consider an umbrella policy for extra protection.
  • Mortgage – Could you reduce your monthly payments by refinancing?  Would a different type of mortgage (ARM, 15 year or 30 year) be more appropriate?
  • Household spending – Preparing a household budget may identity ways to save.
  • Retirement planning – Take full advantage of your employer’s retirement plan and consider an IRA.
  • College funding – Start saving early.  Consider tax advantaged options like Qualified Tuition (Section 529) Plans.
  • Investments – Divide your funds into equities, fixed income and cash with an eye on your time horizon and risk tolerance.  
  • Income taxes – Take full advantage of all tax savings tools like your retirement plan.  Organize your records.  
  • Estate planning – Be sure your will is up to date and that you have named an executor, a guardian for minor children and have durable powers of attorney for finances and health care.
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