Spring cleaning isn’t just for your home. In fact, your finances will benefit from a yearly cleaning, too. Wondering where to start? Consider the following tips to spruce up your finances and improve your financial health in 2017:
Run a free annual credit report. Did you know that the Fair Credit Reporting Act allows consumers one free credit report per year from each of the three major reporting agencies? Even if you aren’t worried about your credit, you should absolutely take advantage of this opportunity to review your score. If you find any incomplete or inaccurate information, or find any evidence of identity theft, report it immediately. Not only does erroneous information hurt your credit score, but it can also make it difficult to obtain loans or reasonable interest rates.
Shred old financial documents. Since the IRS can only audit you back six years, you can safely get rid of any financial documents that are older than that. Never just throw financial documents in the trash – make sure any sensitive information is shredded first.
Shed extra costs. Think of all the things you routinely pay for that you don’t even use. For example, can you bundle your internet and phone bills and ditch unwatched cable? Do you pay for premium membership services for online shopping or music streaming? When you really take the time to look over your finances, you might be surprised just how much you are spending in “extras” that aren’t actually worth the cost.
Bundle insurance policies. Bundling things like car insurance and homeowner’s or renter’s insurance can save a policyholder a ton of money over the course of a year.
Adjust your income tax withholding. It is a good idea to adjust your tax withholding so that more of your money stays in your pocket. When your money stays with you rather than loaning it out to the government through the tax year, you have the option to place it into an interest-bearing account like a 401(k) or an IRA.
Start thinking about the future. You can further protect your assets by creating important documents like wills and trusts. This will give you the peace of mind of knowing that your family and other beneficiaries will be provided for in a manner of your choosing when the time is right.
Speak with a Dallas Attorney About Your Financial Health
We hope that you find these tips helpful. If your financial situation isn’t what you want it to be, please contact the Dallas bankruptcy attorneys at Allmand Law Firm, PLLC to discuss your unique circumstances and which debt relief options may work best for you. Our mission is to help you regain your financial footing and achieve a fresh start.
We encourage you to sign up for a FREE financial empowerment session by calling (214) 238-9608.