The end of the year is close and for many people that means reviewing their finances and budget to see where they can improve. If you don’t currently do this, you should. If the pandemic has taught us anything, it’s that it pays to be prepared.
Here are a few things that you should be reviewing every year:
Your Budget
At the end of the year, you should review your budget and adjust where necessary. This means setting new spending limits and evaluating where your money is going.
If you don’t already, track your spending and bills with SimpleView. This program helps you control your finances, create and manage budgets, track bills and import all your financial information into one place.
Your Debts
Next, review all debts and make a payoff plan. List them in order of highest interest rate to lowest and work on paying off those debts with the highest interest rate first. This will help you save money over time. Whatever you do, always make the minimum payments on your debts each and every time.
Create An ICE Binder
While not strictly financial, make sure that you set up an In-Case-Of-Emergency (ICE) folder that contains critical information like:
- Medical information
- Banking and accounting information
- Household contacts
- Childcare and pet care details
- Online accounts and passwords
- Insurance policy documentation and details
- Investment accounts
This folder will keep all of your important information safe in case of disaster.