Finance February

Routinely assessing where you stand, and revisiting your financial goals, will help benefit you down the road. The following steps to take during Finance February will help prevent your journey from going off course.

Budgeting

The initial process of budgeting may seem a bit overwhelming, but this will help you long after February has come and gone. Gather your bills and living expenses to determine how much money you must spend per month. In order to reduce, categorize your spending into must-have and nice-to-have expenses. The goal is to become aware of your purchases and significantly reduce the amount you are spending on unnecessary items. Connecting your bank accounts to a financial app, which imports your monthly spending, will help make the process of spending much easier to view. 

Prepping for Taxes

This tip is crucial to having a successful Finance February. It’s important to have money set aside to pay your tax bill before April 15. Preparing your tax paperwork and filing your taxes will alleviate a great amount of stress in the coming months of 2017. Make sure you gather all the necessary paperwork you need for a smooth tax filing process.

Talk Money with Your Partner

This tip entails a financial understanding between you and your partner. Discuss your financial goals for the upcoming years, whether it’s saving to buy a house or planning a much needed luxurious vacation. Establishing a mutual understanding between you and your partner will help you both achieve a successful financial year.

The Right Insurance

It’s important to assess the right amount and type of insurance you need. When owning a home your insurance should cover what it would cost to rebuild your home, as well as the items inside. As a renter, you might want to consider protecting your belongings with renters’ insurance. These amounts can change over time, depending on what you have purchased or inherited, so make sure all valuable items are covered.

Check Your Credit Report

We recommend checking your report once a year to make sure it is up to date and correct. You can ask for a free credit report from a major credit agency once every 12 months. Do your homework to obtain the information on your bill-paying history and credit accounts. Your credit score is crucial to qualifying for loans at the best rates.