Time to Check-in
How to give yourself a mid-year financial review
Don’t look now, but 2019 is almost over. Summer has ended, the holiday season is set to begin any day and the end of the year is in sight. That means it’s the perfect time to give yourself a financial checkup. Here are some tips on how to do just that.
Update Your Budget
You should check in on your budget regularly. Doing so will allow you to monitor spending and saving, and make sure your habits are still aligned with your long-term financial goals. Reviewing your budget will also highlight needless spending — think subscription services that you never use — and allow you to cut it out.
Increase Retirement Savings
Did you know that in 2019, the maximum contribution limit on employer-sponsored 401(k) retirement plans increased from $18,500 to $19,000? If you didn’t, that means it’s time to bump up your contribution. Make sure you review your retirement savings plan and increase your deposits if at all possible.
Call About Charges
Now is a good time to call credit card and utility companies about their pricing. As US News reports, many times you can save cash simply by calling and asking for a lower interest fee or, in the case of a cable bill, a lower monthly rate.
Check Your Credit
You’re entitled to one free credit report from each of the main credit reporting bureaus per year. Plus, many times your financial institution provides this service for free! Take advantage of that and check-up on your credit. If there are any inaccuracies, report them immediately.
This article was originally published by Chris O'Shea on SavvyMoney.com