Can you believe it’s already spring time again? It seems like it was just yesterday we were making New Year’s resolutions about cutting back on our spending or slashing our debt. How are those coming along so far? If you’re already off track you are not alone. Most people break their resolutions a few weeks into the new year.
But indeed, spring time is upon again this year already. Spring is a team we clear out the back yard of debris, get rid of old clothes in the closet, wipe the windows down and clean behind the couch and under the bed. So why not clean up your finances this time of year too, especially if you haven’t kept up with your New Year’s resolutions.
Here is a to-do list of items you should try and take care of this time of year.
Every year you’re entitled to get a free look at your credit report at annualcreditreport.com. Don’t go to the other websites you see on those television commercials because those sites will let you see your credit report as well as score for “free” as long as you sign up for another service that carries a monthly fee. Not so free now is it? So make sure to only go to annualcreditreport.com.
Look at your report to see if there are any inaccuracies items. If there are, you can contact the credit bureaus to have them fix the errors. You can also use the report to see if you’ve been the victim of identity theft.
Check the interest rates on your credit card to see if they have been jacked up. If they have increased you can contact them to have it lowered. If that doesn’t work then you can give that card priority and pay it off as soon as possible.
It’s a good time of year to check mortgage interest rates. If rates are very low (and they currently are) you may want to refinance your mortgage if you have a high rate. It’s generally a good idea to refinance if your current rate is more than 1% higher than the current rate.
It’s that time of year again to review your insurance policies. If you sold a car recently make sure you’re still not paying insurance for it. If you have multiple cars make sure they’re all with the same insurance company so you can get a multi-vehicle discount.
If you’re the sole breadwinner for your family you may want to look at getting life insurance. While it’s an added expense, if life insurance fits within your budget it can really help your family if the worst were to happen.
As for your homeowners insurance, if you want to save some money, you can increase your deductible to lower your premiums. It’s also a good time of year to see if you are adequately insured, just in case.