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Spring Clean Your Finances, Not Just Your Home
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For more information contact:
Kelly Rote (713) 394-3201 |
Release Date: March 16, 2006 |
Spring is in the air, and for many, it signifies a time for deep cleaning. In addition to washing your windows and cleaning out your garage, consider the shape of your family’s finances. Spring is a great opportunity, between the rush of holiday planning and summer vacations, to take an honest look at your finances.
The experts at Money Management International offer the following suggestions to help you breathe new life into your family’s financial future.
Tune up your budget. ‘Budget’ is not a dirty word. When you think of budgeting, picture yourself paying cash for a well-deserved vacation, helping your kids through college and enjoying a comfortable retirement. Achieving these and other goals is possible; it’s not about how much you earn, but what you do with what you earn.
Clear out the clutter. Take time to sort out the chaos. Clearing out the clutter will make organizing your personal and financial records a whole lot easier. For example, grocery receipts and other nondeductible expense receipts and statements can be destroyed after they have been recorded for budgeting purposes.
Perform a credit check-up. A clean credit report can be a valuable asset. By visiting www.annualcreditreport.com, you can access one free credit report each year from each of the three major credit bureaus. Check your reports carefully for accuracy and report any mistakes. As an added bonus, reviewing your reports is a great way to get a snapshot of your financial obligations.
Wipe out debt. Debt can create a dreary financial picture. Reducing your debt allows you the freedom to make smart future financial choices. Start by focusing on your debt with the highest interest rate first (never forgetting to make required payments to all debts). Once that account is paid off, apply that amount to the debt with the next highest interest rate. If this task seems impossible, you might also consider paying off your smallest balance first. Seeing quick progress is often a good motivator.
Polish up your paperwork. Dust off those dated legal documents. It pays to regularly review your will, living trust and durable power of attorney. You should also review your insurance policies to assure that you have appropriate coverage.
“Don’t forget to revisit your new financial plan several times throughout the year to make sure you are on track,” said Cate Williams, vice president of financial literacy with Money Management International. “Commitment, common sense and flexibility are important keys to financial success.”
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Money Management International, is a non-profit community service organization that provides confidential financial guidance, counseling and debt management assistance to consumers. MMI helps consumers trim their expenses, develop a workable budget, lower their debt payments and repay debts. Services are available by phone. To visit with an MMI counselor, call toll-free 1-800-762-2271- 24 hours a day, 7 days a week. Spanish speaking counselors are available. Consumers can also learn more by visiting the MMI home page at www.moneymanagement.org.
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