Here are 5 Tips for New Year Financial Decisions that you might want to consider as the year ends. The new calendar year is a good time to rethink your insurance, look at your mortgage and check on your savings accounts.
Disclosure: This is a sponsored post with Responsival.
New Year Financial Decisions
The new year is the perfect time to look over your liabilities and responsibilities and decide if you are happy with where they are at.
Even if January is not the time something renews, it’s good to look it over and decide if you will be making changes when it’s time. Finances are not something you want to put off figuring out.
Life Insurance Without a Medical Exam
Do you have life insurance? If not, or if you are rethinking the company you’re with, you might want to consider looking for life insurance without a medical exam. You shouldn’t have to have a medical exam to get life insurance.
Are you happy with your life insurance? Does it make you feel safe and secure? Sit down and talk with your significant other if applicable and decide if you’re happy with where you’re at. You don’t want to be caught empty handed if something bad happens.
Consider Your Mortgage
Whether your mortgage renews in January or not, spend some time considering if you’re happy with your mortgage company.
There are many reasons why you might want to refinance your mortgage so consider whether that would be a good choice for your family. Think about if you’re term is the right length, if you’re interest rate is reasonable and if you have been having any trouble making your payments.
What’s Your Credit Score?
Do you know your credit score? This is an important piece of knowledge to have, especially before making big purchases in the new year.
You don’t want to check it too often but if it’s been a while or you’ve never checked it, you can find out how in the USA or Canada. If you live elsewhere, you’ll have to do your own research.
What Are Your Big Plans?
Discuss with your significant other or sit down with yourself if you’re single to think about future financial decisions. What are you planning for the new year? Will you be taking a vacation, starting a savings account, buying a house or starting an RESP for a child?
You need to know what your financial plans are and then you can make goals. Don’t rush this.
Don’t Forget To Share Your Financial Knowledge
With who? With your children of course (or any children in your life.) Teach your children the value of a dollar by letting them see that you are making plans with your money instead of just spending it with no thought.
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