by Gray Graham
It’s the beginning of the year and tax season is in full swing so it is the perfect time to take a look at the important things in your life and get them organized so life will be easier and more enjoyable.
Unfortunately many people are wrapped up in dreams of big tax refunds and buying a new car, bigger TV, or a new wardrobe instead of focusing on savings. It doesn’t help that retailers have started going full throttle with marketing geared towards getting you to spend that tax refund on something of little to no value instead of applying it to your needs and the future.
Now I know it is a losing battle to try to get many people to not spend this windfall on some new toy but maybe we can take this time and get some people to do some things that will put them on a path that will get their affairs in order.
The very first thing you need to do is to create a budget. Even if you currently have a budget update it for the current year. Make sure that you focus on your needs and things that add value to your life. Try to think of things that you can do without. You will be surprised how much you are spending when you track every dollar you actually spend.
2. Save. Save. Save.
Save as much money as you can. Savings should be a part of your budget but continuously think of ways that you can save even more. We do not save enough and we can always save more.
3. Life and health insurance
Health insurance has been a topic of discussion for years now because of rising costs. Make sure to do your homework and make sure your plan is meeting your needs. If it is not then make sure to switch to a new plan during your enrollment period.
Life insurance is often forgotten. It doesn’t help that life insurance is confusing and life insurance salespeople have a reputation of not being the most helpful or honest people in the world. So you will need to do your homework and find a policy that works for you.
4. Credit check-up
Check your credit score. Not only will it let you know where you stand it will also give you the chance to make sure everything is okay and you don’t have any issues that may prevent you from doing something like getting a job or buying a car.
5. Estate planning
This is the one that many people never do for a variety of reasons, but planning for your death is one of the most important things you can do especially when you have family that you want their needs to be provided. The most loving thing you can do for your loved ones is to make as many of the decisions you can about your death so they don’t have to think about them during their time of grief.
If you follow this basic guide it will put you on the right path to having your affairs in order to give you and your family more piece of mind.