10 Tips To Shape Up Your Finances in 2010

Thursday, February 11, 2010, 1:15 AM | Leave Comment

Most folks have resolutions for the new year in terms of a healthy weight, quit smoking and get more exercise. Because of the bad economic situation and the increasingly unpredictable future for personal finances, this new year is an excellent opportunity for folks to shape up financially. May that be getting out of debt, raising credit score, getting a job, advancing in your career and most of all increasing savings.

The following 10 steps may help you if you follow them. Just take one step at a time and don’t overwhelm yourself with the details of things.

  1. Start saving more

    It’s always a good idea to save more in any age. First step is to start by setting up automatic transfers from your checking to your savings accounts.

  2. Plan for retirement

    We all hope to live long enough to see and enjoy retirement. To do that, you must save for it. Make sure you know what you will need to have the kind of retirement you want.

  3. Talk to your financial adviser

    If you think you can manage your money, then all the better for you. But for the majority of folks, money management can be very complex. In that case, talk to your financial adviser.

  4. Take care of your credit

    Borrow money with a specific goal in mind. Think about consolidating your high–interest debt and possibly get lower monthly payments through a personal loan.

  5. Start banking online

    This will help you get organized. And don’t worry, studies show that online banking is safer than having paper documents mailed to you.

  6. Vault your important documents

    Either get a safe at home or get a safe-deposit box to save all your important documents. For certain kinds of signed or valuable paper documents– such as wills, deeds, trusts, stock certificates, passports and powers of attorney, etc., an electronic copy often does not have the same legal effect as the paper original.

  7. Have your insurance policy reviewed with your agent

    Your property value can change so can reconstruction cost. It’s extremely important to go over your insurance policies – home, auto and others.

  8. Let the insurance agent know about any changes in your life events

    Getting married, a new baby, college expenses and retiring can all change the insurance you need. Talk to your insurance agent.

  9. Make a budget and stick to it like honey

    Create a budget for your family. Turn it into a cash cow by investing some money.

  10. The more you learn, the better

    Learning about your finances is the first step for a financially successful life. Knowing more about money and finances can empower you. There are many ways to learn.

In a Nutshell
So make a resolution to be financially fit in 2010. Follow the above tips, some if not all, and you will be financially fit this year like never before. Talk to your banker and insurance agent to save you and help you with the tools necessary to implement the above tips.

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