If you’re making a (financial end-of-year) list, and checking it twice, you’re well on your way to making the next year nice.
Here are 9 things to do for better finances in 2023.
1. Check your credit at annualcreditreport.com
- Report any errors you find
- Pay off any negative things you see, or ask for settlements
2. Review all of your accounts.
- Go online, or get out those paper statements
- Make note of all automatic withdrawals (memberships, subscriptions, streaming services, etc.) and any fees; you’ll need these for step 3 and step 4
3. Review your subscriptions.
- Review the information you gathered about memberships/subscriptions/automatic withdrawals in step 2
- Cancel any you haven’t used in the last 30 days
4. Contact all financial institutions.
- Using the statements you gathered in step 2, review the joint owners and beneficiaries on all accounts
- Notice any fees? Ask if they can be avoided. If not, consider moving the account.
5. Talk to your HR department at work.
- Review your 401(k) and other retirement plans to ensure you’re contributing as much as you can afford
- Verify your beneficiaries, emergency contacts, and other information is up to date
- Review your FSA/HSA contributions and spend any that’s left over from this plan year
- Recalculate your payroll withholding amount
6. Contact your insurance agent.
- Review your coverage and beneficiaries for auto, life, and homeowners or renters insurance policies
- Ask if there are any discounts available
7. Check on your emergency fund.
- Ideally, you’ll want at least three months of living expenses in an easily accessible account
- Don’t have an emergency fund yet? Set up an automatic transfer or use payroll deduction to get started today!
8. Make sure you have copies of important documents.
- This is one time when paper is better than electronic! Ensure they’re in a secure, fireproof location
- Let someone in your family (or a close friend) know where these documents are and be able to get to them, if needed
9. Make sure your will is up to date.
- If you don’t have a will, commit to having one in six months.
- If either you or your significant other travel often, ensure you have an up-to-date power of attorney.
If there’s a lot you weren’t able to check off, that’s okay!
Break it down by committing to two steps each month, and by summer, you’ll be in great shape.
