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Article

Is Your Financial House in Order For 2025?

Have you considered whether your financial house is in order? Now that we are into the new year, it’s a good time to take inventory and spruce it up. Review the following helpful hints to update your financial home!

January 22, 2025
Important Disclosure: Content on our website and in our newsletters is for informational purposes only. The information provided may (or may not) directly apply to your situation. We recommend that readers work directly with a professional advisor when making decisions in the context of their specific situation.

Have you considered whether your financial house is in order? Now that we are into the new year, it’s a good time to take inventory and spruce it up. Review the following helpful hints to update your financial home!

1. Clean the "attic."

That's the spot where you have stored items such as old, unused credit cards, bank accounts under $100, or savings bonds you forgot to cash in. Close them out or cash them in.

2. Refurnish your credit "room."

This can include refinancing your mortgage while mortgage rates remain low, transferring credit card balances to lower rate alternatives and utilizing a home equity line that offers a low rate and tax deductibility of interest. You will appreciate the new “look” you create. It can be especially pleasing to empty the "room" of some credit commitments by paying them off completely, thus giving your overall budget more breathing space.

3. Consider a complete renovation.

Is it time to rebalance your investment portfolio? You may be at a stage of life that requires different investment tactics. Another area to review is your life insurance. The plan you established years ago may need updating to meet your current needs.

4. Look at future "housing" needs.

What accommodations have you made for your retirement? One of the best mechanisms in today's changing world of taxes may be the 401(k), which can provide you with current reduction of taxable income, an excellent savings plan, and tax-deferral on earnings.

5. Solidify your foundation.

Now may be a good time to review your life insurance policies. Setting up an annual review with your insurance professional can be instrumental in ensuring the adequacy of your coverage.

6. Protect your home.

Update your homeowner's policy and make a video of your home--both inside and out--as well as your valuables. Save it in a safe place and add to it as the need arises.

7. Dust off your tax records.

The time when you will need them is fast approaching. You may also want to speak with your tax advisor regarding changes you need to make to brighten your tax picture before filing your return.

8. Establish a regular maintenance program.

If you haven't done so previously, set up a budget. Make "paying yourself first"-- putting a set amount into your savings and investments every month--a priority. Analyze your current spending habits and plan ahead for large bills and expenses. It is always more relaxing to live in a clean and orderly home. By taking these eight steps, your financial home will become an inviting, enjoyable corner of your life!

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