8
Smart Steps
to Start off
the New
Year Right
The new year is here and it’s time to focus on some
small things now that can make a big difference. Maybe
you’ve been putting off these tasks, or maybe they
haven’t occurred to you.
- Review your credit
history. At AnnualCreditReport.com you can get a free copy of your
credit history – everything the three major reporting agencies have
in your file. Your credit history doesn’t include your credit score,
but this is the information used to tabulate your score, so you
really need to check it for accuracy.
- Clear clutter. There’s no better time than the present to turn
your clutter into cash, or at least a tax deduction. The best way to
approach your clutter is slowly, otherwise it can be overwhelming.
Pick one room, closet, or drawer per day, and spend a few minutes
getting rid of things you haven’t touched in a year or more.
- Review/rebalance investments.
Investments, like your retirement
plan, shouldn’t require a lot of maintenance, but they do require
some. Take a look at how your investments are performing and decide
whether it’s time to buy, sell, or leave well enough alone.
- Max out retirement contributions.
The annual cap for IRAs
(including Roths) is $5,000 for those under 50 and $6,000 for those
50 and over. You have until April to do this, but don’t put it off.
-
Find a financial advisor.
There’s someone out there who can help
you with most of the things on this list, and a lot more – a
financial advisor. Kristin Chim, CFS* financial advisor at South
Metro is available. Don’t hesitate to stop by or call (952-445-0888
ext. 19) and set up a complimentary consultation.
- Tinker with your budget.
Now’s a good time to look at whether
your spending has matched your projections over the past year –
maybe some adjustments are in order, especially if your income or
expenses has changed.
- Change important passwords.
A lot of sensitive personal
information is one smart guess away from being stolen. Add an extra
layer of protection by changing the most important passwords at
least once a year.
- Make a will. Planning for the “what if’s” in life is important.
Take the time today to make sure that your loved ones are taken care
of and won’t have to deal with the hassle or probate. Consult with a
local attorney and have the necessary documents drawn up.
How to find the time to do all of this! The key is slow, easy, and
gradual. Earmark just 15 minutes to an hour per day and go down the
list. And if you don’t get it all done... well, there’s always next
year.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of South Metro Federal Credit Union (“SMFCU”), and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The credit union has contracted with CFS to make non-deposit investment products and services available to credit union members.
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February 20
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As a member-owned, not-for-profit financial institution, South Metro
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