Financial Tips 2018: How to get ahead on taxes, savings and insurance
It's 2018 and now’s the time to get your finances in order.
To help you and your family make all the right money moves next year, here’s a financial game plan that could help you grow your 401(k), avoid financial ruin and adjust to the new tax rules signed into law by President Trump.
Just as a New Year’s resolution to get fit can fail if you don’t hit the gym, getting ahead financially is tough if you don’t set up a plan and stick to it, says Dana Anspach, founder and CEO of Sensible Money, a wealth management firm in Scottsdale, Ariz.
Doing an annual financial check-up, she stresses, is only worthwhile if you use it as a jumping off point to “build good habits.”
“It’s figuring out the baby steps you can take that moves you and your money in the right direction,” Anspach says. “Every family should put together a playbook for the year.”
Here are steps to take to get you on the road to financial success.
START WITH THE BASICS
Insurance isn’t sexy. In fact, it’s boring. It’s viewed by many Americans as just another bill, not an investment.
But insurance is the foundation of any financial plan, as it protects people from catastrophic losses that can wipe them out. Jan. 1 is the time to make sure your family has enough life insurance to pay for the kids’ college, keep current on the mortgage and fund other living costs in the event youhttp:/// or another breadwinner in the family dies, causing a loss of income.
“Check all of your insurance coverage,” especially if your life has undergone changes, such as having a child, advises Carla Dearing, CEO and founder of Sum180, an online financial wellness company in Louisville, Kentucky.
That means making sure your house, car, health and life is adequately insured against events that could put your family in financial peril.
Other basics not to overlook are making sure your will and estate plan are updated and all your financial accounts have the proper beneficiaries.