Keep Your New Year’s Resolution to Save Money With This Financial Checklist

The new year is here, and you’ve probably made some New Year’s Resolutions, right? Maybe you want to get healthier or break bad habits, but what about improving your finances and making sure your family is going to be financially secure in the future? These things should be just as high on your list of priorities: saving money is always important, even though it might feel like a pretty tough resolution to keep. Fortunately, there are a few simple things you can do to help reduce your yearly spending, including cutting down on some little things to save more money, while also investing the money you save by making these changes in the checklist below.

  • Check Up On Your 401K

illustration of a hand putting money into a bin that is labeled retirement
Assess how much money you have saved up in your 401k to make sure you have enough when you retire.

When was the last time you looked at your 401K, and at how much you’re investing and earning? For example, have you gotten a raise that would allow you to contribute more? This month is a great time to assess how much money you want to put into your retirement fund every year. This way, you can make sure you’ll have enough money put away for when you retire; you can also choose to contribute a little less right now if you need more cash in the short-term. 

  • Review Your Household Finances

Do you get your nails done every 2 weeks or once a month? Are you planning on going on a family trip this year? Do you have a ton of subscription services that you don’t use very often? Now is a great time to review your monthly and annual household finances, so you can look for ways to save money. Are there ways you can budget better and expenses you can cut that are not necessary? If so, trim your household spending, and create a monthly budget you can live with. 

  • How’s Your Credit Score?

January is the perfect time to check your credit score without affecting it. You’re entitled to a free copy of your credit report once a year from each of the three major credit reporting bureaus (Equifax, Experian, and TransUnion), so take advantage of it! Knowing what your credit score is will let you know where you stand if you’re planning on purchasing any big-ticket items. If your free report reveals that your credit score is not that great, create a plan to help increase your credit score, starting with making a resolution to pay all of your bills on time. 

a case full of hundred dollar bills
Life insurance can offer you and your family extra money for any unexpected expenses. 

Want to save more money? Want extra cash for those unexpected expenses that pop up out of nowhere? A life insurance policy is a great way to help your family if you or your spouse can no longer help. In addition, if you choose a permanent life insurance policy that offers a cash value, you can borrow from the cash value and use it for your expenses, so you won’t have to struggle to pay your bills, choose one bill over another, or take out a loan. 

And if you do have a life insurance policy, now is the best time to review your policy and make sure it still meets your needs, since every stage of your life will have different responsibilities. Determine if you need more or less coverage, and if you have a term life insurance plan, think about if you want to convert it into a whole life insurance policy.  

Choosing the right life insurance policy is necessary to ensure that your family gets the benefits they need. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

About The Author:
Cassandra Love

With over a decade of helpful content experience Cassandra has dedicated her career to making sure people have access to relevant, easy to understand, and valuable information. After realizing a huge knowledge gap Cassandra spent years researching and working with health insurance companies to create accessible guides and articles to walk anyone through every aspect of the insurance process.

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