Good financial management is one of the best things that we can do for ourselves. Today is a perfect time to start fresh with good financial planning and money management that will pay off throughout the year.
Here is some practical guide for homemakers like me. May this help you set up a plan to reach your financial goals and eliminate roadblocks to your success.
1. Check your accounts at financial institutions like banks, credit unions, brokerage firms, credit card companies, etc. and update your contact information to reflect any changes in your mailing, physical and e-mail addresses.
2. Review all your insurance policies and ensure that they are consistent with your insurance needs. Update your coverage, contact information and beneficiaries, if necessary.
3. Check your credit scores and correct any discrepancies reported on your credit report. You may request your free credit report online or request your credit report through mail.
4. Get in the habit of balancing your checkbook and monitoring your financial accounts. This enables you to identify any banking errors and track your spending.
5. Create a budget or review your existing budget. Use this budget to help set and reach financial goals during the year. When it comes to spending your hard-earned money, knowledge is power!
6. It is best to involve your children in your financial planning decisions as a way to teach them about individual responsibility. Good financial management and practices are some of the best lessons we could teach our children. It will encourage them to make wise decisions about saving, spending and setting financial goals, as they grow older.