Six-Point Annual Tune Up

January 8, 2019

 

Are your finances good to go for 2019?

 

Just like our vehicle, an tune up of our finances makes good sense before we jump in and hit the highway in 2019.

 

Being the start of a new year, a new chapter and a new adventure, I thought this might be the ideal time to offer up the Six-Point Annual Inspection.

 

Answer the following questions to perform your own financial diagnostic. 

 

On the Job:

  • Days owed: Do you have any adding up? Either get them scheduled or paid out.

  • Pension Valuation: What’s the current value of your Employee Pension Plan? Where's it invested? How's it performing?

  • Options and Contributions: Many employers offer matching payment plans towards pensions or RRSPs. Have you taken full advantage of the plans being offered to you?

  • Compensation: Have your responsibilities increased? Is your compensation commensurate with the value you deliver? Double check or schedule your performance review.

  • Inflation Adjustments: For the business owners out there, make sure you increase your salary, rate , or draw by at least 2% to account for annual inflation.

Protecting Your Assets:

Double-check your insurance policies are updated and still applicable to your current situation.

  • Home Owners' Insurance

  • Renters' Insurance

  • Health Insurance

  • Automobile Insurance

  • Long Term Disability Insurance

Estate Planning:

Have there been any changes to your personal situation? Does your will need to be updated? Have your beneficiaries changed?

 

Debts:

Do you have a debt repayment plan for 2019?

  • Current balances: What are they?

  • Interest Rates: Are they correct? Can they be renegotiated?

  • Can you accelerate payments on your mortgage this year?

Accounts:

  • Record Keeping: Assembling numbers, IDs, passwords and representatives and their contact info can be daunting.  Keep yourself and your accounts organized with the Record of Accounts Template. It doesn’t need to be filled out in one go. Commit to one section a week, and come this spring, you'll have it all together.

  • Balances: What are your current balances on all your accounts (assets and liabilities)

  • Current Valuations: Update your Net Worth statement, by obtaining current valuations/estimates on applicable assets, and balances outstanding on current debts.

 

Spending:

  • Monthly subscriptions: Are there services you're no longer using, that need to be cancelled?

  • Bank Fees: Are you set up with the right plans?

  • Allowance: I'm always a fan of using cash for discretionary spending. What weekly allowance can you set for yourself this year? Now go take out cash and dish the debit and credit cards.

 

Hope these ideas give you the push start you need! :)

 

Here's to your amazing adventures in 2019.

 

Taunya

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