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Summer Financial Tune Up

It's almost the end of summer which means we are over halfway through 2020. Now is the perfect time to check in on your financials and see where you stand. Below are some ideas on how to checkup on your financials.

1) Review Your Budget

Start with your budget. Review your budget and your spending over the first half of the year and see how they line up. Pinpoint the certain areas where you might be over budget or under budget. If you are over budget, figure out how and if you can get those costs down.

2) Clean Up Your Bank Accounts

Some people forget to check all of the accounts they have. Some might have multiple bank accounts but really only use one of those accounts. If this is the case, think about consolidating your accounts to only 1 or 2 that you consistently use. 

3) Go Electronic

Paperless billing is now one of the easier ways to stay organized. It frees up some space around your house and most places offer a paperless billing option. By going paperless, it will remove clutter from your home and you won't have to deal with sorting through paperwork each time you receive a statement in the mail. Just save it to your computer or make sure you know how to access it online.

4) Check Your Insurance

Now is a perfect time to make sure you have all the appropriate coverage for you and your family. Growing families or an increase in income might mean that you need more life insurance than you currently have. If you don't have life insurance, reach out to an advisor to go over how much coverage you may need.

5) Make Payments Towards Any Debt

Getting caught up on debt is always a good idea. If you can, work on paying any outstanding debt. Even if it's just a small extra amount each month, it will help.

7) Plan Ahead

If you haven't already, you should consider creating a financial plan. A financial advisor will be able to help you sort through what your long and short term goals are and how you might be able to achieve them.

A financial advisor can help you with all of these financial tune ups. If you don't have a financial advisor, or if you want a free second opinion, reach out to Peter O'Brien. He's been in the industry for 30 years and will help you understand your financial situation and how to get to where you want to be.