3 Ways To Reassess Your Finances This Summer
Summertime is the best time to relax and enjoy all of your favorite warm weather activities. Checking on your finances probably isn’t on the top of your list of things to do (maybe not on your list at all), but you should reassess your finances and we want to tell you why.
Although it’s tempting to kick back and neglect any responsibility for finances during the summer, you should take advantage of this time to reassess, and determine if there are any changes that would be beneficial to implement into your financial strategy. Check out our suggestions below.
Refinance your home.
Rates are always changing. You should look around at what the current rates are for refinancing so you can take advantage of any opportunities to lower your rate. Be aware that people who refinance too often really may not be saving that much because the closing cost(s) may end up costing more then they’re saving.
Consider additional retirement options.
If you haven’t taken advantage of any retirement options available from your employer or your financial institution, you should start investing now. There are a variety of investment plans for your retirement available including a 401K, IRA, and savings plans. If you already have a plan in place for your retirement, look for additional ways to contribute. You can never prepare too much for your retirement.
Initiate cruise control.
Start an automatic savings plan that accelerates your earning potential. How it works is you elect to set it up through either your employer and they will withdraw a certain amount (that you choose) from each paycheck and submit that money into the higher-interest savings account. Check with your employer to see if they offer this option.
Even if you end up deciding that you don’t want to make any changes to your financial strategy, take comfort in the fact that you’ve done your research and choosing not to is in your best interest. Enjoy your summer but don’t forget about your finances.
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