Financial New Year Resolutions

January 5, 2017

You may not know this but accountants are absolutely amazing with New Year resolutions.  We always have suggestions for good ones that have absolutely nothing to do with the gym.  Here are a few of them:

Create a home inventory. Take your phone and walk through your house videoing your stuff.  Talk about what you see, along with what you remember about where and when you bought stuff and how much it cost.  This can be vital for insurance claims after a robbery or in case of natural disaster.

Calculate your net worth.  Not just for celebrities, calculating your net worth can be a good way to determine if you’re doing better and worse year to year.  To calculate it, add together the worth of houses or property you own, bank accounts, cars, investments, along with all of your personal property and then subtract your mortgage, credit card debt, other loans, and that IOU you wrote to that poker buddy last weekend.

Increase your savings.  Did you get a raise this year?  You should totally consider contributing more to your 401(k) or other savings accounts then!  Yay!

Review your credit report.  Request your credit report from each of the three major credit bureaus.  The real website is annualcreditreport.com or call 1-877-322-8228.  You’re entitled by law to a free report every 12 months.

Purge old financial records.  Do you live among towering stacks of old checks, bank statements, and other financial detritus?  You should really think about shredding those records after a while.  Most financial records can be shredded after about seven years, but you should check about specific things if you file taxes more complicated than a personal income tax return.  Please shred them though, burning them in your yard is bad for the environment.

If you need help with any of these recommended New Year’s resolutions feel free to contact us at Tardy & Co., PC.  We’d be happy to give you some encouragement while we try to go back to the gym.

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