Only a few days are left before 2015 finally closes its doors and as a new gateway for 2016 will shine upon us. The greatest way to face the New Year is by settling all your financial matter before the year ends so that you can spend your 2016 worry and regret free.
Janna Herron of CNBC has given a list of financial moves to do in order to clear out your money plate.
1. Review Your Subscriptions and Automated Bills. Pamela Sandy, president-elect of The Financial Planning Association advised people top check their credit card statement for any subscription and make sure that they still need it. Don't forget to cancel any free-trial subscription that are about to expire to avoid unwanted expenditures. It is also advise to review all bills such as cable, wireless, and cellphone and if possible request a lower rate in New Year.
2. Spend Your Flexible Spending Account. Don't forget to spend your tax-free flexible spending account balance before the year ends so that you wont lose it. There are a lot of non-prescription items that you can buy with your health care FSA such as athletic treatments/braces, bandages, first-aid kits, condoms and other OTC contraceptives, and contact lenses and solution.
3. Check Your Interest Rate. Federal Reserve has recently announced a gradual increase in the key benchmark rate. This means that higher interest rates are to be expected in 2016. For an adjustable-rate mortgage, ask your mortgage broker or loan officer about your options for refinancing before the rate adjusts higher, but if you have an equity line of credit ask your lender now to fix the interest rate on the amount you have already borrowed do that any rate increase will only affect your future loans.
4. Review Your Insurances. Make sure that your death and life insurances are keeping up with your growing family. Also consider updating you beneficiaries on insurance and retirement accounts and make changes to wills, powers of attorney and health proxies to cope up with your new family circumstances.
