Tips On Getting Your Finances In Order
PHILADELPHIA (CBS) - Perhaps you've made a monetary New Years resolution? Or maybe you're preparing for tax season. Either way, here are some tips to help you organize your finances.
Financial Planner Adam Soloff says increasing your retirement finances is simple but not easy:
"Make more or spend less!"
To evaluate if you're on track for retirement, he says you have to take inventory of your money:
"Sitting down and going over at least three months, if not six months of your bills and really just get a handle on where your money is going. Then you can assess whether you're making good decisions or not."
He says you can easily start cutting your spending by making a few phone calls:
"We always recommend asking for discounts. So simple things like cable, cell phone, insurance providers."
Now is also a good time, he says, to check that the beneficiaries on your important documents are up to date:
"You should review every life insurance policy that you have, every retirement account that you have."
And, he says, these days, some folks are including digital planning in their important documents:
"So much of our lives these days lives online in this virtual world and you can't access that virtual world without the password."