Take time to review your finances

The new year is approaching fast. And with it comes a chance for new beginnings.

When it comes to starting fresh with your finances, it’s best to start before the new year begins. So, let’s talk about why you should review your finances, and how to get started.

Why should you review your finances?

When’s the last time you reviewed your expenses? When you get around to it, you might be surprised by what you find.

There could be recurring expenses you forgot about or that got more expensive without you noticing. Or there may be things you can go without going into next year.

Simply put, you should review your finances to find easy ways to save money. 

What should you review?

There are a number of things you should review when looking at your spending. Here’s a short list to get you started:

Your spending plan

Review and adjust your spending plan from the last year. If you don’t have one, make one.

Download: spending plan template

Subscriptions

Look for subscriptions that you don’t use or could go without for the next year. Make note of streaming services, gym memberships and other monthly subscriptions.

Insurance

The end of the year is a great time to shop for a better price on your insurance policy. Contact your current insurance provider to see if there are additional discounts you can take advantage of. Or an insurance broker can help you shop multiple providers for the best price.

Paperless billing discounts

Paperless billing and statements can help you reduce waste and save money. Many businesses offer a discount to those who go paperless. Check with your electric company, credit card companies and more to see if you’re eligible for a discount.

Your savings

Look at your accounts to see how much you are saving each month. After reviewing your spending, you may be able to allocate more to your savings.

Start your spending review today

How you review your finances depends on your personal situation. Use the list above to start and adjust your review to find ways to save the most money in the next year.

Our community inclusion team can help you review your finances and create a spending plan. Fill out the form below to schedule a free one-on-one meeting with our team.