1. Start or update your budget
Make sure you're staying on track with your spending & saving goals. Use 50% of your income for essential expenses, 30% for nonessential expenses & 20% for savings.
2. Start or Review Your emergency fund
You may have heard on the news that a large percentage of Americans don't have even $2000 in a savings account for emergencies. We recommend that you have enough cash set aside to cover your family’s expenses for 6-12 months. Start by contributing 20% of your pay into savings.
3. Review your retirement savings
By increasing the amount dedicated to a retirement savings plan, you'll help set yourself up for a more financially secure future.
4. Check your credit reports
You can visit AnnualCreditReport.com to get your free annual credit report. Reviewing your credit report allows you to correct mistakes, see what needs improvement and discover fraudulent activity. Remember we also offer LegalShield Plans with Identity Theft Protection if you need help reporting and removing fraudulent activity from your credit report.
5. Review Your tax-deductible expenses
Looking over expenses that are considered tax-deductible now can make things easier for you when filing your yearly taxes. Check on medical and dental expenses, student loan interest, home mortgage interest, property taxes and charitable contributions and business expenses if you are self employed or a business owner.