Are your finances in shape? If not, here’s what you can do to get everything in order.
Review your credit report
Have you looked at your credit report lately? This is one of the most important steps to take each year to keep your finances in order. You can obtain a free copy once a year from each of the three major credit reporting agencies at annualcreditreport.com. You can get all three at once and compare them to make sure everything is correct, or you can order one from each agency about every four months. You’ll want to ensure that your payment history and amount owed are listed correctly and make sure there are no inaccuracies or accounts you are not aware of.
Made any big purchases? Home improvements? Business expenses? Insurance policy changes? Gather the documents for these important financial events and file them where you can easily find them when needed. These receipts, contracts, and policy documents can be essential for filing taxes or when selling your home or vehicle.
Also, go through your files and discard paperwork you no longer need. If possible, shred those documents, don’t just toss them in the trash. Get rid of warranty documents for appliances and vehicles you no longer own, insurance policies you no longer carry, and other outdated paper. Check with your tax adviser to see which receipts and tax documents you need to keep and for how long.
TIP: You can scan and attach a receipt to the transaction using the Compass mobile app. To learn more, click here.
Check your budget
This is a good time to make sure you’re achieving your financial goals, such as hitting a savings benchmark, retirement strategy or paying down debt. Look at how you are spending your money. Are you overspending in a category, such as food or clothing? Have your main expenses changed?
Take a little time to clean up your finances so you can make changes as needed — and stay on track to reaching your financial goals.