Memorial Day means the beach, barbecues, and the unofficial start to summer, but the holiday can also give you a chance to save money by taking control of your finances. Carve a couple of hours out of the holiday weekend to make these smart money moves this Memorial Day.
10 Smart Money Moves To Make On Memorial Day:
1. Check Out Your Credit Report – Become a rate checker by taking a look at your credit report. You can get one free credit report annually from each of the three credit report agencies and if you haven’t taken a look at yours yet in 2018 now is a good time to complete your annual review. Knowing what is on your credit report can save you money when you are looking to finance your next car or other big-ticket items. Get your free credit reports by visiting www.annualcreditreport.com.
2. Talk To Your Lenders And Get Some Perks – Ask for the credit you’ve earned. Call up your credit card companies and ask for a credit increase. You’ll increase your credit score when you demonstrate you can use your credit responsibly. While you are on the phone asking for that credit increase, ask for a lower interest rate, which can save you hundreds of dollars each year. If we’ve been making payments on time, your lender may be able to give you some customer perks that you didn’t know about. It can’t hurt to ask!
3. Get Your Investments In Order – Balance your stock portfolio so that your money is invested the way you want it to be and your personal risk tolerance is low to medium. A good investment portfolio is highly diversified among types of investments called “asset classes”. These classes include stocks, bonds, cash, real estate, and precious metals to name a few. It’s also very beneficial to diversify within each asset class if you have multiple classes.
4. Update Important Documents – Make sure your Will and beneficiary information are both updated and correct. Protect both your loved ones and your money by keeping your beneficiary information updated on all of your insurance policies and investments. An updated Will can guarantee that your property goes to who you intend it to upon your death.
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5. If You Have Kids Or Plan To Have Them – You should strategize for their future by starting a college savings plan. The money you contribute to these plans is considered a gift, so you can deduct it from your taxes at year’s end, so you’ll actually save money by making this type of investment.
6. Support Your Favorite Charity – Donate to your favorite cause over the holiday weekend in order to take the tax write off when next April rolls around. You’ll be ahead of the game! Just make sure the donations are within your budget. You don’t want to go spending money that you don’t really have. Use this free budgeting tool to see if you have the leftover funds to be able to give freely.
7. Work On Your Taxes For Next Year – Take a look at your tax withholding’s at work and make any adjustments that are necessary for what you are claiming in order to keep your monthly budget on track.
8. Make Sure You Have At Least Two Separate Money Accounts – Open separate checking and savings accounts where you put money for something you want in the future, like a new car or home. That way you will know how much you’ve saved while tracking your progress to making that dream a reality.
9. Get Rid Of Junk And Make Some Money – Have a yard sale to raise some quick money. Weekends are a great time to clean out the garage or attic and sell those unwanted goods. Lots of folks have time off and enjoy looking for deals over three-day weekends.
10. Budget, Budget, Budget – If you haven’t already, set up a budget and spending plan while you’re enjoying a few well-deserved days off. By making a list of your monthly bills and setting up a savings and spending plan, you will always know where your money is going each month (and where it’s staying when you stash it away in the bank). We can’t stress enough how important having and maintaining a household budget really is!
Spending a few hours of your weekend taking control of your money can put you on the path to financial independence and can help turn your dreams into a stable future for you and your family. When you have some extra time off from work, it makes perfect sense to utilize that time to get organized and make some strong efforts in building the kind of financial future you want.
If you need help setting up a budget, getting out of debt, or just figuring out how to better manage your finances, give us a call at 1-866-699-2227 or visit us online at www.advantageccs.org to speak with one of our certified credit counselors for free!