Pick One Thing From Your 2019 to-Do List
If you are thinking about 2018 and preparing for the new year, then right now you might be interested in setting one or two permissions. But before you start thinking about how to improve your life starting in January, ask yourself: what little things can you get out of the way now?
Specifically, what boring financial tasks have languished on your to-do list? You know it will take about ten or twenty minutes, but are you putting it off? It could be setting up automatic weekly savings, increasing your 401 (k) premium, or contacting an auto insurer for a better rate. Whatever it is, wouldn’t you feel so much better if you just did it and get it over with?
Kara Kutruzzula, a New York-based Lifehacker correspondent, mentioned something similar in her Brass Ring Daily newsletter, urging her readers to “clear the decks” before New Years. She thinks: we all have several daily tasks that we constantly face. Why not just get them out of the way by January so we can really start over?
“This means a clean slate of the year. So that your decisions are not about fixing what is not working or cleaning up last year’s mess, ”writes Kutruzzula. “When you clean the decks, you get rid of the remaining 2018 … 2018 debris.”
With that in mind, try writing down your boring financial affairs and doing one or two before January 1st. This may be easier than you thought. For example, on my to-do list for two or three years, without exaggeration, it was “open an IRA Rota.” Finally, this month I sent some money and set up automatic contributions (that’s right, I even had an account opened). It only took … ten minutes, including researching the various foundations I was interested in. But the sense of accomplishment is real.
Here are some more simple things that I need to do at some point:
- Check my credit report
- Unsubscribe from Hulu
- Transfer retirement account after internship seven years ago
- Send me a fitness refund for December
- Decide if I want to return to my old gym in 2019 as there is currently no registration fee charged here.
Here are some more ideas.
Close store credit cards
And cut them like The Cut suggests. Of course, your credit rating may be temporarily lowered, but it will recover and you will feel better. The interest rates on store cards are high and you’d better get some kind of bonus card if you qualify than a store card. A 10 percent discount on a one-time purchase just isn’t worth it.
There is that money Conversation with spouse
Surely there is some conversation that you put off with your spouse or other loved one because it’s awkward or uncomfortable and you think you’ll get it in the end. Plan to get it now and get rid of it.
Here’s one way to do it, outlined by CNBC : Make a list of all the financial “secrets” you have and encourage your spouse to do the same. It could be a large credit card account, a large purchase you didn’t tell them about, or even a secret bank account (note: if you have a secret bank account to potentially get out of a bad situation, don’t tell your partner).
Then arrange your list “from what you’re likely to talk about with a friend, partner, or professional to what you’re unlikely to talk about,” Amanda Priebe, a certified financial planner and strategist, told CNBC. welfare at PNC Wealth Management. Change the order and talk to your spouse or partner about this topic. “This is almost certainly the one that needs the most urgent attention.”
Update your beneficiaries
Do you know who will get which of your assets when you die? Take a few minutes to figure this out. Most likely, you had to list the beneficiaries during the open recruitment at your workplace; now check who you have on file for 401 (k), IRA, etc. Then notify the people in your life. It doesn’t have to be a big production; just write them a message or email telling them you want to let them know.
Document your personal belongings
In the same note, perhaps you need to document all your property in the event of an emergency (such as a flood or fire), as we wrote here . Find a few hours this weekend and start cataloging.
Make a payment against the principal of your student loan
If one of your goals is to take control of your student loans, consider investing some holiday money (or some other small amount you set aside) on your main balance, not just paying interest. We have detailed how to do this here . Sure, $ 100 or so won’t make a huge dent, but it will put you on the right track and in the right space to pay off debt in the new year. And every little thing helps, right?
If none of them strike you as urgent, here are 13 more suggestions from certified financial planners. I pulled out my credit report, putting off writing this article, and checked it for irregularities. That’s one less thing to do in January 2019.