September’s Financial To-Dos

September’s Financial To-Dos

Each month, we offer suggestions for ways to make regular progress toward your financial goals. Inspired by this list from Morningstar, we hope that by encouraging you to do at least one financial maintenance task each month, you can make significant change in one year.

In September, we want to look at some excellent ways to manage risk, both online and offline. 

Review your home and auto insurance policies

Have you put your policies on auto-pilot? Take September to acquaint yourself with your homeowners and auto insurance’s fine print. Do you have the right amount of coverage for your current lifestyle, possessions and mileage? Do you need to do a new home inventory? Do you need to buy separate coverage for hurricanes, floods, earthquakes or other disasters common to your area?  Have you compared your current rates to see if a competitor is offering a better deal? Can you cover your deductible if the worst happens? Are you comfortable setting a higher deductible in order to save on your monthly premiums? Too often, we don’t think about our insurance until we really need it. Now is a good time for a tune-up, to make sure you have policies that fit your current needs.  

Do a life insurance check-up

It’s not a fun question to ask, but it’s an important one: If you pass away in the coming year, will your family be taken care of? Make sure your current policy is up-to-date with any big life changes, including updates to your marital status, size of your family, anticipated health-care costs, or mortgages. Even if your coverage is the right amount, are your beneficiaries all up to date?

Manage your passwords

Online security breaches happen every day. One way to lower your risk is to invest in a password manager. A good password manager can help you auto-generate strong passwords for new log-ins, store and track your passwords, securely share logins with trusted contacts, and more. Don’t wait for the next news making hack to protect your online information; update your passwords this month

Consider a credit freeze

If you’re unlikely to take out a loan, open a new credit card, or activate Social Security or Medicare any time soon, freezing your credit is another proactive way to protect yourself. A credit freeze blocks access to your credit without your direct authorization through a password or PIN. It’s free and, best of all, doesn’t affect your credit score. You can 

freeze your credit by visiting the websites of the four credit bureaus and following their step-by-step freeze instructions. 

Ready to create a fee-only comprehensive financial plan that fits your life and values? Talk to one of our advisors to set up a consultation today. 

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