February 04, 2022

Financial Check-Up for 2023

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We always use the turning of the yearly calendar to reassess our health (which is why gym memberships rise during the month of January) along with setting personal and professional goals for the new year.

It’s also a good idea, however, to take an assessment of your financial situation as 2023 gets underway. While we are dealing with inflation levels that haven’t been seen in 40 years along with rising interest rates for borrowing, there are also some attractive options that haven’t been an option for years now.

CHC and Nursing has four steps to take in order to perform a financial check-up going into the new year.

  1. Check Your Insurance Policies

This includes auto, home, and life insurance policies. If you notice the first two rising, you might be able to get a better rate by shopping around or checking your policies for coverage that you may not need anymore. Check the beneficiaries on life insurance policies to see if changes need to be made.

  1. Consider an Extra Home or Car Payment

If you’re finishing the year on a surplus, consider making an extra payment to your home or auto loan. Making a principal-only payment will shorten the time of your loan, meaning that you could save lots of money on interest charges in the long run.

  1. Make Additional Contributions to Retirement Accounts

You’re able to contribute to a 401(k) until Jan. 31, 2023, and you can put money into your IRA until April 18 (tax day) and have it benefit your current year’s taxes.

  1. Look Into a CD (Certificate of Deposit) or Money Market Account

After years of extremely low interest rates that didn’t make these options viable, many banks are now offering up to 5% in interest on CDs and money market accounts. Note the term on CDs, as banks often will require that you keep your money in for a period of three to five years in order to maximize the interest.

 

 

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