3 quick checks to shore up your personal finances

As many of us soon enter “spring cleaning” mode, I recommend taking the opportunity to tidy up your finances too. Here are 3 often overlooked tips that can make a big difference:

1- Max out employer contribution, take it when you leave. Ensuring you are contributing enough to get the maximum contribution your employer offers should be toward the top of your priority list. Anytime you have left a job, rolling that money into an IRA should also be at the top of your list.

2- Check insurance expirations and beneficiaries. Do you know how many years are left on your term life policy, or the age your disability insurance expires? Waiting until coverage has expired limits your options and can cost you money in the long run. Did you get married, divorced, or have children? Update your beneficiaries while you’re at it.

3- Automate your savings. Building up your emergency fund (we recommend at least 6 months of expenses), saving for retirement (10-20% of income), or a large purchase? Scheduling automatic deposits saves you time and more effectively builds a savings habit.

-Brian Lipsett