The Millstone Times January 2019
By Lauren Kolacki
Keeping on top of your finances requires many of the same actions year after year. Make it a tradition to find out where you are financially—and what your goals are.
1. Make a 2019 budget.
Take a fresh look at your essential and nonessential expenses. Make sure that retirement and other savings are included as essentials.
2. Reduce debt.
Not all debt is bad (for instance, a mortgage), but there’s really nothing good about carrying a credit card balance. Systematically pay down bal- ances by focusing on higher interest cards first
3. Build an emergency fund.
Everyone’s situation is different, but bad things—an illness, the loss of a job—can happen to anyone. It is important to protect yourself.
4. Review your insurance coverage.
Make sure you have adequate coverage for the essential types of insur- ance: health, car, homeowners or renter’s insurance. Also look into dis- ability insurance (especially if you’re in your peak earning years) and an umbrella policy if you have significant assets and life insurance if you have dependents.