Credit Union News

Wrap Up 2012 Right

At this time of year, there's a lot of wrapping to do. Not holiday gifts – that's all over and done with. There's a lot of wrapping up with getting any loose ends tied up and starting a great new year. How can you make sure you begin 2013 on the right foot?

Look things over. While you may want to start the New Year with a fresh outlook, you can't always start it with a clean slate. Look at all your bills and expenses from the previous year – then you can get a good idea not only of what you're spending monthly – like car payments or rent – but also costs that don't occur on a regular basis: tuition payments, birthdays, car inspections. Allowing a little extra room in your budget for these costs can help you prepare for additional expenses instead of letting them take you by surprise.

Pay things off. You may not be able to pay off all your debt during the holiday season, but as you start the New Year, you can assess the payments you have and the interest fees you're paying, then develop a game plan for the new year. Refinancing vehicles, paying off credit card debt or saving more each month can all be priorities for the New Year. Set a specific, realistic date for when you plan to achieve your goal, then stick to it.
You can do it!

Figure out your worth. Determine your net worth. Plan to calculate your assets minus liabilities each year so you quickly can see whether you're gaining ground or falling behind. Your net worth should be increasing each year. If it's not, make a plan to improve it, such as paying down a specific debt or putting more money into your retirement fund. You can use our free Debt in Focus tool to get a jumpstart on your calculations.

Check all insurance policies. For example, know what is covered in your homeowner's policy and verify your liability coverage. The beginning of the New Year may also be a good time to shop around for better insurance pricing and services. A Randolph Brooks Insurance Agency, LLC representative can assist you by providing a free quote on products like home and auto insurance.

Starting a New Year should be refreshing and fun, and it should give you some opportunities to make your financial life better as well. Begin 2013 productively and profitably by spending a few hours getting your finances under control and preparing for a fantastic year to come.

Randolph Brooks Insurance Agency, LLC (RBIA) is a wholly-owned subsidiary of RB Financial LLC, which is affiliated with Randolph-Brooks Federal Credit Union (RBFCU). Insurance services are offered through SWBC Insurance Partners. RBIA, RB Financial LLC and RBFCU are not affiliates of SWBC Insurance Partners. Insurance products are not deposits; not NCUA insured; and not guaranteed by RBIA, RB Financial LLC and RBFCU.