We are officially midway through the year! This is a great time to pause and review your financial state.
We are in very challenging times with the Covid19 crisis. With the increasing prevalence of scams and fraud, it’s more important than ever for people to be vigilant with their finances. Here are some tips from the AADMM Money Matters blog to help you keep your money safe.
Federal tax filing deadline
The 2019 federal tax filing deadline is extended until July 15 (from April 15). Be sure your federal taxes are filed on-time. Some states have also extended the filing deadline. If you need to file state taxes, be sure to check with your own state to verify the deadline.
Do your financial goals make you happy?
Think about what makes you happy: Is it the family vacation? The idea of owning your dream home? Retiring early?
If you aren’t actively planning for any of these things, why not? Maybe it’s time to re-prioritize your goals. The KonMari method stresses focusing your energy on the things that will serve the person you are now and who you hope to become. When applied to your financial goals, you could think of it as finding a balance between spending on what serves you today, but also saving and planning for bigger things in the future. Thanks to Northwestern Mutual for this great tip.
Should you consolidate your debt?
If you have lots of debt, consider consolidation. When you consolidate you combine multiple loans into a single debt with one monthly payment. As a result, you may take high-interest debt, like credit cards or student loans, and bundle them into a loan that typically carries a lower interest rate. So, not only does debt consolidation simplify your monthly budget it could save you thousands of dollars in interest charges. Do you need assistance with this? Find a daily money manager near you to help.
