I read this article in the NY Times (subscription or registration may be required) this past weekend. It discusses the importance of taking a fiscal health day to ensure that your financial life is in order. Ron Lieber provides some very interesting issues to focus on during this day. We might add a few more areas to focus on:
1) Review your investment portfolio and ensure it is invested in a manner that will help in meeting your goals, but also make sure it provides sufficient reserves to protect you in these uncertain times.
2) Evaluate the quality of your fund, stock and bond holdings. Are they still investments that you are comfortable holding?
3) Determine what kind of debt you may have. Are there ways to reduce or eliminate the debt and strengthen your balance sheet or to lock in today’s relatively low rates?
4) Ask the phone company or cable company to review your current plan and determine if there are cheaper alternatives for you.
5) Review your 401k and make sure that it is still invested in a way you are comfortable with and see if there any way you can contribute, say, another 1% of your salary?
This may sound a little daunting, but if you spend a day making an effort to improve your fiscal health, you will likely find many ways to save money and provide a little extra piece of mind. We are certain it will be time well spent.
If you could use some help, just email Jim (jim@harvestfp.com) or John (john@harvestfp.com) and we would be happy to assist.
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