“Personal finance experts say checking your credit should top your annual to-do list - msnbc.com” plus 1 more

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Personal finance experts say checking your credit should top your annual to-do list - msnbc.com Posted: 10 Jan 2011 09:15 AM PST As the new year gets going personal finance experts suggest you make sure checking your credit is high on your to-do list. That way if you decide to buy a car, a house or do some refinancing you, not the bank, will catch any mistakes or errors. "If there is something wrong that's on there, January is a great time to fix that or to work towards fixing that," says MSNBC.com's Bob Sullivan. Bad credit reports are also a risk for job seekers. "Most companies now will pull your credit report when you apply for a job with them, and if there's something suspicious on there they'll just move on to the next candidate," Sullivan warns. Some of the best advice about credit reports, though, is how to get one. They're free. AnnualCreditReport.com is the only place you can get your free, Congressionally mandated credit report each year. That mandate has been in place for five years, but recent surveys have shown only one-third of eligible Americans take advantage of it. For more Rochester, N.Y. news go to our website www.whec.com. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php Five Filters featured site: So, Why is Wikileaks a Good Thing Again?.

Personal Finance Insights: Financial resolutions - Abington Mariner Posted: 10 Jan 2011 02:41 AM PST With the dawn of every new year, we make resolutions to ourselves to lose weight, exercise more, and the like. But you may want to consider making resolutions that improve your financial health as well. Though you may already have a few financial resolutions in mind, here is a list of 10 for you to consider. 1. Don't overspend Whether you are retired or not, it is important to live within your means. An increasing amount of credit card debt is a telltale sign that you need to curtail your spending. If necessary, establish a budget to review your spending decisions and then realign them with your financial goals. 2. Pay off high interest rate debt Focus on the debt where you are paying the highest interest rate and where the interest cost is not deductible, such as credit cards and personal loans, and make sure you pay your bills on time to avoid late fees. 3. Refinance an adjustable with a fixed rate mortgage Interest rates on which adjustable rate mortgages are based are near an all-time low and are expected to increase with an improvement in the economy. If you have an adjustable rate mortgage and do not plan on selling your home before your rate resets, consider refinancing to a fixed rate mortgage. When refinancing, refrain from extending the payment term or taking out cash. 4. Establish separate savings accounts For reasonably predictable expenses it often makes sense to establish separate accounts and regularly contribute to them. For example, you may want to save for holiday gifts, vacations, and home improvements. By saving in advance of your need, you are less likely to use your credit cards or home equity to finance purchases, thereby living within your means. 5. Evaluate your investment strategy To make your money work for you, review your investment strategy at least annually, including your portfolio's asset allocation and diversification. Remember to adjust your asset allocation to a more conservative mix as you grow older and your investment time horizon shortens. 6. Increase retirement contributions If your employer provides a 401(k), 403(b) or 457 plan and offers matching contributions, you probably want to contribute at least enough to obtain your employer's "free money." Consider using any pay increase that you receive to increase your contribution level up to the annual maximum ($16,500 if under age 50 and $22,000 if over age 50). 7. Fund educational savings accounts As with retirement, the sooner you begin the less money you will need to contribute to your children's or grandchildren's education due to the compounding of returns. Also, if you have a large estate, educational savings accounts can be an excellent estate planning tool by removing assets from your estate, but retaining control. 8. Keep estate planning documents current Or, if you don't have them, obtain them. It is important that you indicate your desires in what are considered to be basic estate planning documents: a will, durable power of attorney, health care proxy/living will, and HIPAA release, which authorizes the release of your medical information. Depending on your situation, a trust may also be appropriate. 9. Review beneficiary designations As with your estate planning documents, it is critical that you keep the beneficiary designations current on your life insurance, annuities, and retirement accounts. This is especially true if your listed beneficiary is an ex-spouse or has passed away. 10. Assess insurance coverages Review your various coverages (e.g., health, life, homeowner's, disability, long-term care) for applicability and adequacy. Be especially mindful that your home is adequately insured for its full replacement cost. Louis E. Conrad II is a Lexington resident and president of COMPASS Wealth Management, LLC in Lexington. He may be reached at 781-862-7030 or info@compassinvest.com. This article is intended for general informational purposes only and may not be appropriate for your specific circumstances. Please consult with a qualified professional concerning your situation. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php Five Filters featured site: So, Why is Wikileaks a Good Thing Again?.

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