Queens, NY (PRWEB) December 31, 2015 -- As the year comes to a close, an opportune time emerges for individuals and business to look back on their year and seek ways to improve financial health in 2016. Bruce Feinstein, Esq., a bankruptcy lawyer in Queens, New York, recently launched a top ten list of money matters to improve financial health in the New Year. This list serves to benefit his clients who are dealing with debt and going through the bankruptcy process, as well as those who are simply looking to improve their financial outlook over the coming year.
Get in Sync (Financially) with Your Partner
Mr. Feinstein recommends getting on the same financial page as a spouse or partner, including spending and saving goals. Review retirement accounts to look for matching benefits or inconsistences, look into flexible spending accounts for healthcare, and look closely at work benefits like financial and personal counseling for couples.
Make Sure Your Money Ages With You
When reviewing retirement investments, it’s important to make sure they are set to grow at a pace that will reap the most financial reward for the beneficiary. An investment portfolio should be aggressive enough to outperform inflation, and should be updated over time. “Younger adults may invest in riskier stocks, while older adults may move some of their investment money over to bonds, so it’s important to have a diversified portfolio that fits your needs and avoids future pitfalls,” says Mr. Feinstein.
Pay Off Big Debt First
Many people enter the New Year with debt, which can feel overwhelming. Instead of looking at debt as one large burden, take a moment to review it and target the debt that is high priority to pay off. This could be a loan with a high interest rate, or a credit card bill. “The key is pinpointing the most important debt that you can feasibly pay off,” says Mr. Feinstein. “This may involve working with a bankruptcy attorney if a person’s debts are particularly high or difficult to prioritize, but the good news is that there is a road to financial freedom for everybody.”
Rebuild After a Tough Year
If the previous year has been especially difficult, 2016 is a prime time to rebuild struggling finances. Going through bankruptcy in New York can be a stressful time, but life after bankruptcy is possible. By prioritizing a few key goals like growing savings, establishing credit, or making payments on time, individuals and businesses can work towards financial freedom.
Improve Your Credit Score
A credit score isn’t simply a number; it’s a way to get better financial opportunities. Higher credit scores help individuals get more advantageous loans and better interest rates on everything from credit cards to mortgages. Taking steps such as paying off debt and making credit card payments on time can boost credit scores and help people reap the long-term financial benefits. Even those who have gone through bankruptcy can rebuild credit.
Streamline Your Inbox
It is easier than ever to fall into debt with emails that tout not-to-miss deals on a daily basis. Prevent these tempting spends that can eat into savings by unsubscribing from 1-2 retailer emails every day for a week. Or opt for a service that consolidates subscription messages in one daily email for quick perusal, saving time and money.
Find Out How Much You Are Worth
Few Americans know exactly how much they are worth financially, which impedes them from planning properly for retirement or finding the right salary. Calculating net worth involves listing current assets, like investments and salary, and liabilities, such as debt and loans. Finding out a current net worth can help individuals, businesses, and families properly plan their spending habits and goals for the coming year.
Invest the Maximum in Retirement Savings
Meeting retirement savings goals helps people save more for retirement, but many families contribute below the cap on retirement accounts. Take full advantage of these accounts and the money they provide in retirement. Many jobs offer a 401(k), and they can be easily set up to make automatic deductions from a paycheck. People can also set up automatic contributions to an eligible IRA account, making year-round saving easier.
Take Steps to Protect Against Fraud
With all the benefits of online banking come growing risks. Fraud and identity theft are real threats, and it is important to protect against them. Don’t click on unfamiliar links from emails that look suspicious, especially fake retailers and banks. Individuals can speak with their bank and ask about fraud protection services for their accounts. And there are various phone apps that flag potentially fraudulent changes, which save lost time and money.
The New Year is a great time to review investments. This helps make sure they are performing at an advantageous pace and working in a way that is appropriate for the investor. Investments that are too conservative may lag behind inflation, and those that are too bullish can end in big losses at the wrong time, like retirement. “Review investments with a financial planner or use online tools to help calibrate your money; this is a check-up for your financial health, just as you would see the dentist or a doctor,” notes Mr. Feinstein.
The Law Offices of Bruce Feinstein has nearly two decades of experience in bankruptcy law, helping clients and families resolve their issues and move forward with their lives. Visit bfeinsteinesq.com for more information or call (718) 514-9770 to reach the New York office.
Bruce Feinstein, The Law Offices of Bruce Feinstein, Esq., PC, http://bfeinsteinesq.com, +1 (718) 5149770, [email protected]