January 10, 2014

Top 13 Personal Finance Tasks

A colleague from Iowa State University Extension, Tim Griesdorn, suggested this list of tasks for consumers.  There's plenty of help in this blog to accomplish each task. Pick one for the month of January to start or update and check off one for each month of the year and 2 during your birthday month.
1. Sign up for automatic deposits into a retirement plan.
2. Automatically increase contributions to the retirement plan with each pay increase.
3. Automatically track and aggregate financial account information.
4. Automatically deduct essential household expenses from a bank account.
5. Establish a monthly spending plan.
6. Use a set-aside account for occasional expenses.
7. Develop a financial record organization system.
8. Develop a system to monitor credit reports.
9. Get and maintain adequate insurance coverage, compare prices with each renewal.
10. Establish an emergency fund.
11. Eliminate consumer debt with a debt snowball.
12. Create appropriate estate planning documents.
13. Enroll in a Flexible Spending Account, if one is available.

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