Do you have extra time on your hands? If you are bored because you’ve got less work to do or less fun activities to do than normal, here are a few quick things you can do to improve your financial situation.
- Review your auto and homeowner’s insurance policy. My experience is that these companies tend to just blindly raise rates every year until you push back. As such, every few years it’s a good idea to review your policy. Even better, price compare with another company. That helps keep the insurance companies honest.
- Do the same thing with your cable TV and cell phone companies. Do they have better plans than the one you’re current on? Are there other providers that have reliable service and lower costs?
- Look at your bank account and credit card activity for the past month. Are there subscription services you aren’t using? Cancel them.
- Review your investment portfolio. Yes, it’s painful to look right now. There’s no getting around that. However, times like this bring the most advantageous planning opportunities – Roth conversions, simple rebalancing, swapping out of high cost funds while the tax cost is low, etc.
- It’s also a good idea to consolidate investment accounts over time. Is there an old 401k that you can move over to your IRA? It’s easier to track your investments with fewer accounts.
- If you’re looking for something easier, unsubscribe from the next 10 junk emails you get (or block them if you aren’t sure you ever subscribed in the first place). It’s a stretch to call that financial improvement, but it sure feels good.
Let me know if you need help.
About the Author: John O’Connor
John has more than ten years experience as an Investment Advisor. He focuses on devising and maintaining portfolios that meet individuals’ needs, investment research, and investment strategy. John has been recognized as a “FIVE STAR wealth manager” by Twin Cities Business Magazine 2016-2020.Legal Disclaimer: These posts do not constitute an offer or recommendation to buy or sell any securities or instruments or to participate in any particular investment or trading strategy. They are for informational purposes only. CTW gathers its data from sources it considers reliable. However, CTW makes no express or implied warranties regarding the accuracy of this information or any opinions expressed by the author and may update or change them without prior notification.