Many of us have been stuck at home with extra time on our hands due to the quarantine. Even if your state or local government hasn’t made it an official order, it’s likely you’ve found yourself trying to figure out what to do with these free nights and weekends! And while we wouldn’t suggest that you must use all that additional time to work on your personal finances, it would helpful to use at least some of it to work on some money matters that typically get swept under the rug. So in this episode we’re talking about the chorelike, everyday money disciplines that are often skipped over. These are the kinds of money moves you may not be paying attention to, but they still have a big impact on your personal finances.
A quick outline of the chores we covered:
- Credit scores – they’re as important as ever and now is a good time to begin tracking if you haven’t already. You can keep up with your score over at Credit Karma and you’re entitled to a full credit report every week for the next year at AnnualCreditReport.com
- Also, give your kid’s credit a leg up- make them an authorized user.
- If you’re looking to maximize the credit card benefits you receive, be sure to check out our article on the best credit cards for how you spend.
- Finally, freeze your credit if you’re not planning to use it anytime soon. Do that at Equifax, Transunion, and Experian.
- Online banking – ditch your big bank for an online bank paying a much higher rate.
- Budgeting – start a budget, or at the very least begin tracking with YNAB or Mint.
- Career and workplace stuff – do some soul searching and think about what you want to do in the years to come. Sometimes an economic downturn and some extra time can provide the clearest thoughts and the best time to head in a completely new direction!
- If you’re not already, it’s time to get networking – do you even Zoom bro?!
- Update your resume
- Increase your 401k contribution
- Retirement – now is a great time to do a Roth conversion. Since you’ll owe taxes, striking while the iron is hot and the tax rates and market is down is a smart move.
- M1 Finance – and if you don’t have a Roth account yet, now is your time to start. Read why I’m a big fan of M1.
- Change beneficiaries – time to make sure you have the updated info and beneficiaries on any work retirement accounts, IRAs, life insurance policies, 529 accounts, etc!
- Life insurance – if you have anyone (spouse, partner, kids) who relies on your income, then you need life insurance. Head to Policygenius to get a quote and compare the best life insurance policies.
- Create a will – again, this is one of those things that nobody wants to do, but at the very least get the ball rolling with FreeWill.com
During this episode we enjoyed an Adambier by Crooked Stave- thanks to our friends at the brewery for donating this one to the show! And as we ramp up the podcast with an additional Friday episode every week, we could really use your help to spread the word- let friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to spread the word to get more people doing smart things with their money in these difficult times!
Best friends out!
