12 Important Things for Your To-Do List in the New Year

The end of the year is a great time to do a financial checkup on many of your expenses, savings, and debt. Getting a solid financial plan in order and making sure you are on track is important to do regularly and you can use year-end planning to get a jump on things.

1. Car and home insurance review
Call your insurance agent and do a car and home insurance review. These take just a few minutes and are easy. Have them explain what you are getting for your premium and then take those coverages and shop around for a better deal. If you can pay less for the same coverage, it might make sense to switch. Don’t worry; any unearned premium from your existing policies will be returned to you so there is no reason to wait for renewal time to get the best rates.

2. 401k status updated
Most of us look at our 401k when we set it up and rarely after that. After all, this is long-term savings and retirement investment. With that said, it’s always good to review the investments chosen in the account. You may want to rebalance things based on growth or losses to make sure the overall portfolio is still within your overall investment objectives. Also, consider any changes in your investment objectives that may change how you invest the money.

3. Mutual fund review
If you have mutual funds or stocks outside of your 401k, make sure to set up a time to review your portfolio with your investment advisor. Just as you look at rebalancing your retirement plan, consider whether you want to cash out on growth or adjust your portfolio based on the ups and downs experienced during the year. Consider contributing monthly or increasing a regular contribution to your mutual funds to increasing savings of long-term investments.

4. Interest rate checks
Look at mortgage rates, credit card rates, and savings account rates. You want your debt rates to be as low as possible with your savings rates being as high as possible. If you are paying more than the current market conditions for your mortgage or credit cards, it’s time to shop for new providers whether that is refinancing the house or transferring balances to lower-cost credit cards. When it comes to savings, shop local and national banks to see who will give you the best interest rate on your money and switch accounts.

5. Set up a budget
Really commit to a budget in the New Year. “Make sure that you have a few months planned in advance if you can," Lucas Robinson, CMO of Crediful, told Mom.com. "As was shown early on this year, anything can happen, so if you manage to get your finances sorted so that you have a little extra, do it. Pay off any loans early if you can.”

The idea with any budget is to give yourself enough money to pay expenses, enjoy life, and pay down debt or save for a rainy day. Think about things about needs versus wants: do you really need 5 television subscription services or can you get by with the two you use most often?

If 2020 has shown us anything is that we all need to make sure our homes are safe and we do what is necessary to remain healthy. According to the Centers for Disease Control and Prevention (CDC), COVID is still a real threat even as we move into the New Year, and things like fire safety and babyproofing our homes are important year-round.

6. Inspect your smoke detector
Smoke detectors are critical in saving lives during a home fire. Make sure you have a working smoke detector in every bedroom, all hallways and living area. Change the batteries to make sure you have fresh ones in for the year. While you’re checking your smoke detectors, remind your children about what to do if there is a fire in the house. A “stop, drop, and roll” drill is a good way to get kids thinking about fire safety.

7. Check your health insurance enrollment
While open enrollment just ended on December 15, 2020 for January 1, 2021 coverage, make sure you take some time to understand what your health insurance covers and doesn’t. Depending on the plan you chose, consider enrolling in a Health Savings Account that is tax-deductible and will pay for medical expenses from the account. It’s a great way to save for costs on high-deductible plans and maximize your coverage and tax benefits.

8. Keep current on COVID vaccine research
Everyone is talking about the new vaccines that are hitting the market. Don’t rely on the gossip or headlines to make your decision; do your research — such as checking advisements from the CDC and other health experts — and then make an informed decision on getting the vaccine for you and your family members.

9. Update your baby gates
Baby gates are a great way to corral young kids and pets, keeping them in safer areas. Check your baby gates to make sure they haven’t become loose with use and also make sure that your brilliant toddler hasn’t figured out how to open them either. They can’t protect them if they can get through them. If you have an escape artist, it’s time to look for a new solution.

“Life seems like a never-ending list of things that I just don’t have time for,” according to mom of four, Chloe Atkinson. Make a list of the most pressing things that aren’t daily activities and start checking them off, one by one.

10. School applications calendar
If your kids are going to be applying to new schools for the 2021-2022 school year, now is the time to make a calendar with all pertinent deadlines. This might be when applications are available, the last day to apply, waitlists, and financial aid applications. Make sure you know when you need your kids to complete any essays or interviews as well. Research and download apps that can help you keep applications organized, find financial aid and scholarships and submit forms on time. Don’t let missing a deadline make the school choice for you.

11. Replace car battery
If your car has been acting a little temperamental, like it doesn’t want to start when you first turn it over, check your battery. Of course, there could be other things wrong that need your attention, but the battery is the easiest to quickly diagnose and replace. If you find that it isn’t the battery, make sure you schedule a diagnostic for your car. No one likes to be broken down on the side of the road.

12. Check WiFi speed_
If you haven’t checked in a while, take the time to check your home’s WiFi speed. Use a site such as Speedtest.net to see if you are getting your advertised WiFi speeds. If you aren’t, maybe its time to switch modems or even providers. With more people working remotely and kids learning from home, it’s important to have fast network systems so you don’t drop off during an important call.