Top 7 Year End Money Moves That Only Take A Few Minutes - WSPA.com

Top 7 Year End Money Moves That Only Take A Few Minutes

Posted: Updated:
The Top 7 Year-End Money Moves are short on time and long on the savings. The Top 7 Year-End Money Moves are short on time and long on the savings.

You'll hear a lot of New Year money makeover stories over the next few days. But we went out in search of expert advice that won't take you longer than a commercial break to accomplish. And you'd be surprised what a difference these steps can make.

Here are the Top 7 Year-End Money Moves that are short on time and long on the savings.

Number 7: Get Your Free Credit Report

By law each year you get one for free from each of the 3 major reporting agencies. Converse College Finance and Law professor Tom Maynard warns, the score, itself, isn't important unless you need a loan, so don't be tricked into paying for it.

"If you otherwise have a good credit report, I don't think you need to worry about it, you're probably going to have a good score," says Maynard.

Number 6: Change Your Passwords

After all those online Holiday purchases, it's a good time to change your bank, credit card and other account passwords. Online password managers can help you pick and remember them.

Number 5: Update Beneficiaries

Did you get married, divorced, have kids? Make sure any changes are noted on your retirement, life insurance and bank accounts so the right people get your money if you should pass away.

Number 4: Scan and Shred Paperwork

Experts say you should safely get rid of most documents older than 3 years. Hanging on to old credit card statements will only counteract your attempts at staying organized.

Number 3: Purge The Excess

Gather up the stuff that's gathering dust and give it to charity. You'll get a tax deduction while helping the community.

Number 2: Review Your Flexible Spending Account

If you have any excess funds, spend it on refilling prescriptions or a new pair of glasses before your contributions disappear.  A new law may allow some to roll over $500, but many employers are not yet honoring that.

And Number 1: Create A Budget

Free online budget services like Mint or PowerWallet make this step a breeze. They automatically track your spending so you can see where to save.

"This is what a budget will force you to do, you may have a subscription, or have some sort of service on your phone or some service on your cable and say, well it's only $8 a month, well that's $100 a year. And so if you shave this off and that off, before you know it, you have $500 more than you didn't have before," says Maynard.

All these steps won't cost you much time but could save you money and stress in the New Year.

  • Top StoriesTop StoriesMore>>

  • Shots Fired After Armed Robbery At Anderson Store

    Shots Fired After Armed Robbery At Anderson Store

    Friday, April 18 2014 12:29 AM EDT2014-04-18 04:29:11 GMT
    Anderson police are searching for an armed robbery suspect.Anderson police are searching for an armed robbery suspect.
    Anderson police are searching for an armed robbery suspect. According to Lt. David Creamer, the call came in just after 9 p.m. Thursday for shots fired inside and outside the Thomas Food Mart on Tribble Street. Lt. Creamer says the suspect fled on foot.
    Anderson police are searching for an armed robbery suspect. According to Lt. David Creamer, the call came in just after 9 p.m. Thursday for shots fired inside and outside the Thomas Food Mart on Tribble Street. Lt. Creamer says the suspect fled on foot.
  • Stolen Car Found Submerged In Boiling Springs Pond

    Stolen Car Found Submerged In Boiling Springs Pond

    Thursday, April 17 2014 11:52 PM EDT2014-04-18 03:52:10 GMT
    The Spartanburg County Sheriff's office dive team investigated a submerged car in a pond off Mountain View Road Thursday night.
    The Spartanburg County Sheriff's office dive team investigated a submerged car in a pond off Mountain View Road Thursday night.
  • Man Jumped In Sewage-filled Creek Running From Spartanburg Police

    Man Jumped In Sewage-filled Creek Running From Spartanburg Police

    Thursday, April 17 2014 11:45 PM EDT2014-04-18 03:45:30 GMT
    Jamal Rios, 19Jamal Rios, 19
    Jamal Rios, 19, apparently had outstanding warrants for trespassing and resisting arrest.
    Jamal Rios, 19, apparently had outstanding warrants for trespassing and resisting arrest.
Powered by WorldNow

250 International Dr.
Spartanburg, S.C. 29303

Telephone: 864.576.7777
Fax: 864.587.5430
Email: webmaster@wspa.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.