Financial to Do List for 2013

You have already seen my 2013 financial resolutions. Now Fox Business suggests a financial to do list for 2013 of their own as follows:

• Analyze your entertainment budget.


• Put one savings on auto-pilot.


• Max out your credit cards -- not with borrowing, but with rewards.


• Refinance your mortgage.


• Buy life insurance.


• Adjust your 401(k) settings.


• Update your resume.


• Organize your info and look at your money.

Here's what I'm doing with each of these:

• I'm not just looking at our entertainment budget, but at all of our expenses. For the first time in a long time I have put together a budget (a simple, general, not to-the-penny one). Why? Two reasons: 1) We have some higher cost items we would like to spend on this year (landscaping, furniture, etc.) and 2) I want to be sure I'm maximizing retirement dollars -- I don't want "small spending" to suck the life out of my savings.  


• Our savings has been on auto-pilot for over a decade now.


• As you know, I'm a big rewards card user, though I am looking at a new strategy to maximize what we get. Stay tuned for details.


• We haven't had a mortgage for over 15 years now.


• We have life insurance for both me ($1 million) and my wife ($350k) that runs for another 8 to 10 years. After that, we will be self-insured (we really are now for the most part, but by then the kids will be out of college so we'll definitely be good.)


•  My 401(k) has been set from funding and investment standpoints for many, many years.


• I don't plan to update my resume (I'm not looking for a job), but I do track my accomplishments. I also plan to join LinkedIn just to see what it's all about.


• I review our finances and especially our investments regularly. I hardly even make any changes, but I like keeping an eye on them. :)

See anything here that you're planning to work on?

Comments

[My Financial Independence Journey]

I'm doing pretty well on that list. The big one for me is updating my resume. Last year was a very productive year for me with a new job and some new responsibilities and accomplishments. I need to get around to itemizing those.

[Jenny]

I still feel overwhelmed by the idea of reviewing our investments regularly. I see what things are doing but never know what changes to make, if any. I should probably be more actively involved but I don't know what to do and don't feel competent to move the money around in there if that's what I'm supposed to be doing.

[Ivy]

I am sitting down soon to review the investments portfolio. We expect a lump sum from a cancelled pension plan and will need to rebalance later this year, so makes sense to decide on changes earlier rather than later and make them gradually.
As part of that I keep struggling whether to keep a high cost fund in the portfolio. Very high cost indeed but with net returns comparable or better to our low cost ones. I know (and generally believe) the gospel about low cost index funds, but when something delivers high net returns why not keep it.
Anyway, that's our task for the year. Everything else is on track on on autopilot :-)

[Paul]

Examine your expense ratios. Expenses can kill gains.

[Angie]

For anyone trying to up their credit card rewards strategy. I just found a hidden gem. Priceline Rewards Visa - 2% cashback with NO ANNUAL FEE. Even better the rewards accumulate immediately (don't have to wait for the statement) and you just apply a statement credit to any $25 or greater purchase.

I pair this with Amex Blue Cash Preferred for the 6% grocery rewards. Seems to be the best pairing I found yet.

[Jamie Salcedo]

The life insurance portion is something I need to get on lock. There's been too many times that I've looked at all other aspects of (how it'll work with my kids should anything happen, should I get personal insurance protection, etc.) but I really haven't put much thought on it in the last few years.

[Matt]

Good list and some don't apply.

The biggest challenge is figuring out the impact of my wifes paycut and college savings seeing that I will have 2 inc college next year.

[JTS]

The two on my list for 2013 is to examine my life insurance options and to adjust my 401K settings. I currently have some life insurance from my employer, but I should seek additional coverage to make sure my wife is taken care of. And I have historically limited 401K savings because of a lack of employer matching, but I need to reconsider pouring money into it for tax benefits. I've been working on working through my 2012 taxes, and I can use the tax benefits.

-Jon

[Tushar @ Everything Finance]

I think it's good to look at all expenses, but entertainment has to stay. It's important to have fun, or budgeting won't last and people get burnt out. It's a great idea to always have an updated resume.

[Vinish Parikh]

I think my entertainment budget needs to be controlled and credit card needs to be analysed because credit card interest is killing me, this year my resolution is not to use credit card more than 1 or 2 time in a month.