14-day Plan to Improve Your Finances! (Days 12-14)

 Hello Dear Reader, 

We are continuing the 14-day plan to improve your finances from Business Insider (with some editorializing by yours truly)! 

Again, please note this was originally published January 4, 2016 at 12 pm. 

Last day of posting about this!!

Day 12: Gather your finances and passwords.

I don't actually recommend you do this unless you have children and/or significant assets.

I don't think it's very secure to do this.

However, if you DO have children and/or significant assets, you may want to gather all your financials and passwords and keep them in a safe place that you alert your (trusted) loved ones about in the event that you pass.

Day 13: Insurance! 

Here is the insurance Business Insider recommends:

Starting in your 20s: health, auto, renter's and disability insurance

Starting in your 30s: life, homeowner's and pet insurance

Starting in your 40s: long-term care insurance

So, here is my editorializing: life insurance should really start whenever you have kids (or a spouse who doesn't work). Life insurance is designed to take care of your family in the event you pass. So, if you have a parent or other relative who is dependent on you, you may want life insurance even if you don't have kids or a spouse.

Term life insurance is the way to go. Never get whole. This is my personal opinion.

Homeowner's insurance should start when you own a home. Renter's insurance should start when you rent.

Similarly, don't get auto or pet insurance if you don't have a car or a pet.

End of advice.

Day 14: Plan out your calendar. 

Evaluate your budget once a month (this can be done weekly if you really feel the need).

Check your credit score once a month (again, free through Credit Karma).

Get your credit report, once every four months (or all three once a year if you prefer).

Check the balance on your retirement account(s), once every six months (I actually do this once a month, personally).

Adjust your savings goals, once every six months (this seems fine).

Evaluate your investment accounts, once a year (I check my investments once a month).

Once a year - go through this two-week process again!

They suggest setting reminders on Google Calendar. I don't know about you, but I have enough stuff on my Google Calendar. Instead, I check my finances on the first of every month. That is also the day I use to pay my credit card bill, etc etc.

I hope this was helpful for you!

Warmly, 

Into the FIRE