While your New Year’s resolutions are still fresh, resolve to take these steps:
Pay off your credit card balances. Do whatever you must, even if that means drawing down your retirement fund or cashing in some investments. There’s never a good reason to pay nearly 20 percent interest, nondeductible.
Consider refinancing your mortgage. If you haven’t already done so, swapping your old loan for a new one can save you a substantial amount of money.
Go over your insurance coverages. In essence, this means life, health care, homeowners, and auto insurance. See if you have enough or if you’re carrying coverage you no longer need.
Make sure your estate plan is in place. No matter how large your estate, you should have a current will and some provisions (powers of attorney, living trust, joint accounts) in place to protect you in case of incapacity. Take another look at your will to be sure it still expresses your wishes. Check with your executor, too, to be sure he or she is still willing and able to serve. You also may want to create some trusts, especially if you have loved ones who’ll need special care after your death.
