Money Management

Getting Ready For A New Financial Year

I’ve taken the time today to do a little financial housekeeping, getting ready for a new financial year.

I reconciled the balances in our various checking and savings accounts.  All checks written have cleared and transactions have posted.  If you are a financial nerd like me, you know that’s awesome.

I then updated our inventory of financial accounts – taking the time to update account passwords and website information.  The inventory is designed for my wife, so that she would have a snapshot of our finances, should something happen to me.

After that, I took a peek at our retirement and college savings accounts.  I really need to do some more research before I touch our current investments, but I’m pretty happy with the progress we are making.

Our final mortgage payment for this year posted last week.  I made a note of just how much interest we paid last year.  We’ll receive a year-end statement in a few weeks, but I was curious.  I’ll stat working on our taxes in a few weeks and having this information on hand will be, well, handy.  I can’t wait until we have paid off our mortgage – in full!

Our insurance premiums are due twice a year.  Our next payment is due in June and I can now add that payment, divided by six, to our monthly budget.  I also did a quick review of our insurance coverage and I’m satisfied we are in good shape.

I have several apps on my phone that I use to manage our finances.  I took a few minutes and made sure that these apps were up-to-date and functioning properly.  I think I’ll write a post this week about the apps that help us save money!  Stay tuned.

new financial year image

Finally, I reviewed our credit reports – checking for any errors.

It feels good to be organized.  With these simple tasks behind me, I think I’m ready for next year.

What about you?  Are you getting ready for a new financial year?  Leave a comment below and share.  Blessings.

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