Your Money Tips: January

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Your Money Tips: January

16. January, 2012 by Javier Rodriguez Featured Stories, Money No comments

Start off the year with a financial checkup by taking these initial steps to find out where you are financially.

See Where You Stand

This content is provided courtesy of USAA.

Begin with USAA’s free Financial Assessment. It takes only 10 minutes.
Calculate your net worth. Add up the value of everything you own, and subtract all your debts.
Take a look at what you bring home and what you spend each month by setting up a budget, and find some ways to save.
Set goals for the year. To help boost your chances of meeting your financial goals, write them down and make them specific and targeted. For example, rather than having a general goal to reduce your debt, a more specific goal would be to cut outstanding debt by $3,000 before Dec. 1, 2012.

Check Your Credit

Keeping a high credit score starts with making sure the reporting agencies have accurate information. By law, you’re entitled to a free copy of your credit report every year. Request one from each of the three major agencies (Equifax^®, Experian^® and TransUnion^®) by visitingannualcreditreport.com.
Your actual credit score isn’t free. Expect to pay the agencies around $15 for it.

Look for Auto Insurance Discounts

Don’t pay any more for car insurance than you have to — make sure you’re getting credit for any savings you may be eligible for. Savings will vary depending on your insurance company and the state you live in. Here are some ways you might save:

Have a safe driving record.
Have several insurance products with the same company.
Complete an approved defensive driving course.
Drive a relatively low number of miles each year.
Store your vehicle.
Have a good student on your policy.

USAA also offers savings for active-duty military and multiple product discounts. For example, if you’re on active duty, you can save with an on-base garaging discount. Also, members who are under 25 can save on their policy by continuing the USAA auto coverage their parents started for them.