February is the depth of winter for most people. So if you’re spending the cold month inside, staving off boredom, why not get your financial affairs in order. Below are a few tips to help you get through the harsh weather and figure out your finances.
Most tax experts suggest filing early. One of the main benefits to that is if you’re owed a refund, you’ll receive it earlier. Of course the other benefit is also a bit of a drawback; if you owe the IRS money and you file your taxes early, you still have to pay the IRS. However, you will have the maximum amount of time to figure out how to pay them. Because there have been many tax law changes in the recent past and because this past year in particular will be tricky to navigate, it’s recommended to use a professional. If you don’t have an accountant, check in with your financial planner Orlando for some high quality recommendations.
Interest rates are on the rise again so it’s becoming more expensive to carry credit card debt. If you haven’t paid off your holiday gifts yet, you should do so quickly. If you struggle with debt like this in general, try to make multiple monthly payments on your cards. Many people don’t realize that credit card companies will accept more than just one payment a month. Secondly, look for a lower interest rate. Most companies offer a 0% transfer rate which means it won’t cost anything to move your debt to a new card with a lower interest rate. A strategic move like that could wind up saving you a bundle.
Now, nationwide credit reporting companies are required by law to provide you with a free copy of your credit score, upon request, once a year. It is often suggested to order a credit report from a different major credit bureau once a quarter. This will allow you to monitor your credit multiple times per year, for free. Your credit card affects your interest rates on your largest purchases, so it’s very important you track your score and know where you stand.
Spend some money–some being the operative word though. We are always so focused on saving money, but spending money wisely is almost just as good. According to Consumer Report experts, February is the month that tends to have the lowest prices on thousands of items. If you’re able to shop in “off-seasons” like February, you will find you’ll have everything you need and you will have saved money acquiring those goods, as well.
Strengthen your financial habits in february, and create a good healthy financial start to your year.