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Keep your financial resolutions on track with this list | Money Smart

Before you know it, January will be gone. If you made financial resolutions for the new year, check to see if you’re on track with this list.

SAN ANTONIO — Before you know it, January will be gone. If you made financial resolutions for the new year, check to see if you’re on track with this list.

KENS 5 asked you the viewers through a Twitter poll: Are you on track with your financial resolutions? 41% of you voted yes, 34% of you shared kind of, and 25% said nope, not even close. Whatever your answer, here are five questions to ask yourself to make sure your finances are in tip-top shape.

Did you review your expense?

“Look at all of the money you spent In 2020, lump it all together and really see how much was really necessities and how much were wants and desires. Was it out of proportion?” said Karl Eggerss, senior wealth advisor and partner of Covenant.

Did you have an emergency savings account?

“3-6 months is a general rule of thumb. Some people might need higher than that if they have a one income household or if they have a job that’s fragile,” said Eggerss. “It’s not an investment for retirement. It’s really for new tires, when the air conditioner goes away in the house. Medical emergencies.”

Did you save 10-15% of your income?

“During a pandemic there was a lot of fluctuation in people’s jobs and their income. But during a normal year, are you saving 10-15% of your income because that is generally going to get you a long way, when it comes to living off your retirement savings,” advised Eggerss.

Did you refinance your debt?

“We know that interest rates are extremely low right now, still at historically low levels,” said Eggerss. “Is there an opportunity to switch credit cards? Is there any opportunity to go to your mortgage company, and refinance that debt? There might be a cost of doing so, but it may still be beneficial given where interest rates are.”

Did you review your beneficiaries?

“Check your beneficiaries on all of your retirement accounts. Your 401k, your ROTH, if you’re self-employed you may have a SEP IRA. All of these have beneficiaries on the accounts,” recommended Eggerss. “Should it be your kids? Your spouse. Do you have an ex-spouse? Maybe you want to take that person off.”

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