Last-Minute Financial Checkup Could Add Hundreds to Your Pocket
WASHINGTON – With the year winding down, a focused hour of financial review could unlock hundreds of dollars in savings and unclaimed funds, experts say. From forgotten subscriptions to overlooked retirement accounts,simple ”financial fixes” can significantly boost your bottom line – and require minimal effort.
Financial planners emphasize that small adjustments, consistently applied, can yield considerable long-term benefits. “Often, it’s about identifying ‘money leaks’ and plugging them,” explains Ted Rossman, a financial expert. “These aren’t necessarily huge changes, but they add up.”
Here are eight areas to address for a quick financial win:
1. Shop Around for Car Insurance: Regularly comparing quotes from diffrent insurers is crucial. Prices fluctuate,and you may be overpaying for the same coverage.
2. Look for Unclaimed Assets: Millions of Americans have unclaimed cash in lost or forgotten accounts, including old bank accounts, uncashed paychecks, and left-behind 401(k) accounts. Resources like Missing Money serve as clearinghouses for unclaimed property.For forgotten 401(k) money, check the National Registry of Unclaimed Retirement Benefits.
3. Audit Your Subscriptions: Many consumers unknowingly pay for subscriptions they don’t use. The average American has approximately 12 media subscriptions,and a recent CNET survey revealed that unused subscriptions cost Americans around $200 annually. Review recent account activity and cancel forgotten services.
4. Raise Your 401(k) Contribution: Increasing your retirement savings, even by a small percentage, can have a critically important impact. The maximum 401(k) contribution for 2025 is $23,500, with higher limits for older savers. “If you’re saving 10%, can you make it 11?” Rossman suggests.”You problably won’t even miss the money.” 401(k) savings rates recently reached an all-time high,but maximizing contributions remains key.
5. Review Credit Card Rewards: Ensure you’re maximizing the rewards offered by your credit cards.Utilize cash-back programs, travel points, or other perks.
6. Check for Bank Fees: Scrutinize your bank statements for needless fees, such as monthly maintenance fees or overdraft charges. Consider switching to a bank with lower or no fees.
7. Negotiate Bills: Don’t hesitate to contact service providers – internet, cable, phone – and negotiate lower rates. Competition is fierce, and companies are often willing to offer discounts to retain customers.
8. Utilize Cashback Apps and Websites: Take advantage of cashback apps and websites when making purchases. These platforms offer rebates on everyday items, providing additional savings.
