Last-Minute Financial Checkup Could Add Hundreds โขto Your Pocket
WASHINGTON – With the year winding down, a focused hour of financial review could unlock hundredsโข of dollars in savings โขand unclaimed funds, experts say. From forgotten subscriptions to overlooked retirement accounts,simple โค”financial fixes” can significantly boost your bottom line – and require minimalโค effort.
Financial planners emphasize that small adjustments, โฃconsistently applied, can yield considerable long-term benefits. “Often, โคit’s about identifying ‘money leaks’ and plugging them,” explainsโ Ted Rossman, aโค financial expert. “These aren’t necessarilyโค huge changes, but they add up.”
Here are eight โareas toโ address for a quick financial โwin:
1.โ Shop Around for Car Insurance: Regularly comparing quotes from diffrent insurers is crucial. Prices fluctuate,and you may โbe overpaying forโค the same coverage.
2. Look for Unclaimed Assets: Millions ofโฃ Americans have โคunclaimed cash in lost or forgotten accounts, including old bankโฃ accounts, uncashed paychecks, and left-behind 401(k)โ accounts. Resources โlike Missing Money serve as clearinghousesโ for โunclaimed property.For forgotten 401(k) money, check โฃthe National Registry of Unclaimedโ Retirement Benefits.
3. Audit Your โSubscriptions: Many consumers unknowingly pay for subscriptionsโ they don’t use. The average โAmerican has approximately 12 media subscriptions,and a recent CNET survey revealedโฃ that โunused subscriptions cost Americans around โข$200โ annually. Review recent account activity and cancel forgotten services.
4. Raiseโ Your 401(k) Contribution: Increasing your retirement savings,โข even by a small percentage,โฃ can have a critically important impact. The maximumโ 401(k) contribution for 2025โ isโค $23,500, with higher limits for โolder savers. “If โyou’re saving 10%, can you make it 11?” Rossman suggests.”You problably won’t even miss the money.” 401(k) โคsavings rates recently reached an all-time high,but maximizing contributions โremains key.
5. โReview Creditโ Card Rewards: Ensure you’re maximizing the rewards offeredโ by your credit cards.Utilize cash-back programs, travel points, โขor other perks.
6. Check for โฃBank Fees: Scrutinize โฃyourโข bank โฃstatements for โneedless fees, such as monthly maintenance fees or overdraft charges. Consider switching toโ a bank with lower or no fees.
7. Negotiate Bills: Don’t hesitate to contact โservice providers – internet,โ cable, โคphone – and negotiate lowerโ rates. Competition is fierce, and companiesโ are often willing to offer discountsโ to retainโ customers.
8. Utilize Cashback Apps andโ Websites: Takeโ advantage ofโ cashback apps and websitesโข when making purchases. These platformsโข offer rebates on everyday items, providing additional savings.