Page 25 - ARUBA TODAY

BUSINESS Tuesday 27 december 2016
A25

6 money resolutions you can actually keep

LIZ WESTON credit, you may be able of-life issues —your local
NerdWallet to lower the interest rates bar association can offer
Let’s face the grim truth: on your education debt. referrals to estate-planning
Those 10 pounds you want Refinancing to a lower rate attorneys.
to lose will likely be among is pretty much a no-brainer —Check your beneficiaries.
your New Year’s resolutions when you have private You typically have to name
next year, too. student loans. With federal beneficiaries when you
If you really want a sense of student loans, you’d be open retirement accounts
accomplishment, take care giving up some pretty and buy life insurance,
of money tasks that don’t important protections, but you also may have
require ongoing discipline such as income-based named them for bank or
and that you typically don’t repayment plans and more other financial accounts.
have to repeat every year. generous forbearance and Some states allow you
Some of these are “one deferment options. That to designate “transfer
and done,” while others may be a gamble worth on death” beneficiaries
you may have to revisit as taking if you have a solid for vehicles and even real
your life changes, but all will job and can pay off the estate . The people you
give you a sense of progress debt quickly. Otherwise, name in most cases will
toward your financial goals. anyone else depends on typically allow you to set consider refinancing any get the money, even if
—Consolidate retirement your paycheck or your up multiple accounts at no private loans separately you’ve since divorced or
accounts. Consolidating child-rearing services, extra cost. For each goal, and apply the amount you named somebody else in
makes it easier to monitor you need to calculate figure out how much you’ll save to your federal loan your will or living trust. You
your investments and can your future obligations need to pay the bill when bills. That will help you get can check and change
save you money. Investment and subtract your current it’s due, and divide by rid of them faster. many financial beneficiary
choices in 401(k)s typically resources to see how the number of paychecks —Write your will. If you designations online. Self-
cost significantly less than much insurance to buy. you’ll get between now don’t have stuff or pets or help legal site Nolo has
those available outside Life insurance calculators and then. Set up a regular minor children — or you information about naming,
the plans, and many large- can help you refine transfer for that amount, do, but don’t care what changing and revoking
company 401(k)s offer dirt- the numbers; USAA has and the cash will be waiting happens to them — keep beneficiaries for cars and
cheap funds not available a good one. Then get for you when you need it. putting this off. Otherwise, homes. You’ll want to
to retail investors. If you quotes from several For less predictable bills, you can use Quicken review your beneficiaries
have a good 401(k), ask carriers. Most people such as car repairs, you WillMaker software or a and most of the other tasks
your employer if you can will need to opt for term can use the previous year’s site like LegalZoom to on this list after any major
transfer your old retirement insurance, which is vastly bills or Edmunds.com’s True draft a simple will. If you life change, such as a
accounts into it. Otherwise, cheaper than insurance Cost to Own feature to have a more complicated birth, adoption, marriage,
consider rolling old that has an investment estimate likely costs. situation or you want divorce or death. Until then,
accounts into a single IRA component, such as —Refinance your student expert help — not a bad count these as resolutions
at a discount brokerage. whole life. loans. If you have good idea when it comes to end- you were able to keep.q
For even more simplicity, —Set up savings buckets.
consider low-cost target- Imagine never having to
date retirement funds that scramble to pay a big
relieve you of the ongoing bill, whether it’s holiday
need to rebalance your expenses, a car repair
accounts. or your property taxes.
—Buy life insurance. That’s possible when you
Not everyone needs life set up savings accounts
insurance, but if you do, dedicated to specific
you likely need a lot of it. If costs. Online banks