Summer Financial Management Tips with Jill Schlesinger

Reviewing Your Spending

• 💡 Start by reviewing your spending from the first half of the year using bank statements or credit card bills.
• 🔍 Don't forget to check automatic subscriptions on payment platforms like Apple or Google Pay.
• 🎯 The goal is to identify an amount of money that can be saved or used to pay down debt.

Lowering Insurance Premiums

• 🚗 Shop around for home and auto insurance, as premiums have significantly increased.
• 📦 Consider bundling your coverage and educating yourself on ways to qualify for discounts.
• 🛡️ For auto insurance on older cars, evaluate if dropping collision or comprehensive coverage is worthwhile if the car's value is low.

Managing Retirement Accounts

• 💼 Consolidate orphaned retirement accounts from previous jobs into one account to reduce costs and improve management.
• 📊 Consider using a low-cost index fund for your asset allocation.
• 📈 If affording higher contributions is difficult, try to increase your contribution level by 1-2%.
• 💰 Be aware of the current contribution limits for work-based plans and IRAs, including catch-up contributions for those over 50.