This spring, if your closets are more organized than your finances, view it as a sign that it’s time to take action. Lisa Caputo, Founder, Chairman and Chief Executive Officer of Women & Co., and Linda Descano, CFA®, President and Chief Operating Officer, offer these tips to help spruce up your finances and put together an action plan towards better financial health. For help getting started, visit womenandco.com . Women & Co. offers easy-to-use financial tools such as a document organizer, goal-setting worksheets and much more.
1. Gather your financial records. Pull together your financial statements (e.g., bank, credit card, brokerage), your insurance and legal documents (e.g., life insurance, will, healthcare proxy), and your personal records (e.g., birth certificate, marriage/divorce certificate, property deed). Create a filing system and put a copy of your important papers either in a fireproof box at home, a bank safe deposit box, and/or with a trusted lawyer, relative, or friend.
2. Get the big picture. Use your financial statements to calculate your net worth, which will tell you the difference between what you own (assets) and what you owe (liabilities). Once you have a picture of your overall net worth, determine your cash flow, which will help you identify areas where you could be saving and/or investing more.
3. Set financial goals. Short-term goals are those you’d like to accomplish within one year (e.g., pay off credit cards)
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