Pearsons Funeral Home
Pearsons Funeral Home
149 Breckenridge Ln
LouisvilleKY 40207
 (502) 896-0349

Make 2017 the Year You Get Your Finances in Order

Make 2017 the Year You Get Your Finances in Order

Maxed out your credit cards over the holidays? Lose track of more than one bill over the last few months? Don’t despair — that’s what New Year’s resolutions are for! Getting yourself on more solid ground financially, as well as planning finances for the distant future, doesn’t have to be a monumental task.

Establish the Estate

Planning for your own death or incapacitation — or for that of a loved one — is never a pleasant subject. But it’s an act of love to set aside final expense funding as well as to prepare funeral planning wishes. Beyond final expense planning, prepare a will and name an executor, establish custody for any minor children, and organize your debts and assets.

This is also a good time to plan for end-of-life care. Confronting these sometimes unpleasant subjects now can save months or years of distress in the future. A living will that spells out your wishes for health care, if you can’t make them yourself, is crucial. Set up two powers-of-attorney designations, one for health care and one for financial dealings. You don’t have to choose two separate people for this, but the person(s) you wish to oversee your affairs if you can’t needs to have the legal authority to do so.

Talking about estate planning and end-of-life care can be difficult, but confronting these sometimes unpleasant subjects now can save months or years of distress in the future

Search for Savings

The new year is an excellent time to examine your various service contracts to determine what discounts you may be able to negotiate. Consider picking up those “nuisance” phone calls or clicking on the “spam” emails when you recognize your own utility service provider. Likewise, look into good driver discounts with your insurance company.

This investigative method also pays off when it comes to debt responsibilities. While we all naively expect our mortgage company to notify us when we’ve reached that magic equity figure — usually around 20 percent — you might have to be the one to notify them that it’s time to quit charging you for private mortgage insurance.

Consider Your Consumer Debt

Some debt, like home mortgages and student loans, have the advantage of tax deductions. Credit card, auto and other consumer debt, however, have no tax advantages, and variable interest rates are on the rise. This is the time to look at how much you owe on current loans and whether you’re in the position to pay off any of them entirely. If not, pay more toward the principal each month.

To avoid late fees and accumulating interest, set up automatic payments for as many bills as possible. If you prefer the flexibility of being able to pay more than the minimum amount each month, set up an auto-reminder of when various bills are due.  

If you have any questions for final estate planning or community resources, we’re always here to help. Contact us to set up an appointment.