Quick fixes for your finances - WDRB 41 Louisville News

Quick fixes for your finances

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Now that taxes are winding down, it's time to spring clean and get your finances in order. Financial expert Mark Lamkin talks financial fixes in 15 minutes or less. He suggests some of the things listed in the latest issue of Kiplingers. You can read more about it at: www.kiplinger.com/magazine/archives/recipes-for-quick-easy-financial-fixes.html  You might be surprised how much you can get accomplished in so little time!

1.) Credit Report: A good score and credit history can get you a great rate. A bad record could keep you from getting a loan. Go to www.annualcreditreport.com  select your state, click on Request Report and provide the information requested. You'll be guided to each of the three credit bureaus' sites to answer a few more questions. Each bureau gives you the option to get your credit score (for $7.95) with each report (free every 12 months). Total time: 13 minutes

2.) Copy! Copy everything in your wallet (except the cash). If your wallet is lost or stolen, suspending accounts and getting replacement cards will be far easier. Copy or scan both sides of the items. Note that the customer-service number you need to call to report a compromised card is often on the back. Total time: 3 minutes

3.) Overdraft: Stop bouncing checks. Charges can be as high as $38 per instance when you overdraw your account. Banks raked in $38 billion from such fees in 2009.1. Go to your bank's Web site, and select Overdraft Protection. Click to link to a savings or money-market account. That prevents you from bouncing a check and costs less. Most banks also let you sign up for an alert that warns you when your balance approaches a specified level. Total time: 11 minutes to sign up for both the alert and the linked account

4.) Social security: Calculate your future Social Security benefits. You'll know how much you can expect as a basic income stream in retirement.1. Go to the Social Security Administration's online Retirement Estimator www.ssa.gov/estimator , and provide the information requested. The Retirement Estimator calculates your benefits based on your actual earnings history. Estimates are given for early reduced benefits at age 62, full benefits at your normal retirement age and maximum benefits available at age 70. You must be younger than 62 and not currently receiving benefits to use the estimator. Total time: 2 minutes

5.) Insurance Rates: Lower your auto premuiums. Insurance is a competitive business. If you shop around a bit, you're likely to get a better deal. Go to www.insurancerates.com , and answer questions about your cars and your driving record. (If time allows, you also can get quotes at Geico www.geico.com  and Progressive www.progressive.com , which will let you buy the policies online. You'll need to provide your Social Security number for a precise rate.) Or contact an independent agent www.iiaba.org  who can search for you. You'll get preliminary quotes from several insurers. Consider the rates and terms to determine which deal is best for you. Total time: 15 minutes

Lamkin Wealth Management

5151 Jefferson Blvd., Suite 102

OR

6010 Brownsboro Park Blvd

Suite A

office: 502-961-6550 Office

toll free: 866-961-6550

www.marktlamkin.com

 

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