6 Steps To A Financial Spring Clean Up, Like A Pandemic | Smart change: personal finance
3. Review your insurance coverage
The pandemic has had a big impact on our homes: not only are we spending more time indoors, often with more expensive technology and other items to help us work or go to school at home, but house prices have also increased. According to the Federal Housing Finance Agency, house prices rose 10.8% between the fourth quarters of 2019 and 2020. You may need higher insurance coverage than you currently have, says Noah Damsky, director of Marina Wealth Advisors in Los Angeles.
4. Streamline subscriptions
Due to all the time spent at home, many families have increased their spending on subscription services such as Disney +, Netflix, and HBO. As we all start to leave home more, maybe it’s time to downsize, suggests Jason Dall’Acqua, CFP and president of Crest Wealth Advisors in Annapolis, Maryland. “Cancel subscription services that you won’t be using as much and budget under more normal circumstances,” he says.
5. Update your credit card
If your spending habits have changed, you may also want to consider a new credit card that better maximizes your current lifestyle. Bailey suggests logging into your credit card accounts first and viewing a summary of last year’s spending, along with any rewards you’ve earned.