Time for a Financial Checkup W
by Viviane Thompson
e regularly take our car to our favorite mechanic; he checks the engine, hoses,
and tires and warns us of impending danger. This service costs, of course, but for the safety and protection of our loved ones we pay it gladly. March is when we think about taxes and money. This is a good time to pop open the hood and check your finances. Do you have an emergency fund
in case you need money in a hurry? How much? The ideal amount is 6 to 8 months worth of expenses. Here is an easy formula: take your monthly mortgage (or rent) and multiply it by 10. Do you have that amount saved up? Are you taking advantage of tax- deferred accounts to save for retire- ment such as IRAs and Roth IRAs? The
deadline for 2010 is April 18, 2011, so there is still time to invest in your retirement. The IRS is giving us 3 extra days this year. Make sure you keep track of all
of your bank and retirement accounts. According to the National Association of Unclaimed Property Administrators, there are 117 million bank accounts with lost owners. Consider consolidat- ing your accounts. By simplifying your financial life, you are less likely to forget about them. While you are reviewing your
accounts, verify that you have the cor- rect beneficiary listed. This is particu- larly important in this age of blended families. Don’t get caught unprepared and inadvertently leave a life insurance policy to a previous spouse. Be sure that your banks and financial institu-
tions also have the correct informa- tion on file. When banks merge, the paperwork is sometimes lost or de- stroyed as if you had never filled it out. Don’t find yourself unprepared. Check under your financial hood on a regular basis.
Contact Viviane Thompson, CPA, at 520-822-8208. Viviane has 19 years of experience in business accounting, personal finance, and tax preparation. She specializes in helping businesses and families gain control of their finances.
March 2011
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