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Don't Put Off a Personal Files Check Up

What have you been putting off? Putting off what's perceived to be an unpleasant task is human nature. But procrastinating too long, especially when it involves financial matters, can lead unpleasant consequences. Here are some tips to help you tame your financial paper tiger.

• Get It Organized
• Financial Check Up
• Insurance Check Up
• Other Resources
• E-mail this Information to A Friend
• Other Topics in the Consumer Focus Archive
• Tax Season 2006

Posted: February 16, 2007

Get It Organized

Disorganization around the house or in your financial affairs can be annoying and time wasting. Has household clutter gotten to the point that it distracts you from focusing on your paperwork? Before you trip over one more pile, resolve to get your clutter under control by following such easy steps as starting slow, doing a little every day, scheduling clean-up times, and making a commitment to yourself to stay clutter-free.

Having your personal and financial papers in disarray can be particularly worrisome. Check out our March 2006 Focus on Preparing Your Household Records for tips and information on getting your household papers and documents under control. Even if you think that your situation is beyond help, don't worry! A professional organizer just may be able to help you get your papers, your basement, etc. in order.

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Financial Check Up

Now's a good time to get a copy of your free credit report. You are entitled to receive one free credit report every 12 months from each of the nationwide consumer credit reporting companies. It's your choice whether you order all three credit reports at the same time or order one now and others later. The advantage of ordering all three at the same time is that you can compare them. On the other hand, the advantage of ordering one now and others later (for example, one credit report every four months) is that you can keep track of any changes or new information that may appear on your credit report. While you're at it, don't forget to check on the details involving your will, advance directive, and power of attorney, as well as your estate.

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Insurance Check Up

It's easy to get distracted by the details associated with a life-altering change such as a new baby, a divorce, home remodeling, etc. and forget to ensure that your insurance coverage has kept up. Don't assume that your insurance coverage changes just because your life has! Periodically review your life, homeowners, and car for adequate coverage. Inventory your household belongings and check with your insurance company about whether you need specific additional coverage for that new computer or big-screen TV. Also verify that your level of coverage has kept up with property values. Although the residential real estate market has cooled down a bit, your home may still be worth significantly more than it was five years ago.

Don't forget the car insurance. The general rule of thumb is that it's not worth paying for collision and/or comprehensive coverage on cars worth less than 10 times the amount you would pay for the coverage. You also may save money on your car insurance by checking if you can insure your car with the same company that insures your home.

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Other Resources

This is just a brief overview. For more information, check out these resources:

Read these publications online or order them from FCIC.

• Am I Covered?
• Living Trust Offers: How to Make Sure They’re Trust-worthy
• Nine Ways to Lower Your Auto Insurance Costs
• Twelve Ways to Lower Your Homeowners Insurance Costs
• Your Family Disaster Supplies Kit
• Your Home Inventory

• Publications available for ordering from our Money Page.

Websites*:

• Federal Trade Commission
• AARP
• America's Health Insurance Plans
• American Council of Life Insurers
• Insurance Information Institute

* Names of resources and organizations included in this online article are provided as examples only, and their inclusion does not mean that they are endorsed by the Federal Citizen Information Center or any other Government agency. Also, if a particular resource or organization is not mentioned, this does not mean or imply that it is unsatisfactory.

*If you click on these links, you are leaving FCIC's website. Please bookmark us before you leave so you can return easily. FCIC is not responsible for the content of these websites.

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For more information on other popular consumer issues check out FCIC's Consumer Focus Archive.

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