Give Yourself a Financial Checkup

The end of the year is approaching fast. Do you need a financial tune-up? Here are a few areas to consider as you reflect and review:

Review your credit cards. Do you have a stellar credit score? With industry competition fierce for your business, you may be able to ask for – and receive – a lower Annual Percentage Rate (APR). While the average variable APR for credit cards is 14.46%, those with super-high credit scores can actually cut that in half (see chart below). If you’re among that elite crowd – and aren’t happy with your current rate or terms – try contacting customer service. You could negotiate your way to a better rate, or persuade them to waive the annual charge.

What’s your get-out-of-debt plan? Are you worried about your debt? If you’ve ever thought about making a dent in your debt (or changing your credit habits), now’s the time! Approximately 63% of Americans who are in debt say they worry about money one to three hours a day, and 22% worry four-plus hours a day. If you’re among them, ask your Primerica Representative how Primerica Debtwatchers™ can show you how to create a plan to gain control of your credit for good.

Check your emergency savings.  Do you have three to six months’ salary stashed?  If not, you’re not alone – a majority of Americans say they don’t have enough cash on hand to cover a $1,000 emergency expense.[1]  To find extra cash for your emergency fund, get creative:  take on extra work (ask your Primerica Representative how you can earn extra money part-time by helping families with their finances) or trim some of the “extras” from your monthly bills (think entertainment costs like dining out and cable/satellite service).

Review your life insurance coverage.  If you have had a change in your life – such as the birth of a baby – this is crucial.  Financial experts generally recommend about six to 10 times your annual salary.  Nearly a third of all U.S. households have no life insurance, the highest percentage in more than four decades.[2]  Among households with children younger than 18, 40% said they would immediately have trouble keeping up with living expenses if a wage earner passed away.[3] Don’t let a troubled economy put your family’s financial future at risk:  Talk to your Primerica representative to make sure you’re (still) properly protected.

 Re-shop your auto insurance.  If you haven’t comparison-shopped your rates lately, give it a try!  For an identical six-month policy, costs can vary as much as $500 across carriers – yet only 20% of consumers actually take the time to shop around![4]   Too busy to shop?  Ask your Primerica representative about Primerica Secure®, a referral program that shops multiple carriers for you!

Do you have a will?  Two-thirds of Americans do not, according to a 2010 survey.[5]  You can pay a lawyer anywhere from $100 to $1,000 to crate a will,[6] or ask your Primerica representative about the Primerica Legal Protection Program (PLPP), which includes free will preparation among its many benefits.