How to prepare your finances now that things are opening up

But before you decide to open your wallet, there are a few things you should do to prepare your finances.As life slowly starts getting back to normal, take the time to understand where you are financially. That means taking account of what you own and what you owe.

Be sure to review your paychecks to understand how much income you're bringing in and if you're optimizing any tax or employer benefits available to you. For example, checking your eligibility for the federal Child Tax Credit or if your employer offers a match of your 401 contributions. "If you plan to start spending on something that's been on the back burner while you were stuck at home, that money will need to come from somewhere else in your budget," said Vadim Verdyan, head of advice at Albert, a personal finance app.You should also take a long hard look at your financial goals to determine if they align with your financial situation and expectations.

Verdyan recommends listing your goals under short-term and long-term columns to help you visualize which financial goals to prioritize first. "Credit cards should only be used if you can make the full payment every month," said Adam Deady, a certified financial planner at MassMutual."If that isn't possible, you must have a plan to pay it off within a short period of time."This way, you can track how much you're spending and how much you can spend on other purchases down the road.

Source: Holiday News (holidaynews.net)

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