Spring is a natural time to reset, not just your home but your financial life as well. We’ve compiled a list of small check-ins that can help prevent bigger issues down the road.
Not everything below will require action, but these are the types of items that tend to get set once and then slowly drift out of date over time.
✅ Beneficiary Audit
This is a quiet but critical component to leaving a legacy that can be overlooked. While we try to keep your beneficiaries on accounts with us current, you also might have beneficiaries listed on your work (401k, 403b) retirement accounts, HSAs, and bank accounts.
When was the last time you checked who was listed as your beneficiary (primary AND contingent)? If you’ve been at your job for a long time or have recently gotten married or had kids, you might not have listed who you want. Take a look to make sure you have listed who you want; and if not, it’s an easy and quick update.
✅ Credit Score Review
Take a few minutes to review your credit profile feeding into your score. You can do this for free using Equifax, Experian, and TransUnion; or often your bank will offer you a free credit report on their mobile app. Please note, some of these providers will offer other services for a fee; that is not required to obtain your free report.
Scan to see if there are any errors, unfamiliar accounts, or outdated information. If everything looks as expected and it’s been a while, it might be a good time to request a credit line increase on your credit cards. Even if you don’t plan to use it, additional available credit can help lower your utilization ratio which is an important factor in your overall score.
✅ Umbrella Insurance
Confirm that your active umbrella insurance policy coverage limits are still accurate and that all underlying policies meet the required minimums. Umbrella insurance provides liability protection above home and auto policies, helping to protect your assets and future income from large claims or lawsuits.
If you don’t have umbrella insurance currently in place but have had your net worth increase (new home purchase, income growth) or you’ve added additional risk factors (teen drivers, rental properties), this may be a good time to see if a policy makes sense for you.
Financial planning isn’t just about the big decisions. It’s also the small, ongoing adjustments that keep everything running smoothly. If any of these areas haven’t been reviewed recently, take the time to ensure what you have in place is still aligned with your goals. And as always, let us know if there is anything we can do to help.
Warmly,
Your Damefender Team
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.