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I review all policies annually to ensure proper coverage at the best rates.
For example, one client saved over $3,000 per year in premiums after we restructured their life insurance.
You may be doing more harm than good by sticking to the same advisor.
While loyalty is admirable, financial services evolve rapidly, said Burbank.
Ive seen advisors recommend outdated products with high fees, costing clients thousands in lost opportunity.
Get a second opinion from an independent advisor every three to five years.
High investment returns mean little if fees consume most of the gains, said Burbank.
I analyze all fees charged to clients to optimize their net returns.
Emergencies happen, but few save enough to cover them, said Burbank.
I recommend all clients have three to six months of essential expenses in an emergency fund.
One client endured a job loss but avoided debt because they had funds to cover essentials until re-employed.
She was able to access her money anytime but earned 20 times more than with her regular bank.
High-yield savings accounts are FDIC-insured up to $250,000, just like your regular savings accounts.
you could earn more interest and keep your funds safe at the same time.
Not Automating Your Bills
Automation can help you savetime and money.
Paying bills manually each month wastestime and risksmissed or late payments that trigger fees, said Brillant.
I set up automatic bill pay for all my utilities, insurance premiums and loan payments.
Keeping an Eye on Your Bills
Mistakes are an unfortunate reality when it comes to bills.
The same goes for yourbank and credit card statementsto ensure there are no issues.
Many people neglect to review bank and credit card statements, missing errors or fraud, said Brillant.
I recommend checking statements monthly for any unauthorized charges or fees.
Instead, consider setting upmultiple bank accountsfor different areas of your financial life.
Several of my clients pay themselves first by automatically transferring money each month intosavings and investment accounts.
They find they spend less and save more without even noticing.
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