Week 2 in our February Family Finance Series is all about Home Inventory and part of our year long GO MOM!® Organizing Tips Series designed to help you live like you are moving. Why? Because when you are moving, you don’t waste a minute making sure things are organized because you have to take them somewhere, you have to find them once you get there, and you don’t want to lose anything really important. So hello! Doesn’t that just scream Financial Management 101? So week 2 is all about the Home Inventory.
So raise your hand if you actually have a home inventory and video that you could use in case of an emergency. Bueller? Bueller? That’s what I thought! I’m telling you we all say we are going to do it but we never do so this week its all about making sure you do.
Create a Home Inventory with video and/or photos.
You can easily make a home inventory by putting something in writing and your insurance policy should be a huge help with this. But the reality is things change often from the time we get our insurance to even the renewals so you need to get out that camera and take pictures of your home. Then get out that video camera and take a video of your home with a room by room pan of what’s there. Take out things that might be put away so that are important to note so they are also included. It really doesn’t take that long to do and when you are done, you’ll have a home inventory you can store safely. Then if you ever do have to replace things you’ll know exactly what you have.
Update appraisals and insurance policies.
After you make that all important home inventory, now is a great time to do an insurance review. This time of year is perfect to look at the policies in whole and shop them for better rates. Making sure you know exactly what it is you are trying to protect is key. Visit with your insurance agent about updating appraisals. Think wedding rings or any other valuable items in your home that might need to be updated. For many of us we may not even have appraisals and if we do they might easily be 10 years old. Now is the time to spend that little bit of money to take those items to the appraisers and get them documented properly. Then you can know these items are current and that’s truly important and a great yearly thing to check off your list.
Get a free copy of your annual credit report.
While you are busy managing your finances with our GO MOM!® Budget Planner which we talked about last week, one great thing you can do this time of year is to get that copy of your free annual credit report. While it might not be part of your home inventory, its certainly a key document that affects your finances and buying power for future purchases like buying a new home or car, all things that could be part of your Yearly Budget Plans. We’ve all heard it ~ there’s all sorts of information out there from the financial experts (which I am not!) ~ that tell you to check that credit report and to get your free copy once a year. So go for it.
So its really that simple! This week make that video for your home inventory or take pictures to get that pictorial and visual history of your home. Get those appraisals gathered and if they are older than 5 years update them now. And grab that free online credit report we are all entitled to every single year. We’ve got a Family Finance Tips Pinterest Board with all kinds of great Family Finance Tips so please stop by and see what we have to share and tell me…
Do you keep a video inventory and how often do you update it?
Ironically, thanks to this series, that’s one item I finally just did. I know! I make video for a living but when it comes to making video of my own home I rarely do that! I hope so much that this helps you get organized when it comes to family finance and look forward to seeing you next week for week 3 in our Family Finance Tips series.
Thanks so much for stopping by ~ see you next time!