The Boring Newsletter, 7/28/2024🏖️

Hi Friendos,

The Boring Newsletter is going on summer break. Frequently Taxed Questions is open for business and actively meeting with clients, just taking a break from the newsletter through Labor Day.

During this time, I challenge you to do some boring money tasks. Don’t think you have any that need doing? Hmm…what about all of the great ideas I list below? I’ve written about many of these before, so if you saw it back then, thought “Yeah I should do that” but never got the chance, consider this your summer kick in the pants!

1. Declutter your accounts (“account audit”): Most people end up with multiple accounts over time, this savings account was opened for this purpose, but that was five years ago and now you aren’t really sure what its function is. Consider streamlining your accounts by closing any that you no longer need: savings, checking, credit cards, investments. You’ll have fewer account statements that flow into your life and need to be reviewed, less for a partner to manage if they need to take things over for any reason.
2. Declutter your stuff: This is a money task. Clearly it is if you can sell something you don’t need anymore (Craigslist, Facebook Marketplace). But even if you’re just giving things away, even if you’re just better organizing your household inventory, it helps you financially. I have had it happen where my stuff was disorganized and I didn’t realize I already had something on hand so I bought another. Ugh. I’ve also decluttered and appreciated I had too much or an awful lot of something, and it caused me to buy a less of it in the future – helpful for building wealth.
3. Automate something in your finances, because decision fatigue is real: direct deposit of paychecks, autopay a monthly bill, automatically put money into a savings account (build an emergency fund, save into a fund you’ll use to pay a quarterly/semi-annual/annual expense, etc), automatically invest your savings, donate on a monthly schedule to a charity.
4. Shop your insurance: If it’s been a while since you did price comparisons on your insurance (homeowners, renters, auto), it’s worth a review. Car insurance especially has gone up a lot, all over the country, the last few years.
5. Buy term life insurance: If no one depends on your income for their financial security, you don’t need life insurance. If someone does, do you have term life?
6. FinCEN BOI: If you have your own business or live in a condo or housing coop, see the 6/30/2024 Boring Newsletter.
7. Medical check-ups, frozen credit reports, smoke alarms and carbon monoxide detectors: See the 2/4/2024 Boring Newsletter.
8. Personal Social Security statement: See the 12/10/2023 Boring Newsletter.
9. Did you create a 2024 savings plan? You can do a lot in 5 months! See the 12/3/2023 Boring Newsletter.
10. Maintenance of things: It is nearly always cheaper to maintain what you have than buy new, and better for the planet too. See the 6/11/2023 and 2/18/2023 Boring Newsletters.
11. Build an annual checklist: See the 4/22/2023 Boring Newsletter.
12. Make a personal get-out-of-debt plan: See the 4/1/2023 Boring Newsletter.
13. And for unlucky number 13…get a will: See the 2/11/2023 Boring Newsletter, because it’s all about love.

I know you’d rather go to the beach, eat corn on the cob and watermelon, or get an ice cream cone. Me too! You’ll be so proud of yourself if you take care of a couple financial chores that need doing.

See you in September,

-Stephanie