31 Steps to a Financial Tuneup

Are you saving too much for a down payment or children's college tuition but not enough for retirement? The home can probably wait, and it's much easier to borrow money for a child's education than it is to get loans to pay for your retirement expenses.

Do you really need a branch nearby? Would stopping and restarting your automatic payments be that inconvenient? Isn't more interest and lower fees worth it over time?

If you can manage it every 12 months, you'll pay off your loan years sooner and save many thousands in interest costs. You might be able to make more money by investing the potential extra payment in stocks and bonds though.

If you have high-interest private loans, pay them off first. Save for retirement, however, before paying more than the minimum on low-interest federal loans.

Ask for a better rate from your current card or seek alternatives elsewhere (but watch out for balance transfer fees).

Look them up online. Is there a fee for redeeming them? Are you getting real frequent flier miles that you can combine with those you earn on the plane?

Seek out help from fatwallet.com and flyertalk.com or try the recommendation tool at creditcardtuneup.com

Find planners at napfa.com or garrettplanning.com. Try to pay by the hour at first. And ask if they'll be acting only in your best interest, as a fiduciary.

There's plenty to learn about your financial well-being by seeing what tax breaks you're getting -- and missing.

Do you still want the same people inheriting your money or caring for your children? Check the beneficiaries on your retirement accounts for the same reason.

If you were to die, could your family members find all of your financial information and easily close down your accounts? If not, show them where the files are.

Could you pay less and get the same service? Or pay the same thing but get more channels free? Is there a competitor with a better rate?

The phone company is desperate to keep you, so if you still have an old-fashioned phone line ask the carrier to cut the price or strip away services like call waiting that you may not need. You can also consider alternatives like Vonage or Skype that offer VoIP services at deep discounts.

If your income has gone up, or you've had another child, your coverage may not be sufficient. If you're healthier, you may qualify for a lower rate than you did before as well.

Perhaps your belongings are not valuable enough to insure. But what if someone fell at a party at your place and sued you?

If you can afford it, offer to pay the first $1,000 out of pocket instead of $500, or more if you can. This should bring the premium down.

Do you have enough coverage now that you've probably added belongings?

If you live in an area without violent weather and haven't made a claim in years, a competing company may offer you a much better deal on your homeowner's policy, especially if you get your auto insurance from the same company.