Goss: Get finances in order as 2016 gets underway

I love January! Every year we get the chance to start fresh and make changes. This month my challenge to you is to get your financial life in order.

There are a number of reasons why this is important, but the primary reason is we don't know what tomorrow will bring. I am a "worst case scenario" type of planner, because this type of planning gives me peace of mind. Because of planning, I am better able to deal with whatever life brings. Here are some suggestions for getting your financial house in order:

If you had to get out of your house quickly, how long would it take you to gather up important documents? If those documents are in a safe deposit box at the bank, how easy would it be to access them? I prefer to use a portable, fire-proof safe, and here are examples of the things you can store in it. List of all your insurance policies, including the type of policy, policy number, beneficiary and company phone number. Copies (front and back) of your credit cards in case you lose your purse or wallet. Your Social Security card, car title, home deed, passport, DD214, birth certificate, proof of marriage and divorce, and any other document that you may need to access.

If you were incapacitated for some reason, who would manage your finances for you? I am surprised by the number of couples I meet where one person makes all the financial decisions, and the other person is not involved at all. I have met widows who didn't have computer passwords or any knowledge of what bills needed to be paid because everything was being done by their spouse, online. If this is your situation, please sit down with your spouse and learn what they are doing and write down all user names and passwords for your online payments. If you are not married, create a cheat sheet that someone could access on your behalf.

If you were hit by an uninsured motorist, how would your insurance company handle the claim and is there a cap on the amount they would pay for damages? If you were physically injured, how much would your auto policy pay and if your personal health insurance had to be used, what is your deductible? Understanding your deductibles for home, health and auto insurance is important because when these expenses happen, you need to handle them quickly. Create a savings account that can cover these unexpected expenses.

While you're reviewing your insurance policies to understand them better, consider whether you have enough coverage. Are your family members protected in the event of your disability or death? Do you need to consider Long-Term Care insurance? Should you purchase an umbrella liability policy?

Call your insurance agent or visit a Certified Financial Planner Professional to help you answer these questions. You'll be relieved to know that you are prepared for that "worst case scenario." Here's to a happy and healthy 2016.

Sherri Goss is vice president of Rosenberg Financial Group Inc., with offices in Macon and Warner Robins. You can reach her by calling 922-8100, or via email at sherri@rfmoney.com.

This story was originally published January 12, 2016 at 9:36 PM with the headline "Goss: Get finances in order as 2016 gets underway ."