OK, now breathe! That’s it, take a deep breath in and slowly release it… tax day is over, spring is in the air and summer is just around the corner. LIFE IS GOOD!
That is until you take a good look at the mess around your computer… the strewn trash piles along with the old financial records and leftover coffee cups and who knows how long that box of chow mein noodles has been siting there… right?!
But remember, it’s SPRING and what better time than to get started on a bit of spring cleaning? I’m not just talking about cleaning up from your deadline with the IRS or cleaning out the closets and under your bed, I’m talking about your financial spring cleaning.
Now, don’t get me wrong, spring cleaning your house goes a long way in helping you spring clean your finances too. By organizing your home, you are much more likely to know what you need to buy and may prevent you from purchasing something that you don’t need, simply because you misplaced it. Listed below are a few other ways that you can spring clean your finances:
- Check Your Credit Score – Is there any incorrect or misleading information about you that could hurt your score? What can you do to improve your score?
- Organize and/or Shred Old Financial Documents – Clean up your files and shred any old or no longer needed information.
- Re-balance and Diversify Your Investment and Retirement Accounts – How are your investments doing? Are you on tract with your retirement goals?
- Review Your Insurance Coverage – has there been any life event changes? Do you need any additional coverage or is any coverage obsolete?
- Review Your Expenses and shop for better rates – Can you pay less if you switching to a different company? Are you using what you paid for like that gym membership?
- Set up Automatic Bill Pay – Late fees undermine your financial goals, therefore put regular payments on automatic bill pay so this doesn’t happen.
- Save without Thinking – How is your emergency fund? Are you saving enough each month?
- Revisit Your Budget – Once you have reviewed your finances ensure that the new numbers are worked into your budget.
- Record Your Financial Passwords and Store Records in a Safe Place – Or better yet, use a trusted online password storage system and be sure to use a different password for each of your financial sites changing the password on a quarterly bases.
Knowing where you stand with your finances will better enable you to make wise and prudent money choices and as a result, you will be better prepared for your next tax deadline in 2017.