Spring Cleaning Your Finances
After taxes and springtime are the perfect reasons to start fresh with organizing your finances. Check out these tips from The First.
- Start with your budget and review spending changes over the last year. Spending more in one area than another? Need to increase your savings? Now is the time to evaluate.
- Is your monthly budget slimmer towards the beginning or end of the month? Some billers will gladly adjust due dates if asked.
- Create your own financial calendar. When setting a monthly budget, remember to prepare for expenses that come around only annually and quarterly.
- Check your credit report and credit score annually. Click here to access the Free Annual Credit Report.
- Clean up your accounts. Do you need to add a beneficiary, consolidate unused accounts? This is a great time to do so.
- Create a filing system for your records. It is recommended to keep items such as household bills for a year. Five years for tax returns, investment statements and paid off loan documents. Medical history, retirement plan and social security information are suggested to be kept long term.
- Review your withholdings. Click here to access the IRS new calculator tool and perform a paycheck check up!n info and social security info.
- Evaluate your retirement plan and be sure you are on track with your retirement goals. Click here to access financial calculators.
- Meet with your insurance agent to review life, health, and property insurance plans you have in place.
- Create a home inventory. This will make it much easier to replace and file an insurance claim if a disaster were to take place. Photos and estimated costs along with receipts consider a video tour.