Editors Note: This article was originally published in the March 6, 2024 issue of the Chronicle Progress. Some information may be outdated.
When was the last time you spring-cleaned your house?
Many of us do some form of spring cleaning in our homes regularly. But what about our financial “homes”? It can be easy to forget about the clutter and red tape that builds up in our finances. When we do, we can end up with some serious clutter. And that could lead to real consequences. In fact, it won’t just take up space. Clutter can also waste our energy, time, and even money. So, how can we deal with the financial clutter so it doesn’t get in our way? Let’s find out by checking out some simple and painless financial spring cleaning tips.
#1 Purge the Paper: Go paperless for bills and statements, shredding unnecessary paperwork and scanning essential documents. Use technology to digitize and organize paper records efficiently. Visit optoutprescreen.com to stop receiving unwanted mail solicitations.
#2 Audit Your Subscriptions: Review all subscriptions and cancel unused ones, including streaming services, software, and magazines. Monitor subscriptions through credit card and bank statements and consider consolidating them for easier management.
#3 Consolidate Accounts: Evaluate and consolidate bank, retirement, and brokerage accounts to reduce complexity and avoid excessive fees. Consider account fees and transfer costs when deciding which accounts to keep or close. Seek advice from financial professionals to avoid unnecessary expenses.
#4 Automate Savings: Establish automatic transfers to a designated savings account, adjusting amounts as needed. Redirect surplus funds into retirement or investment accounts for long-term growth. Allocate windfalls such as tax refunds toward savings goals.
#5 Back Up Documents: Create digital backups of financial documents and store them securely in the cloud. Organize backups systematically and use a password manager for enhanced security. This preparation facilitates future financial spring cleanings and aids in estate planning.
#6 Review Financial Goals: Regularly assess progress towards financial goals, seeking feedback for motivation and guidance. Engage in discussions about goals to maintain focus and motivation. Adjust strategies as needed to stay on track.
Every little thing matters when it comes to your life savings, and sometimes it’s hard to keep track of everything on your own. Give us a call today and we can help organize and re-adjust your retirement. If you are interested in a complimentary appointment or if you have any questions, give us a call at 801-465-6990.
Scott Wharton
Retirement SolutionsFor informational purposes only. Investment advisory services through Retirement Solutions Investments, Inc. Insurance through Retirement Solutions, Inc. Additional information at www.rsutah.com.
