Spring is a time many begin to tackle projects like purging clutter to make room for something new or just freshen up the look of a space through reorganization and deep cleaning. Spring cleaning should go beyond the living space – spring clean your finances too. Below are a few tips to assist with your financial spring-cleaning:
- Refresh your budget: Pre and Post pandimic budgets look very different. Take time to evaluate your post pandemic cash flow and spending. Discover ways to reduce spending on essentials and slowly sweep excess (non-essential) spending out the door. Use the new information to update your budget and set new finanical goals – long and short term.
- Dust off account information: Take time to clean up your financial accounts (investment, banking, and credit). Review your accounts to update your beneficiary and personal information periodically
- Repair Rainy Day Funds: The pandemic forced many to tap into their emergency funds due to layoffs, reduced work hours, forced time off due to sickness, and global cost inflation. Now that we are slowly moving into a post pandemic era, it is a great time to reveiw your savings and reestablish setting aside funds for your savings to repair the heavy dent COVID may have cause on your rainy day funds account.
- Do an investment scrub: Take time to meet with a financial advisor to do a thorough review of your retirement accounts. Review your account(s) performance and discuss your portfolio allocations to stay in line with your future financial goals.
Financial spring cleaning doesn’t have to be difficult. Contact a financial professional with CAPTRUST, FIDELITY, or TIAA to help gain the financial cleaning resources and tools needed to check off each item on your financial cleaning checklist.
