Spring is here, and many are focused on tidying up their homes. But what about cleaning up your finances? Experts say now is the perfect time to get your financial house in order.
Elyse De Corah, a financial advisor at Cetera Advisor Networks and Guide Wealth Partners in Cedar Rapids, emphasized the importance of keeping financial statements for all your accounts, but noted that it’s not necessary to keep every single one. “Maybe just keep your most recent statement or a year-end statement for any of your investment accounts, 401(k)s, regular investments, and bank accounts,” De Corah said. De Corah suggested some key ways to stay in good financial shape, including reviewing your expenses, especially discretionary spending on non-essential items or activities like entertainment or dining out.
It’s important to ensure this type of spending doesn’t get out of hand. While it can be tempting to overspend, De Corah emphasized that you don’t need to know exactly where every dollar is going.
Tidying your financial life
“Just like spring cleaning your home, tidying up your finances involves keeping track of key items. It’s a good time to review your 401(k)—maybe rebalance it. Review your beneficiaries to ensure they are up-to-date and accurate.
Check your will, and see if it needs any revisions. Make sure you check all those boxes and ensure everything is up-to-date as it should be,” De Corah advised. She also mentioned the importance of keeping an eye on your credit and any subscriptions you’re paying for, as it’s easy to lose track of them.
She pointed out some helpful and free online tools to track your bills, such as Rocket Money, along with several other apps and websites. Lastly, De Corah underscored the importance of planning ahead and saving for events like birthdays, holidays, and vacations. By following these expert tips, you can ensure your finances are in order and enjoy a stress-free, financially healthy year ahead.
Image Credits: Photo by micheile henderson on Unsplash
