FROM THE BLOG

Spring Clean Your Finances

Spring is an ideal time to roll up your sleeves and get to work on the clutter and dusty piles you might have accumulated over the winter. And while you might automatically turn to spring cleaning your home or office, consider that this season is also an ideal time to take a look at your finances to make sure you’re on track for the rest of the year.

Here are some ways you can spruce up your finances this season:

Double Check Your Withholdings

We’re deep into tax season, and whether you’re the type to finish your taxes early, file on Tax Day, April 15th, or file for an extension, it’s never too late to think about how to save money next year. After all, it’s the money that you earn and taxes that you pay during this calendar year that’ll affect your numbers when you go to file in 2020.

This year, with taxpayers feeling the impacts of the new tax law for the first time, it’s especially important to take a look at your withholdings. You may find it necessary to make adjustments in order to set aside the right amount for the rest of the year so that you can avoid unpleasant surprises next tax season.

Tidy Up Your Budget

Around the beginning of the year, it’s not uncommon for people to resolve to make this the year that they make a budget and stick to it. How about you?

If you started off the year with intentions to get your finances on track with a new budget, are you making progress toward that goal? If not, consider adjustments that you can make. Maybe there are some places you can save a little more. Or maybe you’re not spending as much in one area as you thought you would and you can allocate that money to another line item.

Remember, you don’t have to set aside your good intentions just because you might have gotten off track. A step toward budget correction is always a step in the right direction.

Review Your Accounts

While you’re sifting through papers in your home office, take some time to look through information related to your family’s accounts. From savings accounts to retirement accounts, take stock of the assets you have and make note of any accounts that need attention.

Depending on life changes you may have had during the past year, you may want to pay special attention to account changes that have the potential to benefit you in the coming year.

Put Your Financial Plan Together

If you haven’t done so already, spring is the perfect time to get your financial plan together. This time of year, you’re probably already aware of your financial status, thanks to the mandatory review you go through at tax time.

It’s only natural to take advantage of that awareness – and the fact that your financial info is likely sitting somewhere convenient for you to access – and make time to meet with a financial advisor to make a plan for the future. An advisor will help you to determine your values and take steps to work toward your desired financial future.

Or maybe you already have a financial plan in place and simply need a yearly tune-up. If you haven’t already, put a meeting on the calendar and sit down with your advisor to review your plan and make any necessary adjustments.

If you’re ready to tidy up your finances and shine up your portfolio call or email us to set an appointment.

Important Disclosures:

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.