Spring cleaning typically involves cleaning out the closets and getting the house ready for warmer weather. However, it’s also a good time to get your finances in order and even save money.
- Check your credit report. Go to annualcreditreport.com to get free reports from the major credit reporting agencies. Remember, you’re allowed 3 free copies a year. Carefully review the reports for any errors and make corrections immediately.
- If you have a 401k, IRA or other financial account, now may be a good time to revisit and update your beneficiary designations as needed. Over time, our lives change – we may get married, we may get divorced, we may have children – either way, you want to make sure your beneficiaries reflect your wishes.
- Review your current expenses and see if there are things you can cut. For example, if you now find yourself mostly streaming when you watch TV and movies, perhaps it’s time to get rid of your traditional cable package. And if you’re still paying for that magazine subscription that you never read, cancel the subscription and use your newfound savings to boost your retirement savings.
A quick cleanup will put you in a good position for the year ahead.
This information in the Financial Tips section is provided for educational purposes only and is not tax, legal, financial planning or investment advice. Neither the information nor any opinion expressed in this section constitutes an offer to buy or sell any securities or advisory products. The information provided is general and is not information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. You should not regard this information as a substitute for the exercise of your own judgment. Investing involves risk.