| We all know the importance of a good spring cleaning of your home. Take everything out of your closets, clean, reorganize, start a donation pile, and put it back together all neat and tidy. But many of us don’t ever consider a “spring cleaning” of our finances. Whether you are a Saver, Spender, Risk Taker, Security Seeker, or Flyer, everyone likes the feel and smell of a nice clean house. Try these 4 Tips to Spring Clean your Spending: |
- Dedicate a day: Your house takes a day to spring clean, so will your money matters. Put the date on the calendar and do it together! Take a personal day from work… call it your “Personal Money Day”, set all distractions aside, roll up your sleeves and remove the cobwebs from your budget.
- Decide which rooms are going to get cleaned:
Receipts
Debts
Insurance
Taxes
Investments
Retirement
Estate - Empty the closets: Get all of your statements and documents pulled together. Get all of your receipts, insurance statements, tax returns, investment statements, retirement statements and Estate Planning documents in one place.
- Put everything back in place:
Receipts – Clear the clutter.
Debts – Shop for lower interest rates.
Insurance – Discuss coverage.
Taxes – Check withholdings are right.
Investments – Evaluate asset class mix.
Retirement – Adjust any amounts. Are you saving enough?
Estate – Get your will or trust in place.
Few of us love to clean, but the results are so worth it!
For the “in studio” version of this topic, click here.
Make It Happen!
Scott & Bethany Palmer
The Money Couple®
Money Huddle Tip: During the “needs” part of your next Money Huddle, confirm which “rooms” you would like to spring clean.
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