Spring Cleaning and How it Applies to Your Finances
With summer right around the corner, now is the perfect time to start your spring cleaning. While you may be focused on cleaning out your closets and mowing the lawn, be sure to pay attention to your finances as well. Here are several steps to get you started:
Put papers in their proper place. The end of tax season is the perfect time to organize your receipts and expenses. Setting up an online system and eliminating paper copies makes it easier to keep track of everything
If you don’t need it, toss it. There are some documents you need to hang on to, but a lot of paperwork can be thrown away. Be sure to shred any documents with personal information like bank account numbers.
Check your credit. Take advantage of your free annual credit report and check for any errors or mistakes that are dragging your credit score down.
Pay it down. Make a plan to pay off any debt you’ve acquired from your credit cards.
Play catch-up. This time of year is perfect to revisit the status of your retirement savings. Make sure you’re taking full advantage of your IRA contributions and maxing out your 401(k) and 403(b) plans.
For more ways to spring-clean your finances, visit US News.
*To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or tax related matter.