Spring Cleaning Your Finances – A Spring Time Spruce-Up

The warmer weather and blooming flowers should be a reminder that spring cleaning time is here! As you make your spring cleaning plans, consider adding these financial steps into your routine because they may have a more significant impact on your overall financial picture than you think.

Updating Financial Documents

Throughout the year, your financial to-do list can grow so long that maintenance items are far from the top of the list. That’s why it helps to dedicate time each year to update important financial documents and review long-term policies. When did you last review your auto, home and life insurance policies? What about your will? Or 401k or Roth IRA? What made sense a few years ago may not be the most optimal plan for you anymore. You may even find areas you can now cut costs. Take an annual audit and feel confident your financial house is in order.

Cleaning Out Financial Documents

The general rule for keeping financial documents is one year for paid bills and statements or seven years for tax-related paperwork. After that, all
financial documents should be shredded and destroyed. Today, most financial institutions provide online access to your history of documents, making financial spring cleaning even less stressful. For a detailed list of what to keep and what to shred, visit the blog in the resource section of our website: What to Shred & What to Keep.

Hidden Costs

Another important step in the spring cleaning process is to get rid of what no longer serves you, and in the financial world, that applies to your regular expenses. Are you really getting the most out of that gym membership? Do you need 250 channels and Netflix? These line-byline questions can make or break a budget plan — especially if you’re still working your way out of debt. Regularly scrutinize your budget just like you sift through every detail of those kitchen cabinets when spring comes calling.

Now that spring is amongst us, we hope you get outside and enjoy the longer days with your family and set this time as an annual reminder to spring clean your finances.

Vance Wealth, Inc. (“Vance Wealth”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Vance Wealth and its representatives are properly licensed or exempt from licensure.