Financial Planning

It’s time to Spring Clean Your Finances

By March 29, 2021 No Comments

The sun is finally shining through the windows and the birds are starting to sing. But that beautiful, bright sun also has a habit of illuminating the spots that have missed a cleaning or two these last few months. Dirt and dust are not the only things you have an opportunity to clean up this Spring…there might be some areas of your finances that could use a dusting or deep cleaning as well.

While you’re sorting through your closest and creating the to-do list for your home, be sure to add Spring Cleaning your finances to the list! The items below are a great place to start:

Update Beneficiaries

Many financial contracts and products transfer via beneficiary designation. Confirm that your beneficiaries are up-to-date and aligned with your estate planning goals. When making these decisions, keep changes to tax law in mind – non-spouse beneficiaries of IRA accounts may not have the ability to stretch distributions over their lifetime, meaning potentially higher tax rates during distribution.

Tidy Up Your Recurring Charges

Wait, who signed up for Kindle Unlimited?!!? Am I paying for these Martha Stewart Living magazines? Now is a good time to carefully review your recurring charges. A good place to start is by checking your credit card statement. Many credit card companies will note which charges are set up for recurring; however, this list is not always one-hundred percent accurate. Take some extra time to look closely! Phone applications such as Clarity Money may be able to help identify which charges are showing up frequently.

Dust off Your Old 401(k)s

Nothing is worse than spending an hour on the phone trying to track down or understand where your retirement money is. Review your old plans and seek advice on your current investments. Educate yourself on benefits to the plan, what alternative investments the plan may offer, and what rollover options are available.

Take Advantage of Your Credit Card

For responsible credit card users, there may be benefits that you can use to your advantage. Does your card have extra cash back for certain purchases? Could paying for groceries on an airline credit card pay for your next trip? Responsible credit card use can have its perks!
Ready to take your finances a step further? Schedule a free consultation with Julia to create a comprehensive, individualized strategy to help you build wealth and Live Well!

Investment advisory services offered through LW Advisors, a Registered Investment Advisor in the state of Iowa. The information contained herein should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the State of Iowa or where otherwise legally permitted. All written content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. The information contained in this material has been derived from sources believed to be reliable, but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed.