Spring Cleaning for Your Finances

Spring is the perfect time to refresh and reorganize our lives, and that includes our finances. As we work on cleaning our homes and purging unneeded items, it doesn’t hurt to do some financial spring cleaning too! Here are some questions to help get you started:

1. Do you have old retirement or HSA accounts to consider consolidating? 

Over the years, you might have accumulated multiple retirement or Health Savings Accounts (HSAs). Consolidating these accounts can simplify your financial management and potentially reduce fees. 

2. Have you reviewed your beneficiary designations recently? 

Life changes such as marriage, divorce, death, or the birth of a child can affect your beneficiary designations. Make sure your accounts reflect your current wishes. 

3. Does your budget need updating? 

Your financial situation and goals can change over time. Review your budget to ensure it aligns with your current income, expenses, and savings goals. 

4. Do you have cash that can be earning more in a high-yield savings account? 

Interest rates fluctuate, and it's worth checking if your cash could be earning more in a high-yield savings account. This can help maximize your savings. 

5. Have you recently checked your credit report? 

Regularly checking your credit report can help you spot errors and detect potential fraud early. It's a good habit to review it at least once a year. Annual Credit Report.com - Home Page is the official site to use. 

6. Time to review your Estate Planning documents! 

Once a year, dust off that binder from your attorney and take a peek. Do the documents still reflect your intent? Also, if you have acquired property in a different state or moved, it’s time for an attorney to help update your estate plan. (most changes do not require starting from scratch!) 

Spring cleaning isn't just for your home—it's a great opportunity to tidy up your finances too. What other financial tasks do you think are essential for a thorough spring cleaning?