1. Sort Through Paperwork.
Tax season is the perfect time to go through all of your financial records since you have already gathered a great deal of paperwork to file your taxes. A number of experts advise keeping all returns and documentation related to your filing at least seven years. Discard papers if you have stored electronic copies. Download electronic copies of bank and insurance records and other important documents to your computer and back them up onto a separate hard drive or cloud storage.
2. Revamp Your Budget.
Living within your means is an integral part of a healthy financial lifestyle. But we’re all human, and sometimes our wants overcome our needs or something unexpected comes along. Review last year’s budget and then recalibrate for this year. That may mean zeroing in on and consequently reducing purchases in a given spending category, such as eating out at restaurants.
3. Check in on Investments.
If you have multiple 401(k) accounts leftover from various employers, take the opportunity to roll them over into one account or with one investment company where your money is. This will usually give you more flexibility when it comes time for withdrawals. Also, if you haven’t upped your retirement savings in a while, spring is a great time to check in and increase your contributions.
4. Consolidate Banking Accounts.
Many families have multiple bank accounts – checking, savings, CDs, money market accounts, etc. You can often earn higher interest rates or qualify for loan discounts by moving all those accounts to a credit union. Spring is a great time to take a yearly look at all of those bank accounts. If you have too many, close the inactive ones. Shred any unused checks or registers from old accounts.
5. Create a Financial Calendar.
It’s often too easy to ignore financial tasks right up until the last minute. That’s why it’s a great idea to setup a financial calendar. It’s simple: set reminders throughout the year to do things like review insurance policies, get a credit report or re-balance investments.
Whether it’s tweaking your budget or adjusting your withholding amount, there are plenty of ways to get organized this spring. Do yourself a favor by getting organized and saving for your future.