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posted on March 24, 2013 by
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Checklist for Finances

Spring cleaning pix1

Have you started to feel the spirit of spring time? I’ve been doing my spring cleaning around the house and within my business which has provided me with a sense of energy and rejuvenation. Thankfully Spring is measured by more than the temperature outside (we still have snow on the ground in Wisconsin) – it’s a feeling from within your soul.  Now’s the time to capture that spirit from within, clean your house, and  get your financial house in order too.  Here’s a checklist for finances to help you get started.

Get Paperwork Organized
  • Store important papers (birth certificates, passports, marriage license, etc.) in a fireproof safe or safety deposit box.
  • Set up or reorganize your personal filing system.  Check out Alejandra’s website at www.alejandra.tv.com   for some great tips on how to do this.  You’ll also find some great tips on organizing your pantry, closets and drawers or anything else that needs it.
  • Buy a scanner and go paperless at home!  Not only will you save some trees, you will experience less clutter and discover new uses for your desk or countertops.  Review, scan or shred all mail within one or two days.

 

Make Sure your Family is Protected
  • Review your life insurance, annuities, and retirement plans to ensure beneficiary designations are updated and reflect your preferences.
  • See an estate planning attorney to draft new documents or review your existing documents. With the recent tax law changes its important to make sure your estate plan is up to date.
  • Review health, disability, long term care, life, auto, homeowner, and umbrella policies to ensure you have adequate coverage, desired policy features, deductibles and competitive premiums.

 

Take Control of Debt
  • Look into refinancing your mortgage if current rates are lower than your existing rate.
  • Check the terms of credit cards and switch to lowest-cost cards.  Better yet, create a debt management plan to pay off those credit cards and remove the debt burden.  Visit www.debtmovement.com for motivation and tips on how to do this.  Join the debt movement and be proud that you took control of your life!
  • Consider consolidating student loans to reduce interest rate.

 

Maximize Savings & Review Investments
  • Review your retirement plan contributions for the year. Are you set up to make the maximum allowed by year end? If not, it’s not too late. Most employers allow you to make changes at least quarterly. If you are saving in a traditional or Roth IRA set up automatic transfers from your checking account.
  • Do you have at least 6 months of living expenses set aside in an emergency fund? Set up an automatic transfer from your checking account to a money market or savings account. That’s how easy it is!
  • Now’s the time to start saving for college. Open up a 529 college savings plan for your children.
  • Review your investment strategy, asset allocation and risk tolerance.  Are they aligned?
Filed Under: Organizing Financial Life

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