Spring Cleaning Financial Planning Checklist

Financial Planning 101

Spring is just around the corner which means it is time to formulate your spring cleaning checklist. Unfortunately, you cannot just conduct spring cleaning measures in the home, you must also dust off your finances a bit. To ensure that you are able to transition into spring with ease, be sure to check off each item on your spring cleaning financial planning checklist:

  • If you are one of the many individuals whose banking is cluttered since you have multiple accounts and various statements coming in each month, it is time to tidy up your banking. Take some time to consolidate your accounts so that you can streamline the banking process. Once everything is condensed, ask your bank if you qualify for more favorable interest rates and lower fees now.
  • When was the last time you checked your credit score? You should have your credit score checked annually so that you can fix any discrepancies before they present problems for you. Make an effort to stay on top of the game so that your credit score never has a negative impact on your life.
  • If you have any debt, including student loans and mortgages, take some time to review your statements and see where you could possibility have the opportunity to pay off your debt faster.
  • Rather than handling multiple 401(k) accounts, consolidate your retirement savings into one platform so that you can streamline your savings. Now is also the perfect time to evaluate how much you are contributing to your 401(k) and see if there is any room to increase those contributions.
  • One of the biggest mistakes an individual can make is viewing their life insurance policy as a stagnant policy that you purchase and wait until you need it. In reality, you should be updating your policy based on your life events at least once a year.

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