Spring is a time of renewal—a chance to declutter, refresh, and start anew. While many of us focus on deep-cleaning our homes, our finances deserve a little spring cleaning too! Taking the time to organize, review, and refresh your financial plan can set you up for success in the months ahead.
Here’s your financial spring cleaning checklist to tidy up your money habits and ensure your wealth is working for you.
- Declutter Your Budget
Just like sorting through closets and getting rid of what you don’t need, your budget could use a refresh too!
✔ Review your expenses: Are there subscriptions, memberships, or services you no longer use? Cancel or adjust them.
✔ Check for overspending: Have small expenses crept up over time? Identify areas where you can cut back.
✔ Align your budget with your goals: If your financial priorities have changed, adjust your spending to reflect what truly matters.
- Dust Off Your Savings Plan
Spring is a great time to reassess your savings habits and make sure you’re on track.
✔ Emergency Fund Check: Aim for at least 3-6 months of expenses saved for unexpected situations.
✔ Retirement Contributions: Are you maximizing your 401(k) or IRA contributions for the year?
✔ Automate Your Savings: Set up automatic transfers so you’re consistently saving without having to think about it.
- Spring Cleaning Your Investments
Your investments should grow with you. Take a moment to review your portfolio and make sure it aligns with your risk tolerance and long-term goals.
✔ Rebalance if needed: Market fluctuations can shift your asset allocation—make sure it’s still in line with your strategy.
✔ Tax-Efficient Investing: Look at ways to minimize taxes on your investments. Consider tax-loss harvesting or contributing to tax-advantaged accounts.
✔ Long-Term Goals Check: Are you still on track for major milestones like retirement, home buying, or education funding?
- Spring Cleaning for Your Financial Documents
Having your financial paperwork in order makes life easier for you and your loved ones.
✔ Update Beneficiaries: Make sure your life insurance, retirement accounts, and estate plan reflect your current wishes.
✔ Review Your Estate Plan: If you don’t have a will or trust in place, now’s the time to get one. If you do, review it to ensure it’s up to date.
✔ Secure Your Documents: Keep important documents in a fireproof safe or digital vault for easy access.
- Tidy Up Your Taxes
Tax season is in full swing, making spring the perfect time to:
✔ Gather Your Documents: Organize W-2s, 1099s, deductions, and receipts to make filing easier.
✔ Adjust Your Withholding: If you got a big refund or owed more than expected, adjust your W-4 for better tax efficiency.
✔ Plan for Next Year: Consider strategies like increasing retirement contributions or making charitable donations to lower your tax bill.
Spring Cleaning For A Fresh Start!
Spring cleaning isn’t just about tidying up—it’s about refreshing your financial habits and making sure your money is working for you. By taking a few simple steps today, you can create a stronger financial future and enjoy greater peace of mind.
Need help getting your finances in order? Let’s chat! Our team at PrairieView Wealth Partners is here to help you create a clear, confident path forward.
Schedule a consultation today and give your finances the fresh start they deserve!
