Spring Cleaning Your Finances
As the weather in Cleveland (Hopefully!) starts to improve, many people are thinking about spring cleaning their homes and yards. This is also a great time of year to do a little spring cleaning on your finances as well.
1. Check in on Your Budget: Having a good budget is a huge part of a successful financial plan, so it’s wise to revisit
it periodically. Look at areas where you may be spending, as well as areas where you have more budgeted than you’re spending. The goal here is to track your finances without having to spend huge amounts of time every month. After all, you want to be as wise with your time as your money.
2. Check Your Tax Withholdings: It’s tax season, and that big refund feels good! But essentially it means that you’ve given the government an interest free loan for the year, and so it may be wise to revisit how much you’re having withheld.
3. Take a Home Inventory: If you have homeowners’ insurance, you need an inventory of all your possessions. An inventory will make it much easier to replace your items in case of a disaster. If you don’t yet have an inventory, take photos of most of the items in your home, especially expensive items like electronics and furniture. Make sure you’re also keeping track of approximately how much you paid for them.
4. Cut Your Bills: If it’s been awhile since you shopped around for better rates on your car insurance, cable,
cellphone plan, even things like utilities, this is a good time to see if you can reduce your costs. It’s a good idea to do this at least once a year, to make sure you’re not overpaying.
5. Revisit Your Insurance Coverage: People tend to have a “set it and forget it” mentality when it comes to homeowners and life insurance policies, and it could be costing you in the long term, or in the event of an incident. It’s a good idea to review your coverage periodically, especially if you’ve had a new addition to the family or had a significant raise. As housing costs and construction also continue to rise, it may be necessary to upgrade your policy to ensure you can rebuild in case of a complete loss of property.
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