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8 Tips for Financial Spring Cleaning

Andrew Prignitz, CFP®, CRPC®

Director of Financial Education

Last Updated
April 20, 2022
Senior couple looks at information on their laptop and cell phone

Start the New Season Financially Strong

Spring has officially sprung! It’s time throw open those windows and welcome the fresh air into your home. It’s also time to freshen up your financial life. Start the season off strong by implementing the following financial tips.

Tip #1 – Recommit to paying off debt

If possible, resolve to pay down more of any outstanding consumer debt each month. Also consider directing additional funds toward paying down your mortgage principal. The sooner you tackle your debt, the closer you’ll be to financial freedom.

Tip #2 – Reevaluate your financial goals

Have your financial goals changed since last season or last year? If so, be sure to update your financial plan so that it continues to meet the needs of your ever-evolving life. Your financial advisor can help.

Tip #3 – Access your credit report

Each of the major credit bureaus (Equifax, Experian and TransUnion) allows consumers to access one free report each year. Take advantage of this opportunity to double check your credit score and identify any unexpected errors.

Tip #4 – Rebalance your portfolio

Rebalancing to your original (or an updated) asset allocation helps lock in gains from top-performing sectors and ensure your portfolio remains in line with your investment objectives and risk tolerance.

Tip #5 – Fund your health savings account

If you participate in a high-deductible health insurance plan, contributing to your health savings account (HSA) is a tax-efficient way to save for unexpected medical expenses. In 2022, the HSA contribution limit is $3,650 for individuals and $7,300 for families.

Tip #6 – Reevaluate your employer benefits

If you did not complete this important step during your employer’s annual benefits enrollment period, now’s the time to review your benefits to make sure they continue to meet your needs. Consider whether the health, disability and life insurance provided by your employer is adequate based on any recent changes to your financial situation.

Tip #7 – Increase your retirement plan contributions

Making small annual increases to your retirement plan contributions can have a big impact on your savings. Consider upping your contribution by 1% to 2% each year. By making small, incremental changes, you’ll be unlikely to even feel the impact on your take-home pay.

Tip #8 – Organize your files

Take time to establish a system for organizing both hard copy and electronic documents. Consider storing hard copies in a locked filing cabinet. Electronic documents can be stored in the online vault of your financial planning software (if you have one), in the cloud or on an external storage drive that’s kept in a secure location. Once you’ve established a system, be sure to back up your files on a regular basis.

Need some help spring cleaning your finances? Creative Planning is here for you. Our experienced professionals work to ensure every aspect of your financial life is well cared for and working to help you achieve your long-term goals. Schedule a call to learn more.

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This commentary is provided for general information purposes only and should not be construed as investment, tax or legal advice, and does not constitute an attorney/client relationship. Past performance of any market results is no assurance of future performance. The information contained herein has been obtained from sources deemed reliable but is not guaranteed.

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