Pre-Retirement

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Financial Spring Cleaning

By Kyrk Davis

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It's finally starting to feel like spring in Kentucky and I don't know about you, but I'm ready for it. I love to spend time outside in the warmer months.

Of course lots of people also think of spring as a time to throw open the windows, let in a little fresh air and do some spring cleaning. That got me thinking that, in addition to organizing your home, this is a good time to do a little organizing and spring cleaning of your finances - especially if a cold snap sends us back inside for a few days. (Seems like it always does, right?)

Here are a few things to look for:

First, and we see this all the time in our business, do you have any old 401(k)s floating around from a previous job? Take a look back at any old statements and let's get those consolidated. Give me a call and we'll discuss your options.

Next, take an honest look at your consumer debts. Do you have credit card balances lingering? Car payments that you could knock out? I encourage you to refresh your budget too, and see where you might be able to find a little extra cash to put toward any debts you're carrying.

If you haven't gotten started on your taxes yet, it's also a great time for that fun task. Make sure you have all the documents you need to take to your accountant, and get them organized ahead of time. The time spent with your CPA will be more efficient if you're prepared going in.

Are you planning to make any major purchases this year, like a home or a car? Create a budget for that, showing what you've already saved and how much more you'll need to reach your goal. I'd also recommend checking your credit score so there won't be any surprises if you need to apply for a mortgage or car loan. Reports and scores are available for free online in many places, and lots of credit cards offer free scores as part of their online access.

Remember that organizing is at the heart of what we do at Family Financial Partners and FeeForPlan.com. If any of these tasks leave you feeling lost or unsure of something, please, give us a call. We'll help you sort through it and work even more efficiently toward your short- and long-term goals.

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