5 ways to conquer the rest of the year with confidence
We’re all familiar with the idea of spring cleaning our homes. We clear out closets and clutter, clean gutters, and empty garages—all with the aim of simplifying our lives. But many of us don’t take the time to dust off our finances yearly.
Get your money affairs in order with these simple steps:
Clear clutter. Get rid of financial paperwork you no longer need. Scan receipts and shred any financial records beyond the recommended time to keep. Learn how long you should keep your financial documents from Consumer Reports.
Review your credit report. Visit AnnualCreditReport.com to order one of the three free yearly credit reports to which you are entitled. Check the report carefully to make sure all of the information contained in it—debt utilization, number of accounts, etc.—is accurate.
Evaluate debt. If you’re still in hock from the holidays, make a concerted effort to pay down those balances. Use a portion of your tax return or money from selling items gleaned from your household spring cleaning to ditch the debt.
Update your budget. Examine your spending habits and look for places to trim the fat. Then use that money to add to (or start) an emergency fund—or to boost your retirement savings.
Inventory investments and insurance. Look into rebalancing your investments if it’s not done on autopilot. Review your insurance policies to make sure you’re covered for every eventuality (homeowners, life, health, auto, and disability or long-term care) based on your individual circumstances.
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