Ask Dana! A Column Where Personal Finance and Life Intersect: 7 Steps to Spring Cleaning Your Finances

Spring is a great time to do some deep cleaning—not just in your house but also in your finances. Here are seven steps you can take to spring clean your finances:

1. Review your budget: Look at your spending over the last few months and see where your money is going. Are you spending too much on non-essentials? Can you cut back on some of your expenses? Most online credit card statements will break out purchase categories, so you can use this to track your spending. Then, adjust your budget as needed.
2. Set financial goals: Use the spring season as an opportunity to set new financial goals. Whether saving for a vacation or paying off a credit card, having a goal in mind can help you stay motivated and on track. Focus on funding more to your retirement account or HSA.
3. Check your credit report: You’re entitled to a free credit report from each of the three credit bureaus annually. Take advantage of this and check your credit report for errors or fraudulent activity.
4. Pay off debts: If you have outstanding debts, consider using your tax refund or bonus to pay them off. With interest rates rising, you’re probably paying more interest than ever before. Not only will you be reducing your debt load, but you’ll also be saving money on interest charges.
5. Organize your paperwork: Gather all your financial paperwork, including bank statements, tax documents, and investment statements, and organize them in a file or folder. This will make it easier to find what you need when you need it.
6. Consolidate accounts: If you have multiple accounts with different banks or credit card companies, consider consolidating them. This can make it easier to manage your finances and could also save you money on fees.
7. Automate your finances: Set up automatic payments for bills and savings so you don’t have to worry about forgetting to pay them on time. This can also help you avoid late fees and may eliminate processing fees.

By taking these steps, you can spring clean your finances and get on track for a successful financial future. And please remember, seeking outside advice from professionals when you need it for tax, legal, or financial advice can make the overall process more manageable and less stressful for you. If you don’t know where to turn, don’t hesitate to contact us!

Dana R. Mascalo, CFP®, RLP®, AAMS®, C(k)P®, is a Managing Partner with TrinityPoint Wealth, an independent SEC Registered Investment Advisory firm in Milford, CT and Charlotte, NC. Dana advises high net worth clients with complex needs and is sought after by individuals, families, business owners and executives all over CT and the United States. Acting as their personal CFO, Dana looks at a client’s entire financial life with a visionary lens, advising on investment portfolios, retirement planning, stock options, life transitions, exit planning for business owners, customized advanced cash-flow planning and multi-generational wealth transfer strategies.

This material presented is for informational purposes only and is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy, or investment product. TrinityPoint Wealth, nor its investment advisory representatives are permitted to provide legal or tax advice, and nothing contained in these materials should be taken as legal or tax advice.