Finances: Spring Cleaning For Your Finances

for yourFinances

By Cathy Shouse

If you are one to embrace spring-cleaning of your home, you probably create a checklist and mark things off as you go. Your finances can benefit from the same strategy. As you prioritize things like washing windows, organizing closets, and de-cluttering the garage or the basement, consider adding money management to your list.

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Ric Runestad, president, CEO, and investment advisor at Runestad Financial Advisors, LTD, shared some thoughts on the topic: “It is interesting how the seasons impact the way we feel about things and the way we prioritize activities,” Runestad said. “As the air becomes warmer and spring starts to come into focus, it feels natural to want to open the windows and get everything that has been cramped up inside for the last several months cleaned and organized.”

While doing so, it makes sense for us to take some time to look beyond the physical to make sure our financial affairs are in order.

Runestad said, “Doing a full inventory of our assets is helpful. One of the things we do for our clients is to arrange all of their accounts, including things like where their lock box is, onto one or two sheets of paper. That way it gives them management at a glance for their personal finances.”

A financial spring-cleaning checklist:

1. Review your mortgage. Have your finances changed or rates dropped so you could do better? 2. College savings account. Have you started that college savings account you always intended to or have you increased your funding amount on the one you have as planned? Can you ramp up repaying your student loan(s)? 3. Investments. Have your goals changed? Are there unopened statements to evaluate that may have been tossed into a box? 4. Taxes. Your taxes were hopefully completed and filed, so are there changes you need to implement so 2020 tax planning that will be more in your favor? (i.e., altering how much is deducted from your paycheck might be one if corporately employed, or batching deductible expenses for entrepreneurs). 5. Legal matters and beneficiaries. Do you have a will naming a guardian if you have minor children? Have you signed papers about your last wishes? Do all of your accounts have updated beneficiaries listed? Planning now can save your heirs many headaches later. a

Note: Not intended as advice. Consult an expert about your individual circumstances.

Resource: Runestad Financial Services, Leo, 260.627.3333, runestadfinancial.com

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