Spring clean your finances1/11/2024 Registration as an investment adviser does not imply a certain level of skill or training. Jeff Spitzmiller is the CEO of Ohana Wealth & Life Planning based in Cincinnati, OH. Ohana specializes in life and financial planning for professionals in the healthcare and university fields. The firm is an independent financial advisor and a fee-only fiduciary. Jeff and the firm also enjoy volunteering and giving back to the local community. You can reach Jeff at was prepared by Ohana Wealth & Life Planning a federally registered investment adviser under the Investment Advisers Act of 1940. Clear out the clutter and do away with what is not working for you. Spring is the ideal time to get back in the driver’s seat and reacquire the big picture. Stash the papers you usually throw away each month in the appropriate month of the folder.įinally, remember that bad financial habits come from neglect and passive spending decisions. If you’re after a more simplistic method, head to your office supply store and buy an expandable folder with month separator tabs. Get Your Paper Files in Orderįor the financial papers you must keep, devise an orderly filing system. Want to receive a warning when your account balance gets too low or your credit card spending is over a set amount? Your bank can do that via email or text message. Most banking sites have the settings you need to do what you wouldn’t do for yourself. Let the free and secure technology of your online banking platform keep you on the straight and narrow. Make sure you're covered.Īlso, it wouldn’t hurt to check and possibly upgrade your life insurance, especially if your family has grown or your income has gone up. Is your coverage adequate to replace everything you inventoried after you followed suggestion #4 above? If you own your home, you probably know that replacement costs have risen everywhere. Go to your insurance files and this time really read the fine print. Your spring cleaning should include a complete insurance check-up. Check Into Your Renter or Home-Owner Insurance As you bring new items into your home, save the receipts and update your inventory. Write out the approximate amount you paid and when you purchased the piece. Concentrate on big-ticket items like your furniture and expensive electronics. Inventory Your Material Wealthĭedicate an hour or two to photographing and cataloging your household possessions. Adjust your withholding for a better balance and slide that extra money into savings or another investment plan. Give it to yourself as a monthly upfront paycheck increase. Government a 12-month interest-free loan. However, what you have actually done is given the U.S. You’re looking forward to that big tax refund this year. If you don’t have an emergency fund to cover at least six months' expenses, you could literally be one or two paychecks away from disaster. That 50 bucks a month you recouped by disconnecting your cable service can now be redirected automatically to your emergency fund. Clear the Decks and Put Your Savings on Autopilot For example, that $70 cable bill is a great candidate for your first cut. Clear out or reduce drastically your level three expenses. When you inventory those expenses, assign a priority number from one to three, with one being expenses you must meet to avoid being evicted from your home and three being rather nice to have, but you could live without. Whether you call it a budget or a spending plan, you only need to look in the rearview mirror over the past few months and write down your repeating bills and expenses. Whatever the reason may be, consider the following seven suggestions to get a better handle on your finances this spring season. Perhaps you have too many expenses in automatic, or it’s time to apply the brakes to your credit card spending. Maybe you have more money left over at the end of the month and could use a budget tweak. Spring is an ideal time to clean up your finances, clear out the clutter, and get a fresh start.
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