The time following Valentine's Day has always served as a reminder that Spring is on the way. The days are getting longer, and people everywhere are thinking about future travel and finances. Something about the Spring causes us to look to the future, which can sometimes mean assessing any less-than-ideal financial behaviors. Resetting your finances can help you get organized, identify areas for improvement, and make sure you are on track to pursue your financial goals. Here are some tips for spring cleaning your finances.

Preparing for the Tax Deadline: Organize your documents before the tax deadline hits by gathering all necessary documents such as W-2s, receipts and investment statements. Staying organized will streamline the tax filing process and help you take advantage of eligible deductions. In addition, assess your current tax withholdings to ensure they align with your financial situation. Adjustments may be necessary based on changes in your income, family size or other factors.

Create a budget for Spring travel: Before embarking on any spring travel plans, establish a budget that includes accommodation, transportation and daily expenses. This ensures you enjoy your trip without straining your finances.

Consolidate debt: If you have multiple credit cards or loans, consider consolidating them into one loan with a lower interest rate. This can help you save money on interest and simplify your monthly payments.

Set financial goals: Use the spring cleaning season as an opportunity to set new financial goals. Whether it’s saving for a down payment on a home or paying off debt, having a clear goal in mind can help you stay motivated and focused.

Evaluate your investments: Take a look at your investment portfolio and make sure it aligns with your long-term financial goals. Speak with your financial advisor to get professional advice on how to optimize your investments.

Plan for retirement: If you haven’t already, start planning for retirement. Consider opening a retirement account and contributing to it regularly. The earlier you start, the more time your investments have to grow.

Spring cleaning your finances may seem daunting at first, but it’s an important step toward financial stability and security. By taking a few simple steps, you can get your finances in order and set yourself up for a successful financial future — so grab a pen and paper, make a plan and get started today. If you have any questions, reach out to us. At Wymer Brownlee, we’re not just focused on wealth. We’re driven by your dreams and your goals for the future.

Andrew Barnes