Hands typing on a computer. Take care of your financial spring cleaning this year!

Financial Spring Cleaning

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While you mop your floors and dust your curtains, springtime is also the perfect time to inspect and clean up your finances. Financial spring cleaning prepares you for tax season and a fruitful year ahead. 

Financial Planning Spring Cleaning

Here is an annual financial self-care checklist compiled by the team at Trajan Wealth. By staying informed about your financial situation, you can take control of it instead of letting it control you. 

Perform a Comprehensive and Honest Self Audit

Before we know where we’re heading, we need to know where we are. Take a look at your monthly cash flow and ask yourself: Do my financials reflect my goals? Is my extra cash working for me? Does my current spending habit support the financial future I want?

Review Your Streaming Subscriptions

This is a must for financial spring cleaning. With so many options out there today, from Peacock to Paramount, it can be easy to overlook how much you’re spending on streaming each month. Especially as we start venturing out in the world more, sit down and be honest with yourself about the last time you really watched The Criterion Channel. 

Take Stock of Your Savings

Allocating money towards your savings account will make a big difference. It used to be that an emergency fund would cover 3-6 months of expenses. Now, financial advisors recommend at least six months’ worth of savings, if not more. Our recommendation: Set up automatic payments to an assigned savings account, so you don’t forget to pay yourself first.

Look at Your Portfolio

Is your current portfolio aligned with your needs and risk tolerance? Do you wish you had a better handle on diversifying it? If you want to realign your current investing, our team of fiduciaries can create a tax-efficient and diversified portfolio that reflects your needs, goals, and timelines. In an ever-changing economic environment, you want an expert by your side. 

Learn more about Trajan Wealth’s approach to investing.

Evaluate Your Insurance

When was the last time you took a look at your homeowners, rental, auto, or life insurance?  After the past two years, so much has changed. House prices have increased, and many have purchased new technology to work from home. Take an afternoon to look through your policies and make any necessary adjustments. Update any relevant information, including change of address or expensive purchases.

Set a Few Financial Goals 

Whether it’s saving up for a dream vacation, paying off your debt, or starting a college fund, pick 3-5 attainable goals. Now, write them down and post them somewhere you’ll regularly see, on your desk or a bathroom mirror. When we write down our goals, we’re more likely to achieve them. This reminder will help you spend your money more mindfully. 

Clear Out Your Financial Cobwebs 

You have the power and the right to work towards the financial life you want. Financial spring cleaning might sound time-consuming or tricky but trust us—you’ll feel so much better once your finances are in order. 

One final task to add to your list: speak to a trustworthy financial advisor! Whether you’re in Texas, Arizona, or Utah, the Trajan Wealth fiduciaries can help you out right in time for tax season.  An annual appointment offers a comprehensive look at your finances to help you take control of your future. 

Schedule an appointment today!

© 2024 Trajan® Wealth LLC. Nothing in this blog is intended as investment advice, nor is it an offer to buy or sell any security. Please consult your financial advisor for questions about your personal financial situation. All investments involve risk, including the potential for loss. Trajan Wealth clients and employees may have a position in any of the securities mentioned. Portfolio holdings and other data are subject to change at any time and without notice. Additionally, the above links provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Trajan Wealth, L.L.C., of any of the products, services or opinions of the corporation or organization or individual. Trajan Wealth, L.L.C., bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. These materials are for informational and educational purposes and are not designed, nor intended, to apply to any person’s individual circumstances. It does not take into account the specific investment objectives, tax and financial condition, or particular needs of any specific person. Please consult with your legal and/or tax advisor before making any tax-related decisions.