While the end of the year and subsequent new year\u2019s resolutions may be one of the most popular times to review your personal finances and set new goals, it\u2019s important to check in throughout the year. The start of spring aligns with the end of the first quarter of the year, a good point to spend a few hours and spring clean your finances. After you\u2019re done with the household chores, that is.<\/p>\n\n\n\n
The goals you set at the beginning of the year might not make sense anymore\u2014and that\u2019s OK. Extraordinary circumstances call for flexibility, and you may need to set new goals based on your current situation.<\/p>\n\n\n\n
Perhaps you need to rebuild an emergency fund<\/a>, pay down debts, or start a job hunt. Use the start of spring as a transition point. Even if you updated your budget at the start of the year<\/a>, you may need to revise it again to align with your new goals.<\/p>\n\n\n\n Low interest rates can open up new opportunities. If you\u2019re paying down debt, it may be an ideal time to refinance a loan<\/a> or take out a personal loan to consolidate high-rate credit card debt.<\/p>\n\n\n\n You could also consider how low rates affect your aspirations to own an investment property<\/a>. Or, if you already have a rental property<\/a>, perhaps it\u2019s time to add another to your portfolio.<\/p>\n\n\n\n Turbulent markets may have thrown your asset allocation<\/a> out of line. While you don\u2019t need to rebalance your portfolio every day, you may want to examine it when the market settles down. Tracking your investments<\/a> can help limit your risk and improve your overall returns.<\/p>\n\n\n\n If you don\u2019t manage your own portfolio, consider how your financial planner has communicated with you over the last several months and whether you might want to make a change to someone else.<\/p>\n\n\n\n It can be easy to think of recurring bills as a relatively fixed expense. But taking the time to figure out ways to lower these regular expenses can lead to significant savings in the long run.<\/p>\n\n\n\n You may have stuck with a bank or credit card for years, and it might have been the perfect account for you when you opened it. But your financial situation changes over time and financial spring cleaning is a great time to reevaluate.<\/p>\n\n\n\n Consider the current lineup of rewards credit cards, checking accounts, and savings accounts to figure out what might be best for you today. Consolidating may also be a good idea.<\/p>\n\n\n\n For example, if you meet account balance minimums (which may include balances from brokerage and retirement accounts), some banks offer waivers on account fees, discounts on loan interest rates, or more rewards when you use one of their eligible rewards credit cards.<\/p>\n\n\n\n Government agencies are holding onto a billion dollars of unclaimed funds and are waiting to return them to their rightful owners. Perhaps you quit a job and never got a last partial paycheck or transferred your pension. Maybe a relative passed and left you money (but you didn\u2019t know to collect it) or you had an account at a bank that failed.<\/p>\n\n\n\nLook Over Your Debts and Opportunities<\/h2>\n\n\n\n
Rebalance Your Investment Portfolio<\/h2>\n\n\n\n
Review Your Monthly Bills<\/h2>\n\n\n\n
Compare Your Financial Accounts to Current Offerings<\/h2>\n\n\n\n
Search for Unclaimed Funds<\/h2>\n\n\n\n