Spring is a season of renewal, and your finances deserve the same fresh start. Spring is a great time to reset and make sure you're on track for the rest of the year. Here are five timely moves you can make this spring:
1. Revisit Your Budget
Costs shift, goals evolve, and life changes. Now’s a great time to rework your budget, identify overspending, and realign your dollars with your priorities. Look for subscriptions you no longer use and areas where you can trim. See my article titled “How To Budget and Different Strategies to Consider” for more details on budgeting strategies.
2. Review Your Tax Situation
With tax season wrapping up, take what you’ve learned and start planning for the remainder of this year. Could you increase contributions to tax-advantaged accounts like IRAs or HSAs? Are you withholding too much—or not enough? Were there items you missed last year that you can take advantage of this year?
3. Refresh Financial Goals
Are your goals still the same as they were in January? Maybe you’ve had a promotion, moved to a new home, or plan to retire in a few years. Re-evaluate your short-term and long-term financial goals and adjust your saving and investment strategies accordingly.
4. Check In on Investments
Market volatility is a reality, but that doesn’t mean you should ignore your portfolio. Rebalancing now can help keep your investments aligned with your risk tolerance and time horizon.
5. Secure Your Digital Financial Life
Spring cleaning isn’t just physical... clear out your digital financial clutter. Update passwords, enable two-factor authentication, and make sure your beneficiaries are current across your accounts. See my article titled "Protect your financial information in the digital world” for more details.
Together, we can work to keep you on-track toward your financial goals.
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