Tips and Tricks for Spring Cleaning Your Finances
It's that time of the year! The seasons are changing, the days are getting longer, and the pollen has officially arrived. For many of us, spring also means it's time to tackle some much-needed cleaning around the house. While you're decluttering your home, why not take a moment to tidy up your finances as well?
Just like clearing out clutter can bring a sense of order to your home, organizing your financial life can help you feel more in control and set the stage for a smoother, more organized, and more successful year. Here are a few quick and easy tips to help refresh your finances this spring:
Review Your Subscriptions
It's easy to forget about that free-trial-turned-monthly-charge or the streaming service you haven't used since they stopped offering your favorite show. Take a few minutes to review your bank and credit card statements for recurring subscriptions and cancel anything you no longer need. This quick task could end up saving you hundreds by the end of the year.
Digitize Your Documents
Reduce clutter and improve accessibility by storing important financial documents securely online or on your computer. Set up folders on your computer or cloud storage to keep everything organized and accessible. Most cell phones today offer some sort of document scanning function - on the iPhone, that feature is found in the Notes app. You can scan documents directly using your phone's camera and store them as PDFs in whichever digital storage location you choose. A few options for cloud storage include Box, Google Drive, iCloud, Dropbox, and many more.
Digitizing your documents will also significantly cut down on the time and effort it takes to find a specific document. Need to find your 2023 tax return? Rather than thumbing through your filing cabinet for 30 minutes, simply search for it in your digital files and print or email it in a matter of seconds.
Go Paperless
By law, LPL is required to send you all sorts of documents - trade notices, shareholder meetings, shareholder voting, regular statements, etc. If you haven't turned on Paperless Delivery yet, you likely know the amount of mail you receive from your bank, your insurance company, or LPL can be unbelievable.
If you haven't opted into Paperless Delivery yet (and you would like to), now is a great time to do that. For LPL statements, you can customize these paperless settings in Account View and choose what documents, if any, are still mailed physically and which documents will be delivered digitally.
Update Accounts and Beneficiaries
Life changes like marriage, new children, relocation, or job changes might mean it's time to update your accounts. Institutions like your bank and insurance company want to have the most up-to-date information on your income, home address, marital status, etc. This is also a good time to make sure your account beneficiaries are accurate.
Refresh Your Budget & Automate Savings
Review your budget to see if your spending aligns with your goals and plan. Consider adjusting your spending categories and setting up automated transfers to savings or investments to make staying on track with your plan easier.
