4 Steps to Financial Spring Cleaning

4 Steps to Financial Spring Cleaning

Financial spring cleaningSpring cleaning is an annual rite of passage for many people. After a long Toledo, Ohio winter, your lawn as well as the inside and exterior of your home could use some attention. Lawn care companies are busy this time of year with requests for thatching, weed pulling, clipping hedges, cleaning gutters, and numerous other outdoor chores. Perhaps the outside of your home needs a new paint job and the inside needs a deep cleaning.

You accept that these chores must be done and just do them. Taking the same attitude towards financial spring cleaning could save you money and help you earn higher returns on your investments.

Check Your Contributions and Allocations on Your Retirement Account

Whether you have an employer-sponsored 401K or an Individual Retirement Account (IRA), it’s important that your money works hard for you. If you invest in stocks with your retirement savings, check them periodically to ensure they’re doing well. It’s also a good idea to increase your contribution as often as possible. If you have a 401K, make sure you’re taking advantage of the maximum contribution from your employer.

Start Tax Planning for Next Year

The deadline for filing taxes may have just passed for this year, but it’s not too early to start planning for next year. Look at your tax returns to see if you have taken advantage of every possible deduction. If your health insurance comes with a high deductible and co-payments, you could realize considerable tax savings by setting up a Health Savings Account (HSA). If your number of dependents have changed recently, make sure that your payroll deductions reflect that.

Review Your Insurance Policies

Are you paying the lowest possible premium on your life, auto, and homeowner’s insurance policies? This is something you need to research for yourself since most companies aren’t going to volunteer information on how you can save money. If you have more than one policy with the same company, you should be eligible for a multi-policy discount. Depending on your individual circumstances, raising your deductible in exchange for a lower premium could make sense for you.

Meet with Your Financial Planner

A good financial planner helps you manage all aspects of your financial life. Whether it’s retirement, saving for your child’s college education, setting up a charitable fund, or anything in between, you should be able to get help with any financial concern.

If you’re dissatisfied with your financial planner’s advice or number of services offered, perhaps it’s time for a change. David Macino is an experienced Investor Advisor Representative with more than a dozen years of experience helping clients create better financial futures. If you’re not getting the attention and services you deserve, call us at 419.491.0909 to schedule a consultation.

Fiduciary duty extends solely to investment advisory advice and does not extend to other activities such as insurance or broker dealer services. Advisory clients are charged a monthly fee for assets under management while insurance products pay a commission, which may result in a conflict of interest regarding compensation.

Share this post

The firm only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. State registration is not an endorsement of the firm by the Commission and does not mean that the adviser has attained a specific level of skill or ability. All investment strategies have the potential for profit or loss. Changes in investment strategies, economic conditions, contributions or withdrawals may significantly alter a portfolio’s performance.
There is no guarantee that any specific investment or strategy will be suitable or profitable for a particular client. Past performance is no guarantee of future success. None of the content should be viewed as an offer to buy or sell, or as a solicitation of an offer to buy or sell the securities discussed.
Information on this website does not involve the rendering of personalized investment advice but is limited to the dissemination of general information on products and services.