5 Spring Cleaning Ideas for Your Finances

Benjamin Haas |

With warmer weather just around the corner (hopefully!), now is the perfect time for spring cleaning. But instead of doing the traditional dusting and tidying up around the house, we’re talking about reviewing your financial life and “cleaning up” anything that has been out of mind and in need of some attention. Below is a list of five financial ideas that you can review so you have a fresh start from a financial perspective going into spring:   

  1. Review your retirement contributions and decide if there’s merit to increasing and/or maxing out your contributions while it’s still early in the year to do so.  

  2. Review all beneficiary designations on your accounts and make sure your estate documents still align with your wishes. 

    • If you haven’t done so already, share a copy of your estate documents in eMoney so that we can confirm your LPL beneficiary designations.  

  3. Review your tax withholdings. Did you get a refund this year or do you owe the IRS? Although it can feel like found money when you get that refund, your overpayment just means the IRS borrowed your money with no interest. And if you paid in, you probably owed THEM interest... 

  4. Consider consolidating accounts for ease of management. Do you have small stocks that were gifted or inherited? Old employer accounts that aren’t active anymore? Multiple accounts may mean conflicting investment strategies and extra work come tax time.  

    • Log into your eMoney portal and make sure to re-link all accounts to ensure your financial information is up to date for future meetings. 

  5. Lastly, go through your filing cabinet (or wherever you keep bills, statements, etc) and shred any information that is out of date/no longer needed to be kept on hand. We suggest shredding any utility/credit card bills after one year and tax related documents after 7 years (the IRS is able to audit tax returns in the previous 3 years but there are times they can go back up to seven years)1.

Although these tasks are never exciting or fun to do, you’ll feel accomplished once they’re completed, similar to crossing off spring cleaning tasks off the to-do list or better yet, delegate the process to a professional like us! Like many projects in life, a couple extra hands not only make the work go quicker, but may also limit the risk that something important falls through the cracks. So, as you dust the corners of your house, plant the garden, or clean out your garage, consider giving your financial plan a once over too. There’s no time like the present. 



1 - https://www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records#:~:text=Keep%20records%20for%203%20years%20from%20the%20date%20you%20filed,securities%20or%20bad%20debt%20deduction.  

Investment advice offered through Great Valley Advisor Group, a Registered Investment Advisor. Great Valley Advisor Group and Haas Financial Group are separate entities. This is not intended to be used as tax or legal advice. Please consult a tax or legal professional for specific information and advice. 

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