Spring Cleaning for Your Finances

With 2023 in full bloom, now is a great time to review your finances and make sure you’re on track to meet your financial goals. 

Here are some spring financial tips to help you get started:

  1. Review your budget and retirement contributions. Take another look at your monthly budget and adjust your expenses based on your year-to-date spending. If possible, increase your retirement savings by 1-2 percentage points (until you reach 15%). Need help organizing your finances? Check out our financial tools and resources at sbcwealth.com/resources/financial-tools.
  2. Review your insurance coverage. Ensure you have adequate coverage for yourself, your family, your lifestyle and your health. If you’re planning to add to your family, adding a new driver to the household, or preparing for another life event, now is a great time to connect with your financial advisor and insurance provider(s) to learn more about rates and added expenses you’ll want to prepare for.
  3. Plan for 2023 tax season. We just put the 2022 tax deadline behind us, so now is a great time to start preparing for the 2023 tax season. Consult with your tax advisor and financial advisor to coordinate a plan for success in 2023. 
  4. Revisit your estate plan. Consult with your lawyer and financial advisor on your estate plan.  If you don’t yet have an estate plan, we have a number of resources available to help you get started. Reach out to us at sbcwealth.com/contact for more information. 
  5. Pull your free credit report. If you haven’t in the past year, get your free annual credit report. Scan for errors and ensure all inquiries are legitimate.
  6. Boost your emergency fund. Life is unpredictable. It’s important to have money set aside for unexpected expenses. If you received a tax refund this year, use a portion to boost your emergency fund. Aim to save 3-6 months’ worth of expenses.
  7. Declutter your subscriptions. Fifty-one percent of Americans have subscriptions they don’t use or have forgotten about. Look through your account registers to identify recurring charges you’ve overlooked. No time to scroll transactions? Apps like Rocket Money or Hiatus can help, too. Bonus—Deactivating old or unused accounts is a good practice to protect your data. 
  8. Shred old financial documents. The IRS recommends keeping at least three years of tax returns. You should also keep documents related to your house, car, or stocks. The rest? Shred away! Be especially careful not to toss documents with sensitive information—instead, shred. 

By following these spring financial tips, you can set yourself up for a successful year and financial future ahead. It’s never too late to start taking control of your finances and working toward a brighter financial future. 

Reach out to your SBC Wealth Management advisor for a spring check in! 

If you’re new to SBC Wealth Management and  interested in learning more or working with our team, reach out to us at sbcwealth.com/contact.