7 Ways to Spring Clean Your Finances – Pierson Wealth Management

Spring is an ideal time to clean up your finances, clear out the clutter, and get a fresh start, consider the following seven suggestions to get a better handle on your finances this spring season.
1. Clean Up Your Spending
Review the past few months and write down your recurring bills and expenses. When you inventory those expenses, assign a priority number from one to three, with one being expenses you must meet and three being items you could live without. Clear out or reduce drastically your level three expenses.
2. Clear the Decks and Put Your Savings on Autopilot
That money you recouped by disconnecting your services can now be redirected automatically to your emergency fund.
3. Review Your Tax Withholding
You’re looking forward to that big tax refund this year. However, what you have actually done is give the U.S. Government a 12-month interest-free loan. Adjust your withholding for a better balance and slide that extra money into savings or another investment plan.
4. Inventory Your Material Wealth
Dedicate time photographing and cataloging your possessions. Concentrate on big-ticket items like your furniture and expensive electronics. Write out the approximate amount you paid and when you purchased the piece. As you bring new items into your home, save the receipts and update your inventory.
5. Check Into Your Renter or Home-Owner Insurance
Your spring cleaning should include a complete insurance check-up. Is your coverage adequate to replace everything you inventoried after you followed suggestion #4 above? If you own your home, you know that replacement costs have risen everywhere. Make sure you’re covered.
6. Plug Into Technology
Let the technology of your online banking platform keep you on the straight and narrow. Want to receive a warning when your account balance gets too low or your credit card spending is over a set amount? Your bank can do that via email or text message.
7. Get Your Paper Files in Order
For the financial papers you must keep, devise an orderly filing system. Stash the papers you usually throw away each month in the appropriate folder.
Finally, remember that bad financial habits come from neglect and passive spending decisions. Clear out the clutter and do away with what is not working for you.
Pierson Wealth Management is located at 28368 Constellation Rd., Ste. 396, Santa Clarita, CA 91355. Securities and advisory services offered through Cetera Advisors LLC (doing insurance business in CA as CFGA Insurance Agency LLC), member FINRA/SIPC, a broker/dealer and a Registered Investment Adviser. Cetera is under separate ownership from any other named entity. CA Insurance Lic# 0C92500.

​