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18 Apr

Spring Clean Your Finances!


Posted by: Allison Schop

When it comes to Spring cleaning, we routinely rake up the lawn, spruce up the gardens, clean out the garage, wash all the windows and the list goes on and on.

This year, let’s focus on Spring Cleaning your finances!

Take control of your finances and understand where your money is going in these five steps:

1. Review your personal goals. Reaching goals, creates motivation to strive for the next goal. It’s addictive. You’ll see! What goals do you want to work towards? How aggressive do you want to tactical them? (examples might be plan dream vacation, renovate kitchen, grow retirement or education savings, become debt-free, buy new car etc.)

2. Review your budget. Review your monthly bank account and visa statements. Update your spending to see where your money is going. Which expenses have changed? Are you able to scale back on any areas? Have you earned a promotion since you last updated your budget, don’t forget to update your income!

3. Review your debts. How much do you owe, and at what interest rates? Do you have a plan to pay these off? Are you in control of your debt, or are the debts controlling you?

4. Review your protection. Dig out your Will and life insurance policy. Are your wishes still accurately addressed? Are your beneficiaries up-to-date?

5. Review your investments. Do all your registered accounts have beneficiaries? Do your beneficiaries need to be updated? How has your investments preformed? What fees are you paying to hold your investments? Review the suitability of your investments, compared to your current financial situation and life stage.

Need help? I understand, not everyone loves reviewing finances as much as I do. As a mortgage professional, my goal is to help clients reach unimaginable goals. I have a history of success and I would love to help you too! Contact me today, 705.795.4162