Spring Financial Cleaning: 12 Money Moves You Should Make This Season

Spring has arrived, bringing with it a sense of renewal and a fresh start. As we begin to clean out our closets and tidy up our homes, it’s also a great time to declutter our finances and make some important money moves. Here are 12 financial tasks you should consider tackling this spring:

1. Revisit your resolutions: Take a look at the financial goals you set at the beginning of the year and see where you stand. It’s never too late to get back on track and make progress towards your goals.

2. Clean your financial ‘junk drawer’: Sort through all those financial papers and documents you’ve been ignoring. Organizing your paperwork can help reduce financial stress and ensure you have everything you need at hand.

3. Start a 2024 tax folder: Create a folder to store all your tax documents for the year. Being organized now will make next year’s tax season much smoother.

4. Watch your withholding: Review your W-4 form and make sure you are withholding the right amount from your paycheck. Adjusting your withholding can help you avoid surprises come tax time.

5. Talk to your tax preparer: Have a conversation with your tax preparer to strategize how you can lower your taxes for the year ahead. There may be deductions or credits you weren’t aware of that could save you money.

6. Max out your retirement plan: Contribute to your IRA for the previous year and get a head start on saving for the current year. Consider increasing your contributions to your workplace 401(k) to lower your taxes and save for retirement.

7. Name your beneficiaries: Take the time to review and update the beneficiaries on your retirement accounts and life insurance policies. It’s an important step in ensuring your assets are distributed according to your wishes.

8. Dust off your estate plan: Review your estate plan to ensure it reflects your current wishes and life circumstances. Update any necessary documents and beneficiaries as needed.

9. Book your 2025 vacation in 2024: Planning your vacations ahead of time can save you money and give you something to look forward to. Check the expiration date on your passport while you’re at it.

10. Review your investment portfolio: Spring is a good time to review your investment portfolio and make sure your asset allocation aligns with your goals. Consider making any necessary adjustments to stay on track.

11. Invest in high-yield savings: If your savings aren’t earning a competitive interest rate, consider transferring your balance to a high-yield savings account. Take advantage of the higher yields available in today’s market.

12. Check your credit card: If you carry a balance on your credit card, take a close look at the interest rate you’re paying. Consider shopping around for a new card if your current APR is on the rise.

As you tackle these financial tasks this spring, you’ll set yourself up for a more organized and secure financial future. Take advantage of the season of renewal to declutter your finances and make proactive choices that will benefit you in the long run.