Warmer weather is finally here and you’re probably anxious to put away your heavy winter coats and sweaters for some lighter fare. If you’re taking time to do some spring cleaning and organizing, clear out some of that financial clutter that might have accumulated over the colder months. Here are some ideas to get you started:
Get Rid of Old Documents: After filing your tax return, it’s time to tackle the stack of financial documents and paperwork that you no longer need (usually over a year-old). This includes old credit card and bank statements, outdated insurance policies, cancelled checks, and receipts. Just to be safe, keep your tax returns and documents for up to seven years. ID theft is still prevalent so make sure to shred your paperwork.
Go Paperless: Instead of a traditional file cabinet, consider filing your documents electronically. Convert your old statements and records into PDFs or scan and save them in a secure place. To save more time and space, sign up for online banking and bill paying.
Order Your Free Credit Report: Every year, you can request a copy of your credit report at no charge. This is important since your credit history can affect your ability to borrow money, get new credit, or even attain a new job. Visit AnnualCreditReport.com.
Review Your Insurance Policies: If you’re looking to save some money, take time to evaluate your auto, renter’s, home, life, and health coverage. Comparison shop and ask questions about your deductible, level of coverage, and discounts to ensure you are making the most of your money. Read Slash Your Insurance Costs.
If after all this clean-up, you still feel bogged down by your finances, check out Practical Money Skills for more tips.by JohnH