Your Spring Financial Checklist
It’s fun to focus on the upcoming warm weather and vacations, but don’t forget about staying on track with your financial goals. Here are five tasks to include on your spring financial checklist:
Review Your Portfolio Allocation
Market conditions and your financial goals can shift over time, which may leave your portfolio’s allocation out of sync. Be sure to periodically review your portfolio and rebalance it to maintain your target asset allocation. This helps ensure that your investment mix still aligns with your long-term objectives and risk tolerance. If your situation or goals have changed, discuss them with your financial advisor and explore your options together. This disciplined approach helps you stay on track toward your financial goals.
Plan for Your Tax Refund
If you’ve received or expect to receive a tax refund, decide how to put that money to good use. Options might include paying down debt, boosting your emergency fund, or contributing to your retirement accounts. Alternatively, consider using the funds for a planned expense, like a summer vacation, to avoid taking on unnecessary debt.
Financial Advisor Evaluation Checklist
Our Financial Advisor Evaluation Checklist outlines the questions you should ask any advisor or firm you’re considering hiring. Using the Checklist, you can make side-by-side comparisons of potential firms designed to help you feel confident in taking the next step.
Budget for Summer Vacation Plans
Summer often brings travel, outdoor activities, and family gatherings, the costs of which can add up quickly. Set a realistic budget for your summer plans now to avoid overspending. If you’re planning a trip, booking transportation and accommodations early can sometimes mean lower prices. Tracking your spending helps keep costs in check, so you can enjoy the season without derailing your broader financial goals.
Review Your Insurance Needs
Life changes, such as marriage, a new home, or welcoming a grandchild, can impact your insurance requirements. Take time this quarter to evaluate your coverage. Are your life, health, auto, and home insurance policies still appropriate for your needs? With insurance costs climbing, it may make sense to shop around or ask about ways to lower your premiums. If you are nearing retirement, you may also wish to consider a life insurance policy that includes a long-term care rider. Your advisor can help you determine what’s best for your situation.
Commit to Year-Round Tax Planning
Tax planning isn’t just for filing season. Adopting a proactive approach can help minimize your tax liability and maximize opportunities throughout the year. This could involve adjusting your withholding, taking advantage of tax-efficient investments, or planning charitable contributions.
Let Your Plans Blossom
Springtime is a prime opportunity to evaluate your financial progress and take action to set yourself up for success. By tackling these tasks now, you may experience greater clarity, confidence, and control over your finances as you head into the rest of the year.