CEDAR RAPIDS, Iowa (KCRG) – Spring is here, and many are thinking about cleaning their homes, but what about cleaning your finances? Experts say now is the perfect time to get your financial house in order.
TV9 spoke with Elyse De Corah, a financial advisor at Cetera Advisor Networks and Guide Wealth Partners in Cedar Rapids. She emphasized the importance of keeping financial statements for all your accounts, but noted that it’s not necessary to keep every single one.
“Maybe just keep your most recent statement or a year-end statement for any of your investment accounts, 401(k)s, just regular investments, and bank accounts,” De Corah said.
De Corah said some key ways to stay in good financial shape include reviewing your expenses, especially discretionary spending, money spent on non-essential items or activities, like entertainment or dining out. She adds that it’s important to make sure this type of spending doesn’t get out of hand. While it can be tempting to overspend, De Corah emphasized that you’re not expected to know exactly where every single dollar is going. And just like spring cleaning your home, De Corah suggests tidying up your finances by keeping track of key items.
“It’s a good time to review your 401(k), maybe rebalance it. Review your beneficiaries, are those up-to-date and accurate? How about your will? When’s the last time you checked that out? Is it time to make a revision? You just want to make sure you check all those boxes and ensure everything is up-to-date as it should be,” De Corah said.
De Corah also mentioned that it’s important to keep an eye on your credit, as well as any subscriptions you’re paying for, since it’s easy to lose track of them. She also pointed out some helpful and free online tools to help track your bills, such as Rocket Money, along with several other apps and websites. Lastly, De Corah emphasized the importance of planning ahead and saving for events like birthdays, holidays, and vacations.
