InvestigateTV - Spring is the time of year we all like to declutter and organize our homes. But in addition to scrubbing the baseboards, financial experts recommend you also spring clean your finances.
Virginia Credit Union Financial Coach Cherry Dale said there are four main areas to target as you work to streamline your budget:
If you get a big tax refund this year, Dale said that means you’re paying too much in taxes to the government each month.
“You could take that money monthly versus getting a big tax refund in the spring, and therefore you could be investing it, paying down debt and doing something with that money on a monthly basis,” Dale said.
Dale recommended you examine what you claim and adjust if needed.
Dale said to ask yourself, “am I paying too much?” If so, she recommended to shop around. She also said to consider if you have enough coverage for your house.
“Think about long term care insurance, health insurance, all of those different aspects of your overall family’s needs and making sure that you are taking advantage of everything that you need to when it comes to your insurance needs,” Dale said.
Pull your credit report
Dale recommended you make sure everything is accurate and up to date. She said it’s also a good time to check up on your debt and make a plan to pay it off.
Dale advised you make sure you are on track to meet your retirement goals, and to seek out a financial advisory if needed.
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