Come springtime, you might be thinking about doing some spring cleaning, whether it’s cleaning out your garage, throwing out old items, or rearranging your furniture. However, it’s important not to forget to do some spring cleaning on your financial strategy as well.
In the same way that it’s important to refresh your home and living environment, it’s important to refresh your financial strategy on a regular basis to ensure you have the best chance possible to reach your financial goals.
A good financial plan is tailored to the individual and should reflect their current financial situation. So, re-evaluating your financial plan regularly can help to ensure your goals are still achievable. It can also help you identify changes that need to be made to reach those goals if you find out you’re off course.
In addition, it’s important to review your budget and expenses to get a good understanding of your costs of living. Whether you’re working towards paying down debt, reducing your spending on entertainment, or another cost, reviewing your budget can help you better understand how to optimize your spending habits.
It’s important to review your investment strategy on a regular basis. An investment portfolio should be well-diversified and constantly monitored to optimize returns. Staying on top of changing markets and adjusting your investment strategy accordingly can help to ensure that your investments perform as well as possible.
If you’re in retirement, you should also review your income streams from 401(k)s, IRAs, annuities, or other sources to make sure they provide the income you require. In addition, working part-time or starting a side gig for new income sources can help you reach your financial goals faster.
Regularly updating your tax strategy can also help you identify ways to cut your costs in ways you may have overlooked. It can help you to stay ahead of changing regulations and capitalize on new opportunities. An updated tax strategy should be dynamic; constantly evolving to changing circumstances.
By refreshing your financial strategy regularly, you can ensure that it is set to meet your goals based on current financial conditions and regulations, ultimately working to achieve your financial goals.
Doing spring cleaning on your finances can help keep you on track to your financial goals, especially when it comes to achieving the retirement you work so hard to save for. A regularly maintained, comprehensive retirement strategy can make the difference, so contact one of our financial professionals to get started, (603) 261-3736.
Sources:
- https://www.investopedia.com/investing/how-renew-and-adjust-your-portfolio/
- https://www.investopedia.com/terms/f/financial_plan.asp
- https://www.thebalancemoney.com/financial-planning-basics-personal-finance-101-1289798
- https://www.investopedia.com/investing/how-renew-and-adjust-your-portfolio/#toc-how-often-should-you-rebalance
- https://www.thebalancemoney.com/spring-clean-your-finances-2385567
Bob has a passion for making your money work hard for you. He takes profound joy in ironing out a plan for a long and comfortable retirement, no matter what your current income or level of wealth. With a work ethic second to none, he has a zeal for transforming uncertainty into stable ways for you to protect your future and your family. He knows that the quality of your life you enjoy today can remain as rewarding—or even better—after retirement.
With a strong background in information technology, Carol is instrumental in building operational policies and strategies that keep the organization functioning smoothly. Carol’s organizational skills and her flexibility to jump from priority to priority along with her commitment to customer service makes her an essential part of the Grimard Financial team. When Carol is not working with the Grimard Financial Family, she is a very creative and accomplished photographer.