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3 Financial Planning Items for Spring Thumbnail

3 Financial Planning Items for Spring

Featured in the CJN - Life Care Planning

By: Elizabeth Scheiderer, CFP®, Senior Financial Advisor

Contact Elizabeth to start your spring cleaning today!

Many of us are exhausted after the last year, and our financial plans could use some attention. Jobs have evolved, workplace retirement plans have been adjusted, and stimulus payments have been received.

One financial best practice is to not make any major changes or hasty decisions after a life altering event. You want to give yourself enough time to process your new reality. The goal is to be able to clearly view the potential solutions and possible roadblocks when looking at one’s options.

The last year has been a life-altering event.

As we start to see the potential for herd immunity, the time to make big moves in your financial plan is approaching. The foundation of your financial plan will be your guide. Until then, here are three areas that you can turn your focus to today:

1.  Stay organized after filing your taxes. You managed to get all items in order to file your taxes. Set a goal to stay organized the year progresses. Allocate time to update your balance sheet each quarter. Your foundation will be waiting for you when it is time to make major decisions.

2.  Manage interest rates. With mortgage rates at near historical lows, it’s still a good time to consider refinancing or applying for a home equity line of credit. Consider looking to online banks for higher savings interest rates, too.

3.  Vacation planning. Yes, we will be traveling again soon! As you start to book your travels, stay organized. Be certain to note cancelation and refund dates. Don’t forget to include savings for that vacation in your budget, it’s one line-item many of us have not used lately.

Special to the CJN Posted March 13, 202

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