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Airing out Your Wallet
Financial Spring Cleaning
By Teri Brown
Spring cleaning is an American tradition. There is something about the warmer weather that makes us want to fling open the windows, air out the closets, beat the rugs and polish the silver. But what about our finances? Wouldn't spring be a good time to organize and sort them out, too (especially after all that holiday spending)?
Tina Florance, director of business advisory services for Hall & Company, certified public accountants, in Irvine, Calif., thinks spring is the perfect time to get your finances in order. "Spring cleaning your finances will help you save time and reduce stress," Florance says. "Getting your financial affairs in order will give you peace of mind knowing exactly where you stand financially, so you can make good decisions about managing your money. The results will simplify your life, save on expenses and create a plan to invest in your family's future."
Florance says you should start with some basic office equipment such as a filing cabinet, some file folders and an idea of how you want to organize your files. Some of the major filing categories you may want to start with include bank accounts, investment accounts, household accounts, credit card debt, taxes, insurance, wills/trusts, retirement accounts and social security.
"Once you have set up your filing system, start filing important documents related to your financial affairs," Florance says. "This way you will have all of your important documents in one place. This will save you time and frustration in the future when you are looking for financial information or documents."