Spring clean your finances2/28/2024 Instead of overpaying Uncle Sam this year, pay yourself.Īction step: Adjust your withholdings so you break even next year. That’s why we think you should update your W-4. Think of all the stuff you could have been doing with that cash while he was doing who knows what with it. It feels good at the time, but it means Uncle Sam’s been in charge of all that money all that time-instead of you. Maybe you got a hefty tax return this year. And if you’re ready to know if a better policy is out there, get in touch with an independent insurance pro to see what kind of money you could be pocketing rather than paying out. If you need some help, take Dave Ramsey's 5-Minute Coverage Checkup. Don’t use slow cookers with fabric cords-and check in on your insurance.Īction step: Sometimes we don’t even know where to start with this stuff. You saw how well that worked out for Jack in This Is Us. Insurance isn’t a slow cooker you set and forget. But what if you don’t have the best policy possible? You could be tossing some serious cash out the figurative window. So often we set up renter’s, homeowner’s or car insurance once and just roll with it forever. That way you’ll take care of the people who matter the most when the thing you don’t want to talk about happens.ģ. Work with a term life insurance pro to make sure you get the exact coverage you need. If you have whole life insurance, or no life insurance at all, it’s time to get on it. But it’s important, so we’ve got to get past the discomfort and get our legacy plans in order.Īction step: If you don’t have a will, put it on your calendar to get one this month. Yes, it’s uncomfortable-because it means thinking about death. Whole life treats your insurance plan like an investment with a revolting rate of return and costs around $3,600 more than term life. Why term life insurance instead of whole? We could go on forever about this, but basically just remember that term life is better for your finances, while whole is. That way you’ll take care of the people who matter the most when the thing you don’t want to talk about happens. Work with our recommended insurance provider to make sure you get the best deal possible on the exact coverage you need. Then, if you don’t have 10–12x your annual income in term life insurance, it’s time to get on it. It will take only about 20 minutes with our recommended online will provider. Get your legacy plans (aka estate planning) in order.įirst, if you don’t have a will, put it on your calendar to get one this month. Don't know where to start? Get a free copy of our Budget Meeting Guide.Ģ. Where could you have done better? What can you change for the upcoming month to help you reach your goals? Then book a time to meet every month to review the budget and your dreams. Budgeting is a journey you’re on together, so be in communication regularly so you can go the distance with your money.Īction step: Set up a good old-fashioned budget meeting this month. But then later down the road, you see you’re both spending with opposing intentions. And the thing is, you might have a really good money conversation and think things are just peachy. You can’t move forward-and you can’t hit those money goals-if you and your spouse are going in different directions. How to Give Your Budget a Spring-Cleaning 1. This type of cleaning will get your budget working even better, making you a happier budgeter. Give it a good once-over to see where you can save more money and stop bad habits. You can spring-clean your budget as well. But spring-cleaning isn’t just for the house. Something about the newness in nature this season gets us all in the mood to clear out the old. The birds start singing, the buds start blooming, and the budgeters start looking for new ways to meet those money goals. As the great Russian author Leo Tolstoy once said, “Spring is the time of plans and projects.” It’s so true.
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