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Get ready for spring cleaning

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POSTED: March 9, 2013 11:44 a.m.

Spring is in the air — or, at the very least, it’s on the calendar this week. And if you’re like many people, you may be looking forward to doing some spring cleaning around your house and yard. But this year, why not go beyond your physical environment and do some “sprucing up” of your financial situation?
Here are a few possibilities to consider:
• Clean your portfolio of “clutter.” When you go through your house, you may find some clutter in closets, storage areas, on top of desks, under beds or just about any other place. Your investment portfolio also may contain clutter, in the form of investments that no longer meet your needs. Consequently, it’s a good idea to “de-clutter” your portfolio periodically by selling those extraneous investments and using the proceeds to help purchase others that may be more effective in helping you make progress toward your financial goals.
• Consolidate your investments in one place. As you clean your house, you may find that you have many common items, such as brooms, hammers, duct tape and so on, scattered among various rooms. It might be more efficient to keep all such objects in one central location; this can help prevent you from needlessly replacing or duplicating them. As an investor, you may have an IRA with one financial services provider, an old 401(k) with a different one, and some other investments with yet another institution.
• Check for “gaps” in your financial strategy. Every spring, it’s a good idea to check your gutters for leaks, your sidewalks for cracks and your paint for chips. By doing so, you’ll help protect your home and surroundings. To help protect your family’s future, it’s important to have adequate life and disability insurance.
Consider putting these spring-cleaning tips to work soon. They may just help put some sparkle and shine into your financial “house.”

This article was written by Edward Jones for use by Evans, the company's financial adviser in Richmond Hill.

 

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