I spent this weekend knee-deep in old financial statements, and it got me thinking about how we could all use a good financial decluttering.
"Most people keep way too many financial documents," says Eliza Moreno, a certified financial planner I spoke with yesterday. "Tax returns? Keep seven years. But those monthly statements from 2017? They can go."
Here's my quick checklist for financial spring cleaning:
First, tackle the paper monster. Shred old bills, statements, and receipts you no longer need (but keep tax documents for at least 7 years and permanent records like birth certificates forever).
Next — and this is the part most people skip — review your budget! Inflation might be cooling, but I noticed my streaming services now cost me $94 monthly. Seriously? I cut two services I barely watch and saved $28/month.
Don't forget your investments. With the S&P down nearly 5% in March (closing Friday at 5,545.76), your asset allocation might be out of whack. I realized my bond allocation had drifted to 18% when my target is 25% — time to rebalance!
Insurance policies need attention too. I discovered I was still paying for jewelry coverage on a necklace I sold last year. That's $87 I won't get back.
And finally, check your credit report. About 20% of Americans have errors on theirs — I found an old store credit card I thought I'd closed still showing as active.
Spring cleaning isn't just about dusting shelves. A few hours spent tidying up your finances might save you thousands. And honestly? It feels pretty good to start April with everything in order.
