May 2020
Financial Planning

With more us staying home for longer periods of time, sometimes a good project is enough to keep one distracted. What better way to pass the time than declutter your financial life of unnecessary forms, statements, and paper! 

1. Say Goodbye - The problem is many of us don’t equate holding onto financial paperwork with untidiness. We think it’s important stuff we’ll need at some point. But truthfully, most of it’s really not worth keeping. If anything, it may be costing you time (looking through all your stuff) and money (when late bills and fees incur because of forgotten envelopes in that pile). You have to learn to say goodbye and discard. 

2. Learn What to Keep - Here’s what you need to hang onto and for how long: 

3. Make a shredder your best friend - Invest in a quality paper shredder or get the okay to use one at the office. Shredding is key when getting rid of old documents. If it’s going away, it needs to be shredded to prevent anyone from acquiring any personal information about you. Recycle what’s left. For the important stuff that remains, develop an easy to follow filing system that you’ll actually use. Invest in colored folders with tabs and a label maker if you don’t already own them. Categorize, label, and keep them in a drawer or filing cabinet. 

4. Switch to digital - Going digital with your statements and paychecks can help solve a lot of problems. Almost every bank, credit card company, investment company, and employer now offer a paper-free option. Take them up on this and switch to paperless delivery. Surprisingly, just 12 to 15 percent of bills and statements are electronic. Although opting in to e-delivery helps prevent additional physical clutter, you may still have a big mess on your hands in time. This one will just be on your computer. So, make sure you employ the same thinking there as with your desk. Keep it clean and organized. Regularly go through your emails and purge the ones that no longer are relevant. And don’t forget to back up those folders! 

5. Get started now - Make upkeep a normal routine. Play some music to get in the mindset for firing up that shredder. The longer you wait to tackle that mess, the bigger that mountain of paper will grow. If you have question on what you should keep, shouldn’t keep, or ways to best tackle this, give us a call at the office! 

If you have questions, please contact us.

MARKET UPDATE
COLLEGE AND TAX PLANNING
401(k) ALLOCATION
GRAPHIC OF THE MONTH

To download the May 2020 Newsletter: CLICK HERE