Spring time is the ideal opportunity to have a chat with your Lawyers Financial Advisor and do a little spring cleaning on your family finances. It won’t take long and you can look forward to summer with the confidence of knowing everything is up-to-date and on track.
1. Put a bow on taxes
If you are expecting a tax refund, now is the time to think about how you’ll put it to use. Splurging on something special for you and the family is always an option. But, your Lawyers Financial Advisor can also show you how to turn that money into more money by paying down high-interest debt, making a lump-sum payment on your mortgage, or simply reinvesting the money in one of your investment accounts.
2. Put everything in one place
Does everyone in your family know where to find the important stuff such as your Will, Power of Attorney, and insurance documents? These are things that must be at-the-ready for the people who need them. Take a few minutes to put them in one place and make sure others know where to find them. While you’re at it, shred out-dated and duplicated files to stay organized.
3. Beneficiaries and successors
If your Lawyers Financial Advisor created your financial plan, there’s a good chance this won’t be an issue. However, if you’ve added any new investments or insurance policies in the last few years, now is the time to make sure you have designated the right people as beneficiaries and/or successors for the right reasons. This should include a review of anyone named on group benefits at work.
Take a hard look at how much money goes out the window for subscriptions. A simple scan of your credit card bill will show you how much you pay for TV channels, music libraries, software, magazines (the ones that still arrive in the mail), online newspapers, investment newsletters…it’s death by a thousand subscriptions. Take stock of those you actually watch or read and cancel the rest.
5. Take action
If there are any financial decisions you’ve been putting off or avoiding, now is the time to take action. This might include revisiting your monthly budget, setting money aside for a sabbatical, or arranging for an automatic monthly deposit into an RRSP or TFSA.
Lawyers Financial Advisors are ready to roll up their sleeves and help you tackle financial spring cleaning.