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12 Financial Moves to Make This Spring: From Resolutions to Retirement Plans

12 Financial Moves You Should Make This Spring

12 Financial Moves You Should Make This Spring

1. Revisit your resolutions

Many of us set New Year’s resolutions around spending and saving, but fewer of us followed through on them. Spring is the perfect time to see if you’re making any progress. Consider your financial goals, such as paying off credit card debt or starting an emergency fund, and assess how you’ve done so far.

2. Clean your financial ‘junk drawer’

Spring offers a chance to sort through that drawer, box, or unused corner where you stash financial paperwork to deal with later. Take the time to organize your statements and bills, tossing away what you no longer need and filing away the important documents.

3. Start a 2024 tax folder

If you haven’t already done so, set up a folder to store all your tax documents for 2024. This includes receipts, donation forms, and anything else you need to report or plan to deduct. Having all your tax-related paperwork in one place will simplify the process when it’s time to file.

4. Watch that withholding

Take a moment to review your W-4 form and ensure that you’re withholding the right amount of your paycheck. Understanding your tax situation can help you plan for the year ahead and avoid any surprises when tax season rolls around.

5. Talk to your tax preparer

Spring is a great time to have a conversation with the person who prepares your taxes. They can provide valuable insights and advice on ways to lower your taxes and potentially uncover deductions or credits that you may not have been aware of.

6. Max out your retirement plan

Take advantage of the opportunity to contribute to your retirement savings. Consider maxing out your IRA contributions for both the current and upcoming year. Additionally, try to increase your contributions to your workplace 401(k) plan.

7. Name your beneficiaries

Ensure that you have named beneficiaries for your retirement plans and life insurance policies. Taking the time to review and update your beneficiary designations will ensure that your assets are distributed according to your wishes.

8. Dust off your estate plan

Review your estate plan, particularly if there have been any major life events such as a job change, marriage, divorce, or the arrival of a new child. An up-to-date estate plan will ensure that your assets are protected and distributed as you desire.

9. Book your 2025 vacation in 2024

By planning your vacation a year in advance, you can save money and have a wider selection of options for flights and accommodations. Additionally, the anticipation of a vacation can provide a positive psychological boost.

10. Review your investment portfolio

Take the time to review your investment portfolio and ensure that your asset allocation aligns with your financial goals. Consider making any necessary adjustments to your portfolio based on your risk tolerance and investment objectives.

11. Invest in high-yield savings

If your savings aren’t earning a competitive interest rate, consider transferring your balance to a high-yield savings account. Take advantage of the higher yields available on savings accounts, certificates of deposit, and other savings vehicles.

12. Check your credit card

Review your credit card to assess whether you’re paying more interest than you realize. If the APR on your card is rising, consider shopping around for a new card with a more favorable interest rate.

Providing a fresh start for your finances, these 12 financial moves will help you make the most of the spring season. Take this opportunity to tidy up your financial affairs and set yourself on a path to financial wellness.

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