Is paperwork piling up? Here are some tips to clean your finances in the spring

Are your receipts scattered throughout your home and the benefits you receive from your desk?

Spring is the season in which we generally clean, organize and clean our waste house. It also coincides with the fiscal season as we reluctantly classify revenue and statements by collecting data for our annual returns.

As the paperwork accumulates, take some time to organize the family's finances as soon as they are in the lead.

Where do you start?

- Begin by creating a monthly payment plan that includes company names, due dates, and amounts due. This timetable should include estimated taxes, property taxes, insurance premiums and other relevant information. Use it as a resource to plan and plan important expenses.

- Create recurring electronic bills with your bank for mortgages, insurance and other foreseeable expenses. Keep all invoices received by mail, such as: Tax bills and insurance premiums, at a certain place until they are paid.

- Allow time to pay your weekly, biweekly or monthly bills. Read each statement to check, pay, rank or discard accuracy. For information on what to keep, see publication IRS 17, page 16, at irs.gov .

- Set up systems that you can use to manage and secure important documents, such as: For example, a manual file system, a ring binder with three rings, an electronic scan and memory, a phone application, or a combination of some methods.

- Invest in a good shredder to destroy bank statements and other emails that contain sensitive personal information to guard against possible fraud or identity theft.

- Open a safe or buy a fireproof safe to store important documents such as birth certificates, marriage certificates, certificates, car registrations, estate documents and passports.

Prepare a budget

Start with the monthly payment plan above to get the most monthly spend. Add to the list all additional discretionary spending in a month.

A budget must cover all purchases, from coffee shops to Starbucks to high annual expenses such as property taxes. This will help you to create an expenditure plan and a transparent overview of how you spend your money. This tool should help you live with your means by tracking all your spending and planning your short- and long-term goals.

Once your budget is set, identify the changes you can make to reduce spending and debt. Determine how to increase your savings.

Consolidate, consolidate and consolidate

Do you have more than one audit, savings, pension or brokerage account? Do you need more than one account? Simplification through consolidation. This saves you time because you no longer need to review and submit unnecessary statements.

Do not forget credit cards. If you can not easily consolidate or close the cards because of outstanding funds, check the debt and interest rate on each credit card. Organize this information into a spreadsheet, including balances, payment dates, and interest rates. To finalize the excess cards, focus on paying the highest-paying or lowest-outstanding cards first.

Check your beneficiaries

When did you last check the benefits terms for your retirement accounts and life insurance? Even if you have not had any major changes in your life, such as death, divorce, marriage or childbirth, you should check these terms regularly.

mortgage

Review the statements to know the balance, interest rate and time to maturity of your mortgage loan. Does it make sense to refinance or accelerate mortgage repayment before retirement? Know your options

Communicate about finances

Take your time to talk with your partner about your finances, every month when you check the budget, every six months or every year. Be sure to talk about revenue, expenses, savings, debts, and short and long term goals. Does your net worth increase or decrease? Financial audits are essential in determining where you are and making adjustments so you can focus on the future.

Teri Parker CFP® is vice president of financial advisors at CAPTRUST. She has been practicing financial planning and investment management since 2000. Kicking her in at teri.parker@captrustadvisors.com

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