Are you ready for your financial “spring cleaning”? We’re here to help you get organized.
You live better when you keep your house clean – and your finances are the same way. Decluttering your house allows you to focus on your surroundings and what really matters. Similarly, when your financial house is in order, you have the space to actually realize the meaning behind your money so you can better realize its impact.
Looking for the best way to get started? Consider making a “financial cleaning” checklist. First, keep your goals front and center before you get tactical. Then, break up your to-do list, which can help to make the process more easily achievable.
Prioritize financial “rooms”
There is a lot that goes into cleaning your home. You may find yourself making a chore list for each room in your home. With your finances, itemizing your to-dos – and breaking them up by goal, like you would each room of a house – may help make your financial review process less overwhelming. Review some ideas below to help you get started. While planning your to-dos, use LifeSync® in the Wells Fargo mobile app to document and explore your goals.
Provide for your essential needs
Assess your household budget – Are there any spending category goals where you are under or over spending? Can you purge any wasteful expenses?
Assess your debt – Review interest rates for credit cards and loans. Is there an opportunity for debt consolidation or paying off a debt?
Build a safety net
Protect your documents, accounts, and devices – Explore damage-proof and secure electronic storage options to back up important information. Ask your advisor about our holistic cybersecurity approach to protecting sensitive information.
Consider keeping a cash source ready – Establish a regular savings cadence, and talk with your advisor to understand which liquidity options are right for you.
Review policies and healthcare directives – Regularly review your documentation to help ensure your beneficiaries and designations are aligned with how you want to provide for your loved ones.
Define milestone goals
Define the goals aligned to important milestones like: sending your child to college, paying for a big celebration, or your retirement. Recording these important dates, and frequently checking timelines and benchmarks, will help you feel confident as you approach these milestone moments.
Talk with your family – Be open with your family about your financial circumstances and the timing and execution of your plans.
Fulfill aspirational or leisurely purchases
Create a timeline – Establish a list of short-term and long-term goals. This will aid in prioritizing your wishes and considering trade-offs.
Review your plan – Review your risk tolerance and market conditions with your advisor to evaluate if changes are needed to your investment plan.
Gain clarity on what’s important to you
Money is more than dollars and cents. Discussing the purpose of your money with your advisor gives meaning to the steps you’re taking to help accomplish your goals. Talking openly and frequently about your goals can help give you that clarity that your financial house is in order - which can help you determine how your money is working for you.
Wealth & Investment Management offers financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Bank products and services are available through Wells Fargo Bank, N.A., Member FDIC. Brokerage products and services are offered through Wells Fargo Advisors, a trade name used by Wells Fargo Clearing Services, LLC, and Wells Fargo Advisors Financial Network, LLC, Member SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.