Spring is often labeled as the time for rebirth and new beginnings, which is why spring cleaning is a common trend. If you’ve already worked on cleaning out your house and still feel that inspiration for a fresh start, it might be time to take a look at your finances.

It can be very helpful to check in with your financial plans every once in a while, especially if you’ve had a big life change happen. Let’s take a look at ways you can spring clean your finances.

 

Life Changes Happen… A Lot

Constant changes are a part of life, and a majority of life changes involve taking a look at your finances. Marriage, divorce, babies, career changes, and health issues are just some of the things that will require you to change up your financial strategy.

 

Marriage & Money

If you’ve recently got married, you and your partner have most likely shared your financial situation (and if you haven’t, you definitely need to). It’s also incredibly important to discuss your future plans for money. A household budget can be incredibly helpful.

Depending on the cost of your wedding, you may still be making up for those lost finances. According to a study from Experian, 340 million Americans have some form of debt, so it is likely that you or your partner have debt to manage.

The impact divorce has on money is a whole other story. On top of how emotionally stressful divorces can be, they are also incredibly expensive. This adds another stress to the whole situation.

Splitting your assets can be overwhelming, so the best way to go about it as painlessly as possible is to receive help from a financial expert.

 

Generational Wealth Planning

On the topic of families, you may be thinking about generational wealth for your family’s future. Most parents desire to pass down their assets to their children. It doesn’t always pan out the way that parents hope, sadly. However, there are strategies that people can take to ensure that their wealth spans as many generations as possible.

Investing is a common way to build up your wealth. Investing in your child’s education, the stock market, and real estate are just some ways that investing can help your assets.

Life insurance can also be incredibly beneficial for providing wealth to your children. Accidents can happen at any time, so life insurance may cushion the financial blow your family would face if something happened to you.

 

Careers & Retirement

A change in career can affect your finances, whether it’s for better or for worse. If you have recently gotten a new job or position in your career, you should definitely adjust your financial plan to suit the change in income.

If you have a desire to retire sooner rather than later, you’ll also have to consider your financial plans. Retiring early means that you have to adjust the spending that you are currently doing. Regardless of how early you retire, you’ll still only be collecting your Social Security starting at the age of 62, so this is another aspect to consider.

 

Final Thoughts

Even if you haven’t experienced any of the life changes we’ve discussed above, it still might be a good idea to check in with your financial situation. We’d love to help you analyze your financial plan so you can meet all your goals as painlessly as possible. Contact us today!

 

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