After a long, cold winter it’s great to know that spring will soon be here — the time to stash away your winter woollies, rake up the yard and clean out the garage. What better time to also spring clean your finances?
When was the last time you looked at all those financial documents you stored away in a drawer? Do they still meet your needs? If something happened to you, would your loved ones even know where to find them?
Here are eight handy tips and tools to help you sort through the clutter and organize your financial affairs:
|Gather everything you need to get started
Start by digging out all of your essential financial documents. Unsure what they are? Check out:
Twelve key documents you need to gather
|Iron the wrinkles out of your debt
Paying interest charges on several different credit cards and loans? Here are some smart ways to consolidate your debt and save:
Four ways to lessen your debt load
|Check your credit score is squeaky clean
Don’t get caught off-guard with a bad credit score. Check your credit report to ensure it’s accurate and up-to-date:
Understand your credit score
|Dust off your financial plan
Review your financial documents. Make sure they still meet your needs and include the following:
Five financial products you should own
|Get a clear window on taxes
Understanding how your savings are taxed will help you avoid a nasty surprise at tax time. For some guidance, read:
Seven taxes on investments you should know about
|Prepare to handle the unexpected
Make sure your financial plan has a built in cushion to help protect you in the event of an emergency:
How to handle to unexpected on a fixed income
|Get your estate in order
If you have a will, pull it out and ensure it’s up to date If you haven’t a will, now is the time to write one and consider the following:
Important considerations when writing a will
|Grow your retirement savings
Don’t wait until RRSP season. Contribute to your registered retirement savings plan now and benefit from additional growth. Check you’re saving enough:
Retirement income calculator
|Check out more financial planning tips and tools.|
Talking with an advisor can help ensure you’re on track to meet your financial and retirement planning goals. Don’t have an advisor? Visit Sun Life Financial Advisor Match to help you find one in your area.
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