As the weather warms up and we start tackling clutter around the house, it’s also the perfect time to give our finances a little spring cleaning. Just like reorganizing your closet or clearing out the garage, reviewing your money matters can help you eliminate waste, refresh your goals, and set yourself up for a more secure year ahead.
Sweep Away Unused Subscriptions
Many of us sign up for streaming services, apps, or memberships that renew month after month – and many times we forget about them. In fact, according to CNET, “U.S. adults spend about $1,080 per year on subscriptions, with about $200+ of that going to unused subscriptions.
Take a look at your recent bank and credit card statements to identify recurring charges you no longer use or need. Canceling those can immediately free up cash for savings, debt repayment, or experiences that truly matter to you.
Dust Off Old Accounts
Do you have forgotten bank accounts, old 401(k)s from previous employers, or outdated savings bonds? Individually, they may seem harmless. But collectively, they create:
- Unnecessary complexity
- Missed opportunities for coordination
- More to track, manage, and eventually pass on
Consolidating or closing accounts simplifies your financial life and ensures your money is working efficiently. It’s also a good time to check that your contact information and linked accounts are up to date.
Refresh Your Beneficiaries
Life changes; marriages, divorces, new children, and other milestones can make beneficiary designations outdated. Beneficiary designations on retirement accounts, insurance policies, and investment accounts override your will. Review the beneficiaries on your retirement accounts, life insurance policies, and other assets. Keeping this information current will prevent complications for your loved ones down the road.
Review Estate Planning Documents
If it’s been a few years since you looked at your will, power of attorney, or healthcare directives, schedule time to review them. Even if your documents are in place, ask:
- Do they still reflect your current wishes?
- Are your named executors and trustees still the right people?
- Have there been changes in your family, assets, or priorities?
Laws change and so do personal circumstances; updates help ensure your wishes are honored, and your assets are protected.
Revisit Your Insurance Coverage
Insurance needs evolve over time. Whether it’s homeowners, auto, health, or life insurance, make sure your coverage still fits your current situation.
Consider:
- Do you still need the same level of life insurance?
- Is your disability coverage adequate given your current income?
- Have liability risks increased with your net worth?
- Are there gaps or redundancies in your policies?
You might find areas where you can save or identify important gaps in protection.
A Different Kind of Clean
Financial “spring cleaning” isn’t about overhauling your entire plan. It’s about clearing out what no longer fits, tightening what matters, and making sure the details are working in your favor, not against you. Over time, it’s these small adjustments that create clarity. And clarity makes everything else easier.
The big pieces may already be in place—but the details matter more than you think. Let Denver Private Wealth Management help you review, refine, and bring everything together.
Denver Private Wealth Management is an independent fee-based financial planning practice with 80+ years of experience in the financial industry. DPWM customizes portfolios based on your financial goals and works closely with you, your tax advisors and estate attorneys to form a comprehensive view of your financial situation. For more information or to set up a free consultation, contact us at info@denverpwm.com.
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The information contained in this post is for general information purposes only. The information is provided by Spring Cleaning Your Finances: A Fresh Start for Your Money and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
Graham Ditus
Tim Kulick, CPA®
Drew Kelleher, CFP®
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