Let's Spring Clean Those Finances

You know what time it is... Spring Cleaning Time! We are seeing some consistently warmer temperatures. Hopefully, spirits are brighter as we prepare for better days ahead.

This Spring is a bit different, as we are gearing up to come out of the year-long Coronavirus pandemic. As many of you know there were some changes in tax filing this year due to stimulus payments and loan programs. Those who have already filed with us, understand that this is not a huge road block but just something to be aware of and to note when filing. Also, the deadline for personal tax filing has been pushed to May 17th, 2021.

Here are some tips to begin spring cleaning your finances:

• Get those taxes done. Once you receive your completed tax documents, be sure to file them away in a secure place for future reference. Scan in and destroy old paperwork and file away all current documents. • Following tax season, we want to be sure that our systems are up to date and running efficiently. Evaluate your workflow and implement changes if needed. This includes documentation, data entry, and record keeping. • Adjust tax withholding if you owed for the previous year. • Review your monthly budget. This is something that should be one quarterly at minimum. Give your finances a "temperature check". There may be no changes needed but, you may notice good trends such as growth, where you can allocate more funds to benefits, your marketing budget, etc. • Setup automated payments once your budget is in place. Make regular payments towards your recurring bills, into your savings account, and investment accounts. • Cancel any unused subscriptions if possible. Look over all current outsourced services to determine what is working out great and what services to discontinue. Even if you are on contract with services, this is the time to evaluate the value add from those services and plan ahead to find something more suitable for your needs. This includes, vendor services, products, shipping costs, and so on. • Plan for retirement contributions based on your estimated income for the year and your retirement goals. • Review your asset allocations in your retirement plan. Check out how each asset is performing and adjust your investment percentages accordingly. • Finally, review your credit score and check for any errors or red-flags.

We have a planner to keep you on track with your finances and business goals! Click here to purchase TIY Planner.

If you would like to join a community of entrepreneurs and gain access to more financial resources, including our Exclusive Facebook Group where you have access to financial development resources, guest speakers, and more, register to become a member of TIY or Touché it Your Way!