Spring Cleaning 2024: Actions for Financial Health

One of the most common phrases I hear every year when I talk to people about financial planning during the spring months is “I’m waiting for my tax refund.” Or “Let me get to this after I file my taxes.”

Yes, figuring out your taxes is a necessary chore, but strategizing about your finances can improve next year’s tax picture! Putting things off doesn’t work well–and some decisions may even help with this year’s taxes, depending on your age and situation.*

Overall financial security is important regardless of your tax situation.

Plan ahead with both preventative maintenance and longer-term strategies. Here are some “spring cleaning” tasks you can do right now, which should help you immediately and also improve your long-term financial security. With minimal out of pocket costs and some great returns.

Prevention Measures

• Change your batteries for all your home detectors (smoke, radon, etc.).

• Install or upgrade your home security system.

• Clean your dryer vents and make sure your home’s gutters, doorways and yards are free of debris.

• Clean your basement, attic, and garage. Make sure all vents are clear and flammables are protected.

• Get your car inspected and oil changed.

• Check your tires and get new ones if needed.

• Check your emergency cash funds. Do you have enough to cover your expenses for a month? Three months? A year?

Planning Ahead

• Plan to protect your income when you have an illness or injury of more than 3 months.

• Plan for long-term care living expenses, the need may seem far away but could come unexpectedly at any time.

• Check all your countable assets and look at potential state and federal taxes. Your state’s websites are an excellent source of information.

• Look at your immediate family and long-range needs for life insurance.

• Talk to your independent insurance agent to develop your best plans for the future with life, disability, and long-term care insurance coverage.

• An ounce of prevention…. Many of the things on this list will be easy to do, and have the potential for significant savings now and in the future.

At Wish Insurance, we are here to help you with insurance planning and protecting your future. We have you covered with auto and home, business and liability, and life, disability, and long-term care insurance. Think of us as your go-to agency with our personal attention to your needs. Contact us today to learn more!

*Consult with a qualified tax professional about your tax options.