Spring Cleaning Your Finances

Spring is in the Air

Nashville is finally getting some sunshine, the flowers and trees are blooming, and the days have gotten longer.  It’s no wonder we feel most inclined to organize and clean our houses and yards this time of year.  It’s also the time of year we’re finishing up our tax filings, which makes it a perfect time to give our finances the Marie Kondo treatment as well.  While there are a lot of documents we need to keep around, even if they don’t “spark joy,” there are many that accumulate over the years that could be shredded to tidy up our desks and other workspaces. 

This handy Record Retention Guide from Nashville CPA, Mike Dodd, will help you distinguish between the ones to dispose of and the ones to keep.

To further cut down on clutter, junk mail should be tossed
as soon as it comes into the house, but for security reasons, be sure to shred
any mail containing preapproved credit applications.

If your spring cleaning involves disposing of any old
devices, such as phones and computers, don’t forget to destroy the digital
information on those devices before you part with them.

While you’re at it, this is also a good time to go through
all those services and subscriptions you’re paying for, such as cable and
streaming services or digital magazine services, and discontinue any you’re not
using regularly.  This may not
necessarily tidy up your surroundings, but it could save you a few bucks.

Cleaning up your financial files may sound like an overwhelming
task to tackle, but the bulk of it only has to be done once a year.  Once you have a system in place, it’s not
that time-consuming to keep it up, and you’ll be rewarded with some extra space
and organization in your life.  How’s
that for sparking joy?!

Disclaimer: If you
come across any documents you’re not sure whether to toss or keep, err on the
side of caution and keep them, at least until you check with your accountant.

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