The freshness of spring motivates many people to throw open windows and doors and do a thorough spring cleaning. It’s a great way to take stock of what you have, organize it so everything’s more accessible, and ditch the clutter keeping you from enjoying your space. While you’re at it, why not dive into some spring cleaning for your finances, too? It’s time to get your finances in order!
Check Your Tax Withholding
You just filed your income taxes. If you got a big tax refund, that’s the good news and the bad news: good that you didn’t have to write a check to the IRS, and bad because a big refund means you overpaid. Basically, you’ve been shorting your take-home pay to give the government an interest-free loan. So, examine the personal allowances you claimed on the W-4 form you completed for your employer. If you’re consistently getting big tax refunds, you’re likely claiming too many allowances, thus, having more money than necessary withheld from your paycheck.
Special Money Saving Offer: If you haven’t filed yet, click here for discount options on TurboTax® and H&R Block® tax filing services Don’t delay any longer! Taxes need to be filed by no later than April 18, 2023.
Review Insurance Policies
You want to ensure you have the right types and amounts of coverage. For example, you may have purchased a home or gained other assets since you first took out your auto policy. If so, it may be wise to increase your liability coverage. It may cost you more in the short term, but you’ll be glad you had proper coverage if you need to make a claim. On the flip side, you may be paying too much if you have auto and home policies with different companies. You can often save by bundling auto and home insurance policies with the same company.
Evaluate Your Credit Cards
If you’re carrying credit card balances, you’re throwing away money, so make a strategy to pay off that debt. SkyOne offers a 0% APR for 12 months on balance transfers for new credit cards within the first 30 days the card is open. A 3% balance transfer fee applies, but with a 0% APR, you’ll pay off balances MUCH faster. Click here to compare the SkyOne credit cards, pick one and apply today to start saving sooner. If approved, pay off the debt before the interest rate returns to the regular rate. And remember, don’t close those old credit card accounts because that could ding your credit score. Instead, once you’re free of credit card debt, use your cards periodically to keep them active, and discipline yourself to pay off all your monthly balances.
Consolidate Retirement Accounts
If you’ve been fortunate to work for companies offering 401(k) retirement plans, you may have accumulated several accounts sprinkled among various employer-sponsored plans. While diversifying your investments is always a good idea, managing them is easier if they’re consolidated in one place. You have a couple of options. Your current employer may allow you to roll over other accounts into your current 401(k), but only if your current plan offers low fees and solid investment choices. You can also roll over those old 401(k) accounts into an Individual Retirement Account (IRA), with a broad range of low-cost investment options. Just be sure you do a direct rollover, so you don’t incur any tax penalties.
To speak to a SkyOne CFS Wealth Advisor about consolidating retirement accounts or to help get your finances in order, click here to learn more about SkyOne’s Wealth Management services and to schedule a free consultation.
Disclosure for Wealth Management:
Non-deposit investment products and services are offered through CUSO Financial Services, L.P.(“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The credit union has contracted with CFS to make non-deposit investment products and services available to credit union members.