Come springtime, you might be thinking about doing some spring cleaning, whether it’s cleaning out your garage, throwing out old items, or rearranging your furniture. However, it’s important not to forget to do some spring cleaning on your financial strategy as well.
In the same way that it’s important to refresh your home and living environment, it’s important to refresh your financial strategy on a regular basis to ensure you have the best chance possible to reach your financial goals.
A good financial plan is tailored to the individual and should reflect their current financial situation. So, re-evaluating your financial plan regularly can help to ensure your goals are still achievable. It can also help you identify changes that need to be made to reach those goals if you find out you’re off course.
In addition, it’s important to review your budget and expenses to get a good understanding of your costs of living. Whether you’re working towards paying down debt, reducing your spending on entertainment, or another cost, reviewing your budget can help you better understand how to optimize your spending habits.
It’s important to review your investment strategy on a regular basis. An investment portfolio should be well-diversified and constantly monitored to optimize returns. Staying on top of changing markets and adjusting your investment strategy accordingly can help to ensure that your investments perform as well as possible.
If you’re in retirement, you should also review your income streams from 401(k)s, IRAs, annuities, or other sources to make sure they provide the income you require. In addition, working part-time or starting a side gig for new income sources can help you reach your financial goals faster.
Regularly updating your tax strategy can also help you identify ways to cut your costs in ways you may have overlooked. It can help you to stay ahead of changing regulations and capitalize on new opportunities. An updated tax strategy should be dynamic; constantly evolving to changing circumstances.
By refreshing your financial strategy regularly, you can ensure that it is set to meet your goals based on current financial conditions and regulations, ultimately working to achieve your financial goals.
Doing spring cleaning on your finances can help keep you on track to your financial goals, especially when it comes to achieving the retirement you work so hard to save for. A regularly maintained, comprehensive retirement strategy can make the difference, so contact one of our financial professionals to get started, (540) 720-5656.
Sources:
- https://www.investopedia.com/investing/how-renew-and-adjust-your-portfolio/
- https://www.investopedia.com/terms/f/financial_plan.asp
- https://www.thebalancemoney.com/financial-planning-basics-personal-finance-101-1289798
- https://www.investopedia.com/investing/how-renew-and-adjust-your-portfolio/#toc-how-often-should-you-rebalance
- https://www.thebalancemoney.com/spring-clean-your-finances-2385567
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.