Decluttering Your Finances / Kondo Your Finances Advice From a Financial Coach.

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Declutter Your Finances with Financial Coaching

In recent weeks local government reopened some tips and if the queues outside are anything to go by it seems as a nation we have been using the lockdown to have a massive declutter , so if your house is now as tidy as the amazing Marie Kondo it may be a good time to move on and declutter your finances.

5 tasks below to declutter your finances.

  1. Review your bank accounts, investments and credit cards
    • Do you need all of them?
    • What are the fees and interest charges?
    • Can any of the accounts be consolidated or closed?
  2. Cull tax stuff and other financial paperwork
    • Keep 6 years of supporting documents for tax returns from 2014 to 2019
    • Unless they are needed for tax back-up, you don’t need to keep investment, bank or credit card statements. Electronic records should be available from the issuer if needed.
    • Shred the old documents
  3. Review and update beneficiaries on your Life insurance and pensions
    • While you likely selected beneficiaries on account opening documents, your life may have changed (marriage, divorce, children) and the beneficiaries could be outdated
    • You might find the beneficiary info on your statements or on your online account. If not, contact your advisor or HR department
  4. Confirm that legal documents are up to date
    • If you haven’t reviewed your will, power of attorney in the last 3 years, this is a good time to do so.
    • If you haven’t gotten around to these important legal agreements, make an appointment with a provider and get the ball rolling
  5. Check-in on your investments.
    • How are your investments holding up against the markets in general?
    • Is it time to reassess your risk tolerance?
    • Book a meeting with your investment advisor for a review
    • If you haven’t heard from your advisor in the last few weeks, it might be time to get a second opinion on your portfolio.

Time to take action?

If you need someone who knows what to do, won’t judge you, and will ask those difficult questions and help you fix the problem – then please email me and let’s chat – email me now!

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