Investor’s column: Here are seven spring cleaning ideas to help with your finances

Spring is an ideal time to clean up your finances, clear out the clutter and get a fresh start.

Perhaps you have too many expenses in automatic or it’s time to apply the brakes to your credit card spending.

Whatever the reason, consider the following seven suggestions to get a better handle on your finances this spring:

Clean up your spending

Whether you call it a budget or a spending plan, you only need to look in the rearview mirror over the past few months and write down your repeating bills and expenses.

When you inventory those expenses, assign a priority number from one to three, with one being expenses you must meet to avoid being evicted from your home and three being nice to have, but you could live without.

Clear out or reduce drastically your level three expenses. For example, that $200 cable bill is a great candidate for your first cut. Try less expensive streaming services.

Clear the decks and put your savings on autopilot

That $100 a month you recoup by disconnecting your cable service can now be redirected automatically to your emergency fund.

If you don’t have an emergency fund to cover at least six months of expenses, you could be a few paychecks away from disaster.

Review your tax withholding

You’re looking forward to that big tax refund this year from your 2018 return. However, what you have done is given the U.S. government a 12-month interest-free loan.

Give it to yourself as a monthly upfront paycheck increase. Adjust your withholding for a better balance and slide that extra money into savings or another investment plan.

Inventory your material wealth

Dedicate an hour or two to photographing and cataloging your household possessions. Concentrate on the big-ticket items such as your furniture and expensive electronics and jewelry.

Write out the approximate amount you paid and when you purchased the piece. As you bring new items into your home, save the receipts and update your inventory. This inventory will help if you ever need to make an insurance claim.

Check into your insurance coverage

Your spring cleaning should include a complete insurance check-up. Go to your insurance files and this time read the fine print.

Is your coverage adequate to replace everything you inventoried after you followed suggestion No. 4 above?

If you own your home, you probably know that replacement costs have risen everywhere. Make sure you’re covered.

Also, it wouldn’t hurt to check and possibly upgrade your life insurance, especially if your family has grown or your income has gone up.

Plug into technology

Let the free and secure technology of your online banking platform keep you on the straight and narrow.

Most banking sites have the settings you need to do what you wouldn’t do for yourself. Want to receive a warning when your account balance gets too low or your credit card spending is over a set amount? Your bank can do that via email or text message.

Get your records in order

For the financial papers you must keep, devise an orderly filing system. If you’re after a more simplistic method, head to your office supply store and buy an expandable folder with separator tabs.

File papers needed to prepare your next tax return so you are ready to go next year. Remember that documents supporting tax returns should be kept for seven years.

Finally, remember that bad financial habits come from neglect and passive spending decisions. Spring is the ideal time to get back in the driver’s seat and reacquire the big picture.

Clear out the clutter and do away with what is not working for you.

Tom Breiter is the president of Integra Capital Advisors, a registered investment adviser. He can be reached at 941-778-1900 or by e-mail at tom@integracapitaladvisors.com