(FinancialHealth.net) – Spring is right around the corner! What a perfect time to get your finances in order while you’re already taking the time to clean out old items and make space for the new stuff. Spring cleaning typically means ridding your home from the mess you’ve accumulated over the winter months. While this usually refers to junk around the house, your financial paperwork could be included as well.
Since March and April are part of the spring season, it makes tax time the ideal opportunity for tackling excess financial paperwork. Go through and find what you need for filing, and discard anything you no longer require. The general rule of thumb is to keep financial paperwork for taxes for seven years in case of things such as an audit.
Birth certificates, marriage certificates and other important paperwork should be kept forever. Not all documents are as important as these, though, so you won’t have to keep your filing cabinet full of useless data for long.
Bank statements and paycheck stubs are some details you don’t have to keep around for more than a few months. Most loan offices only require between three to six months of stubs, and you can get rid of bank statements after you’ve verified their accuracy.
The budget you made years ago probably no longer applies. During the spring season, review your budget to ensure it is truly in line with what you’re earning and spending. Regularly reviewing your budget will help you stay on track and make it easier to plan for your future.
Take the time to go through your finances this spring and get things back in order. Once you’re done spring cleaning maybe use your revamped budget to choose some new furnishings and accessories. Spring cleaning means a fresh new look for everything.
~Here’s to Your Financial Health!
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