Tips for Making Cleaning Your Closet Easier
There’s something satisfying about cleaning out your closet, especially at this time of year.
Here are some tips on how to make spring cleaning your closet a little easier.
- Not sure what to keep or get rid of? Try the clothes hanger hack! Turn all your coat hangers around so they face away from you, and over the course of a month or two, turn the hangers around as you wear your clothes. Then, you can see what you wear and clean your closet accordingly. *
- Separate your clothes by season and neatly pack away the clothes you aren’t wearing for future use. To save space, use a vacuum sealer.
- Label your storage containers or bags to remember what’s in each.
- Save space by shopping for wardrobe accessories like shoe organizers, slimmer hangers, or necklace/scarf organizers.
* Tip adapted from Who What Wear Oct. 2024
Tips for Cleaning Up Your Finances
What does closet cleaning have to do with your personal finances? Well, you may be surprised. People come to us many times because their financial records and situation are too confusing. Recordkeeping is a problem and deciphering the statements is complicated.
Clients can become overwhelmed with all the paper statements or emails; or have simply lost track of investment accounts. When retirement approaches the confusion about how all these savings and investment accounts will work together for income is perplexing.
Just like clearing out unwanted or unnecessary items from your closet, it is worthwhile to clean out old financial records, so you have a clear picture of your financial life.
Where to begin?
Create Your Net Worth Statement
Start by updating your one-page net worth statement. This is the easiest way to see all your assets and liabilities. This one statement will provide clarity on what you have, where it is held, how it has performed, and what you may need to do. Having a quick snapshot of everything in one place helps everyone understand what to keep track of now and in the future.
Read Your Financial Statements or Advisor Reports
Understanding what assets, you own and how they work for you will provide a greater sense of calm and security. If you have liabilities, taking note of how much has been paid off or when they come due will help you avoid additional interest, penalties or late fees. Getting all your ducks in a row so to speak brings peace of mind.
Ask Questions and Learn More
If you already have your financial life in order, that is great. You are ready to begin looking at the next key areas for retirement, Social Security benefits, Medicare, taxation of IRA withdrawals, optimization of your after-tax and health savings accounts. Learn as much as you can about these areas either by asking your advisor detailed questions or explore the Social Security and Medicare websites for more information. Be sure to check your earnings record at SSA.gov and correct any errors before you apply.
Clearing up your financial questions and concerns should never be put off. Take steps now to educate yourself and loved ones on your financial situation.
At Wealth Planning Corporation we are here to simplify your financial complexities. If we can be of assistance this season, please do not hesitate to reach out. Looking for more information or to schedule an in-depth financial discussion, give us a call to schedule a complimentary discovery meeting.
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