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Did You Consider a Spring Cleaning of Your Financial Info?

Did You Consider a Spring Cleaning of Your Financial Info?

Wednesday, May 1, 2024/Categories: Home Page Story

Most people know that spring is a good time to evaluate, organize and clean their home or apartment. But did you consider that spring cleaning your financial information could be a beneficial, annual must-do?

Shred Events

It’s no coincidence that many organizations hold shredding events in April and May. Spring means digging into chores that most of us put off all winter, then commit to tackling once the weather starts to get better. Shredding events are timed with the proverbial spring-cleaning season to accommodate those who decided to not only clean the dusty corners of the house, but also clean the dusty files and piles of documents that no longer need to be retained.

If you don’t make it to a shredding event, be sure to shred the documents yourself or take them to a shredding location. Small, low-cost shredders are available for in-home use and easy to purchase and operate. Protecting the documents you are cleaning out is imperative to help prevent fraud and identity theft.

Update Your Records

When purging older documents, be sure you update your current records before destroying older ones. In the haste of cleaning out excess paper, you want to be sure you retain important documents that are not scanned to a safe location or those instances where the original, signed document is necessary. In addition, be sure to check tax regulations for document retention. The IRS has a list of guidelines, and you can always contact your tax advisor for their suggestions.

You may also want to check your various app settings for financial documents that could be sent via eStatements and billings that might be available by email invoices. For your banking, consider enrolling in online services that would include bill pay features to reduce the need for checks, envelopes and stamps. Finally, organize everything by digitizing your documents so they are easily retrievable.

This annual review of your files will not only allow you to clear out older, unnecessary items, but will also serve as an audit of your current files that might be helpful in your efforts to stay up to date on investments, policies, warranties, titles and subscriptions. Taking an overall look at your financial condition is always a positive exercise!

Have You Reviewed Your Budget Too?

If you’re diving deep into your financial records, you should also consider a fresh look at your budget. Did the winter bring unplanned expenses? Did you decide a dream vacation is a priority?

If your financial position has changed, spring would be a good time to reevaluate and ask yourself if you are honestly representing your finances accurately by the figures you have entered on your budget. Heartland’s online financial tools can assist you with tracking your progress and goals. Committing to tracking your spending and debts just may be what helps you tidy up this part of your life too.

Always remember, Heartland Bank is a great resource for financial information. Stop by any of our 20 branches to speak with someone or visit the many useful pages of our website for all that Heartland has to offer!