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7/17/2015

4 Financial Areas Your Clients May Need to Spring Clean

In this spring season, the “cleaning out” mentality can go for more than just your house. Consider your clients and what things they might need to refresh or adjust. To give you a head start, here are four financial areas your clients might need to spring clean.

 

 

 

  1. Their Spending- Some people are good with money and some people aren’t. Regardless, everyone can use help with saving a little extra money. Help your clients recognize what good spending is through tracking their current monthly expenses (both via credit card and cash) and seeing how it adds up. Typically, people just need to be aware of their spending habits and guided towards saving opportunities, both big and small. If keeping up with an Excel sheet is too much commitment, they can use apps like Mint to easily track their spending.
  2. Their Credit Report- Unfortunately, many credit reports have errors on them. Whether they are from identify theft or an honest mistake, it can harm your clients’ credit scores without them even knowing. Remind them to check their credit score at least once a year at annualcreditreport.com and dispute any incorrect findings.
  3. Their Retirement Accounts- With the possibility to have both personal and work retirement accounts, it can be easy for clients to lose track of their current plans. Not to mention the fact that many forget to roll it over from previous jobs. Encourage your clients to consolidate all of them in an IRA or their current employer’s plan. Educate them on the pros and cons of choosing one over the other.
  4. Their Legal Documents- Things happen in life, so it is smart for your clients to be prepared for as much as possible. They should double-check their beneficiaries on any retirement accounts or life insurance policies. Additionally, they should have an up-to-date will, power of attorney, advance healthcare directive and more. It’s not always fun to think about, but it is one of the most important things when it comes to getting things in order.

 

 

While your clients may put off spring-cleaning their bathrooms, they can’t ignore your help to keep their finances in check. 


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