6 Ways to Clean Your Finances – Reading Eagle

Just as your home needs regular cleanup and thorough cleaning, so does your finances. Follow these six tips to organize your finances, achieve financial clarity, and lead a fulfilling and meaningful life you’ve imagined.


It is important to keep important financial documents and information in one place. Create a master spreadsheet with your account number and password. Please keep this document safe and protected. Lock it in a safe or cabinet if it is on paper, and make sure it is password protected for digital files. Keep a regular influx of organized documents in binders or file folders and don’t forget to shred the documents when it’s time to get rid of them. If you save your electronic files to your hard drive, make sure they are password protected, encrypted, and stored in a secure location.

Deal with your debt

Debt can constantly waste your budget, making it difficult to pay other invoices and save for your future. Start by choosing one form of debt and working to pay it off in a timely manner. It may be the one with the highest interest rate you can eliminate or the one with the smaller balance. If you have difficulty keeping up with the various loan dates, consider consolidating payments. The advantage of this approach is that you may end up with lower interest rates as well.

Major expense planning

Are you on vacation or a large purchase on your radar? Start setting your money aside now to cover the cost. This eliminates the need to use emergency funds and credit cards, which can increase debt. Do not mix emergency funds with spending money. Instead, open a second savings account that will only be used for planned expenses.

Prepare for life changes

Do you have any plans to raise a family or start a small business in the near future? Or maybe you’re starting to think about retirement. Want to buy a car right away or fund an education savings account for your kids and grandchildren? By creating a strategy to reach your goals, you will begin the concrete steps to reach your goals.

You may also want to anticipate the risks that could have a significant impact on you and your family’s financial future. Consider a life insurance policy that protects your family in the event of an unexpected event. Disability income insurance can cover your loss of income if you become unable to work at some point. Working with a financial expert is a great way to see if something is missing.

Pay attention to your retirement account

If you’re still working, it’s a good time to review your contribution level to make sure you’re putting enough money into a tax-friendly vehicle like a 401 (k) or IRA. However, if you were 70½ years before 2020, or if you weren’t, when you reach 72, the IRS will have a fixed amount from your employer-sponsored retirement plan (conventional, SIMPLE, SEP). Requests that the withdrawal be started. IRA. This is called the minimum required distribution, or RMD. Thrivent does not provide any specific legal or tax advice, but we can partner with you and your tax professional or lawyer.

Set charity goals

One of the benefits of cleaning your finances is that you may be able to be more generous. Consider reviewing your goals for donating to your church or your favorite charity. You can also set volunteer time goals that can serve a special purpose.

It feels great when your home is clean, and it’s much easier to keep it clean when you chase it on a regular basis. The same applies to your finances. By performing these steps on a regular basis, you can achieve financial clarity and live with meaning and gratitude.

This article was created by local financial experts Rebecca Wise, 610-839-8955 and Bridgit Holly, both for use at 11 E. Philadelphia Ave., Boyertown, 215-368-4888. .. John Lauer, Morgantown, 610-286-5986.

Thrivent is a diverse financial services organization that helps people achieve financial clarity and enable a meaningful and gracious life. Thrivent and its subsidiaries and affiliates serve more than 2.3 million clients and offer advice, insurance, investment, banking and generous products and programs through telephone, online and national financial professionals and independent agencies. It offers. Thrivent is a Fortune 500 company with $ 162 billion in assets under management (as of December 31, 20). Thrivent has an A ++ (Superior) rating from AMBest, a credit rating agency. This is the highest of the agency’s 16 rating categories and was confirmed in June 2020. Ratings based on Thrivent’s financial strength and ability to pay insurance claims. It does not apply to the performance of investment products. For more information, please visit You can also find us on Facebook and Twitter.

Thrivent is the marketing name for the Lutherans Thrivent Financial. Insurance product issued by Thrivent. Not available in all states. Securities and investment advisory services provided through Thrivent Investment Management Inc., Registered Investment Advisors, members FINRA and SIPC, and subsidiaries of Thrivent. Thrivent License Agent / Producer. Thrivent Investment Management, Inc. Registered representative of. Advisory services available only through investment advisory agents.

6 Ways to Clean Your Finances – Reading Eagle

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