With spring upon us, you’re probably itching to dust off your bicycle, clean out your closets and get your summer garden in order. But spring is also a great time to take a look at your financial situation and make changes as you see fit. With a few months into the year, it’s smart to assess financial trends and augment your financial planning to reflect those changes.
Refresh Your Portfolio
If you invest in stocks or bonds, take a good look at your portfolio. If you have investments that are under-performing, it may be time to shed those in exchange for newer options that have more potential for growth or income. Talk with your financial advisor to see what trends are developing and read up on business news for a more independent take on where to put your money.
Tackle Home Renovations
Spring can also be a good time to undertake some home renovations. Many people wait until the summer to start their home improvement projects, but if you get them in early, you can enjoy the fruits of your labor during the summer. The spring season can be a good time to work with a contractor as many have yet to fill up their dockets. Many companies offer promotions or deals to drive business in the early months of the year. Making upgrades to your home adds value to your property and many of these upgrades are relatively inexpensive. Just make sure to check with the Better Business Bureau to make sure you’re dealing with a reputable company.
Budget for Next Year’s School Expenses
If you have kids who are in school or college, it can be a great time to look ahead to the coming school year and augment your budget based on their current expenses. Many colleges set tuition and fee schedules months ahead of the start of the school year. You should be able to make a reasonable assessment of your situation in the spring, eliminate unnecessary spending and prepare for the next school year. If you can set extra money aside between now and September, it could make the last quarter of the year more financially feasible.
Using tactics like these should help you to maintain a fairly high level of financial stability. Be sure to do what is best for your individual situation, and contact your local Washington Federal branch for more information about how our knowledgeable staff can help.