Podcast Extra: Financial Spring Cleaning

[00:00:00] Speaker A: Spring has arrived, and with it the urge to fling open windows, sweep away dust, and finally tackle that drawer of forgotten receipts and tangled cords. But while your home gets an annual refresh, your finances might be collecting their own quiet clutter. I'm Jim Tarabokia for the Retirement Radio Network powered by Amerilife. Now that spring is upon us, maybe you filled your closet with those winter coats. I'm sure it feels quite liberating. But what about the financial dust bunnies hiding in your accounts? Break youk Budget founder Michaela Alaka recently spoke with Yahoo. Finance about the importance of gaining a full view of your money situation. [00:00:33] Speaker B: My best recommendation for getting started with auditing and spring cleaning your finances is to take a financial snapshot. And what this is going to do is show you how much money you are spending on essential things and non essential things. [00:00:49] Speaker A: A recent guide from Morgan Stanley offers three straightforward steps to tidy up your finances and clear the path ahead. First, clean up your accounts. If your money is scattered across multiple banks and brokerage firms, it can feel chaotic. And as financial advisor Matt McClure of the Retirement Radio Network tells us, consolidating where it makes sense can give you that full, honest picture of your finances. [00:01:11] Speaker C: Take inventory of all of your accounts. Look for ways to simplify where your money is held because you don't want it scattered all around in a bunch of different places. You want to be diversified. Of course that you can do that within a couple of different kinds of accounts. [00:01:24] Speaker A: Next, declutter your debt. Multiple credit cards, loans with varying interest rates and different due dates can create unnecessary pressure. And finally, organize your income and expenses. Take a hard look at where your money actually goes each month. A clear budget lets you direct more towards your near term or even long term goals, like a comfortable retirement. So just as a thorough spring cleaning refreshes your home, these small, deliberate actions can declutter your financial life and make room for what matters most. The spring offers a moment to pause and tidy up, and that includes your finances. For the Retirement Radio Network, powered by Amerilife, I'm Jim Tarabakia.