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When was the last time you spring cleaned your house? Many of us do some form of spring cleaning in our homes regularly.6
But what about our financial "homes"?
It can be easy to forget about the clutter and red tape that builds up in our finances. When we do, we can end up with some serious clutter.
And that can have very real consequences.
In fact, it won't just take up space. Clutter can also waste our energy, time, and even money.7
So, how can we deal with the financial clutter so it doesn't get in our way? Let's find out by checking out some simple and painless financial spring cleaning tips.
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1) Purge the Paper
Go paperless for recurring bills and monthly financial statements. Also, go through the financial documents you have on hand and shred the old paperwork you don't need any more. If there are papers you need to keep, make a digital version by scanning them. Not sure what you need to keep? Consult with your financial professional to make the decision.
Pro Tip: Got a lot of paper? Let technology help you out! Apps can help you digitize and organize your paper records. Also, visit optoutprescreen.com to stop getting irritating mail solicitations, like credit card applications and loan preapprovals.
2) Audit your subscriptions
Review ALL of your subscriptions and cancel any you no longer use or need. That includes subscriptions for streaming services, software, magazines and newspapers, gaming, and even product deliveries.
Pro Tip: Use your credit card and bank statements to figure out all of your subscriptions, so you don't overlook any. Also, consider signing up for subscriptions using the same card, so it's easier to audit them in the future.
3) Consolidate accounts
How many bank accounts, retirement accounts, and brokerage accounts do you have? Are they at different financial institutions? This type of account sprawl can get complicated fast. It can also mean paying lots of maintenance fees. Take a careful look at your accounts and try to consolidate them. Look at both reducing the number of accounts you have and consolidating your accounts at fewer institutions.
Pro Tip: Check out account fees and requirements as you decide which ones to keep versus shut down. And don't forget to look at transfer fees too, especially if you're moving money around to streamline your accounts. Consider asking a financial professional for advice to avoid unnecessary fees or inconvenient restrictions.
4) Automate savings
Set up regular transfers to a designated savings account. Choose a comfortable amount you can stick with. If you don't know how much to set aside, start with a number you know you can commit to. And if you're already doing this, check your automatic transfers and consider whether now's a good time to adjust or increase them.
Pro Tip: If your savings account is already pretty healthy, reroute your automatic deposits into a retirement account, college fund, or investment account. Also, consider earmarking chunks of cash you get, like annual tax refunds, for savings too.
5) Back it up
Create a "master" file as a "key" to explain how your backups are organized and where to find what information. You can also organize financial access passwords with a secure password manager. This reorganization can help you out with your next financial spring cleaning. This can also give you a head start on estate planning, allowing an estate executor to access all of your digital assets and information.
Pro Tip: Create backups of your important financial documents and account information. If you’re an Eagle Wealth client, an easy way to do this is to upload them to the vault in your personal financial website, Wealthview.
6) Check in with your bigger financial goals
How are you doing on your financial goals, big and small? What progress have you made and where are you falling short? Reviewing where you're at, how far you've come, and where you want to be can help you figure out when and how to adjust course, so you stay on track.
Pro Tip: Turn this step into a conversation so you can get feedback and a fresh perspective. Talking about your bigger financial goals can motivate you to stick with them.
No matter how old you are or how much money you have, financial clutter can pile up pretty fast. But a little financial spring cleaning can bring major rewards. Please give us a call if we can help.
Happy Spring Cleaning,
Your Eagle Wealth Team
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Spring Showers Bring . . . Rainwater Collecting?
We all know the saying, “April showers bring May flowers,” but spring showers also bring an excellent opportunity to collect rainwater! Collecting rainwater is a great way to conserve water, decrease water bills, lower demand for freshwater resources, slow erosion in dry environments, and reduce flooding.
Collecting rainwater at home can be simple. One way is to collect the runoff from your gutter in a bucket or container. You can then use that water for gardening, watering indoor plants, filling the toilet tanks, washing your car, or storing it as emergency water in the case of a fire. While rainwater collection is legal in all 50 states, be aware that some states have restrictions on collecting and using it, so check them before you begin!
Tip adapted from Treehugger.com6
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The Week on Wall Street
Stocks rallied last week, propelled by growing optimism over reaching a deal on raising the debt ceiling and avoiding a technical debt default by the U.S.
The Dow Jones Industrial Average edged 0.38% higher, while the Standard & Poor’s 500 gained 1.65%. The Nasdaq Composite index advanced 3.04% for the week. The MSCI EAFE index, which tracks developed overseas stock markets, lost 0.47%.1,2,3
Possible Debt Deal
After stumbling on weak April retail sales and a combination of disappointing earnings and weak guidance from a major retailer, stocks moved higher mid-week as the news on the debt negotiations turned more positive.
The prospect of an agreement helped to lift a cloud of uncertainty that had weighed on markets in recent weeks and sparked sufficient optimism to shake off comments by the Dallas Fed President, who indicated that economic data may not support a pause in rate hikes yet. Aiding the market’s upbeat mood was a positive update on deposit growth at a troubled regional bank.
Stocks surrendered some of the week’s gains on Friday following reports of an impasse on debt talks and comments by Fed Chair Powell.
Housing Mixed
Recent updates have suggested that the housing market may be staging a turnaround after a long period of contraction. Last week’s data contained some fresh evidence of revival and caution that any potential recovery may remain further out.
The first positive sign was an increase in home builder sentiment that put the National Association of Home Builders Housing Market Index’s confidence level at the midpoint for the first time since July 2022. An unexpected 2.2% rise in housing starts in April followed. These encouraging reports, however, were followed by a disappointing 3.4% decline in April existing home sales.4, 5, 6
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THE WEEK AHEAD
KEY ECONOMIC DATA
Tuesday: Purchasing Managers’ Index (PMI) Composite. New Home Sales
Wednesday: FOMC Minutes
Thursday: Gross Domestic Product (GDP). Jobless Claims
Friday: Consumer Sentiment. Personal Income and Outlays. Durable Goods Orders
Source: Econoday, May 19, 2023
The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.
COMPANIES REPORTING EARNINGS
Monday: Zoom Video Communications, Inc. (ZM)
Tuesday: Lowe’s Companies, Inc. (LOW), Palo Alto Networks, Inc. (PANW), AutoZone, Inc. (AZO), Intuit, Inc. (INTU)
Wednesday: Nvidia Corporation (NVDA), Analog Devices, Inc. (ADI), Snowflake, Inc. (SNOW)
Thursday: Costco Corporation (COST), Marvell Technology, Inc. (MRVL), Workday, Inc. (WDAY)
Source: Zacks, May 19, 2023
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.
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Any companies mentioned are for informational purposes only, and this should not be considered a solicitation for the purchase or sale of their securities. Any investment should be consistent with your objectives, time frame, and risk tolerance
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1. The Wall Street Journal, May 19, 2023
2. The Wall Street Journal, May 19, 2023
3. The Wall Street Journal, May 19, 2023
4. National Association of Home Builders, May 16, 2023.
5. Fox Business, May 17, 20236. The Wall Street Journal, May 18, 2023
6. https://www.ipsos.com/en-us/news-polls/spring-cleaners-organizing-more-than-usual-03282022
7. https://www.verywellmind.com/decluttering-our-house-to-cleanse-our-minds-5101511
Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.
The market indexes discussed are unmanaged, and generally, considered representative of their respective markets. Index performance is not indicative of the past performance of a particular investment. Indexes do not incur management fees, costs, and expenses. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results.
The Dow Jones Industrial Average is an unmanaged index that is generally considered representative of large-capitalization companies on the U.S. stock market. Nasdaq Composite is an index of the common stocks and similar securities listed on the NASDAQ stock market and is considered a broad indicator of the performance of technology and growth companies. The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) and serves as a benchmark of the performance of major international equity markets, as represented by 21 major MSCI indexes from Europe, Australia, and Southeast Asia. The S&P 500 Composite Index is an unmanaged group of securities that are considered to be representative of the stock market in general.
U.S. Treasury Notes are guaranteed by the federal government as to the timely payment of principal and interest. However, if you sell a Treasury Note prior to maturity, it may be worth more or less than the original price paid. Fixed income investments are subject to various risks including changes in interest rates, credit quality, inflation risk, market valuations, prepayments, corporate events, tax ramifications and other factors.
International investments carry additional risks, which include differences in financial reporting standards, currency exchange rates, political risks unique to a specific country, foreign taxes and regulations, and the potential for illiquid markets. These factors may result in greater share price volatility. Please consult your financial professional for additional information.
This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG is not affiliated with the named representative, financial professional, Registered Investment Advisor, Broker-Dealer, nor state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and they should not be considered a solicitation for the purchase or sale of any security. Copyright 2023 FMG Suite.
Risk Disclosure: Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance does not guarantee future results.
This material is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The content is developed from sources believed to be providing accurate information; no warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability, or usefulness of any information. Consult your financial professional before making any investment decision. For illustrative use only.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific situation with a qualified tax professional.
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