---
title: Clean Your Finances
description: Over the last several months, many of us have had extra time on our hands. And for some, this has been a good time to get your personal and home life a bit more organized. You shouldn't forget about these steps to get your financial life organized, and an annual financial clean-up can help ensure that your long-term financial goals are met.
image: https://www.barryinvestmentadvisors.com/hubfs/clean-your-finances.jpg
---

June 29, 2020

# Clean Your Finances

Over the last several months, many of us have had extra time on our hands. And for some, this has...

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Posted by [Barry Investment Advisors](https://www.barryinvestmentadvisors.com/blog/author/barry-investment-advisors)

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Over the last several months, many of us have had extra time on our hands. And for some, this has been a good time to get your personal and home life a bit more organized. You shouldn't forget about these steps to get your financial life organized, and an annual financial clean-up can help ensure that your long-term financial goals are met.

If you have any questions about navigating the items below, please reach out to your team at Barry.

- **Check your Loan and Credit Card Balances** 
    - How much do you owe?
    - If necessary, set up a payment plan with a lower interest rate
    - Depending on your situation, you may be able to consolidate and refinance your loans
    - Check your credit reports to see which debts should be paid first
- **Household Spending** 
    - There are many changes throughout our lives that may influence changes to your budget. These include but are not limited to: marriage, divorce, having a child, buying a home, etc.
    - Review your bills – groceries, electricity, cable, subscriptions – and look for ways they can be reduced
- **Reevaluate Insurance Needs** 
    - Find all your policies – life, home, auto health, umbrella, etc.
    - Review premiums, deductibles, and beneficiaries to make sure they are still in line with your needs and wants
- **Update your Will, Advanced Directives, and Beneficiaries** 
    - It is important to review these and update them as necessary
    - Include changes to assets and liabilities
- **Shred and Discard Paper Clutter** 
    - Many documents do not need to be kept forever
    - Bank statements and bills that are over one year old may be shredded
    - Tax documents more than 7 years old may be shredded
    - Many documents are now accessible online
    - Switch to paperless statements
    - Automate payments to avoid late fees

 

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