(WTNH) — You may think of Spring cleaning your home or garden when the weather starts to break, but experts say it’s smart to give your money some attention too.
Financial consultant John Caserta says our expenses become a “financial junk drawer” that we can easily forget about.
“Think about all the things that money touches: insurance, investments, your benefits at work, legal documents,” Caserta said. “You know, over the years we can lose track of this stuff.”
Caserta said you can save yourself some money by tracking all that spending down. To start, Caserta suggests going through your old statements like utility bills and pay stubs.
“Take time to organize everything, take inventory of where stuff is, what its worth, who owns it, account numbers,” Caserta said.
For investments and accounts, make a list of contacts and people who helped you make those financial decisions who can help you if you have questions.
Don’t forget about physically cleaning out too. It’s time to get rid of the receipts and paperwork you may not need to hang onto much longer.
“You don’t have to hold onto stuff forever, if its documents that verify stuff in your tax returns you definitely want to keep that 3-7 years,” Caserta said. “The IRS outlines on their website what you should keep for how long, and if we’re talking utility bills, maybe a month or two and then you can destroy it, pay stubs maybe about a year or so.”