SKST Radio Network-Dr. Ron Smith Investigates Dr. Ron Smith Investigates Show Podcast Planner for March 2024 Season II, Episode #8, “The Talk, (conversations I wished I had), Financial Spring Cleaning” Introduction: Spring cleaning can mean tidying up your wallet or pocketbook, as well as your closet. In the spirit of renewal, let’s look at some financial moves you should make this spring. Some are annual rituals or should be. TOPIC #1 Revisit your Resolutions Many of us set New Year’s resolutions for 2024 around spending and saving, borrowing and earning, but fewer of us followed through on them. For a lot of people, a top money goal was paying off credit card debt or starting an emergency fund.” Spring is “the perfect time to see if you’re making any progress.” And what if you’ve made zero progress? For those of us who fell off track there’s something called a reset button. Spring offers the perfect opportunity to restart where we left off, without dwelling on regrets. a. Clean your financial ‘junk drawer’ Spring offers a chance to sort through that drawer-or box, or unused corner of the dining room table-where you stash financial paperwork to deal with on some unspecified future date. (where you toss all your statements and bills, intending to sort them out later). Working through the neglected papers is a great way to ease financial stress, throw some away, file some away, deal with the rest, one way or another. b. Start a 2024 tax folder Speaking of papers: If you haven’t already considered setting up a folder to stow all your tax documents for 2024: receipts, donation forms and anything else you need to report or plan to deduct. Better still, set up one real folder, and another on your laptop. c. Watch that withholding While you’re at it, look at your W-4 form and make sure you are withholding the right amount of your paycheck. Will you get a refund next year, or will you owe? You have more control over that question than you think. You may want to reap a large tax refund to help your family’s cash flow. You may prefer to limit your withholding so that you hold onto more of your paycheck until tax time. The decision is yours. TOPIC #2
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