Spring is upon us! This is a great time to revisit that spending plan you committed to at the beginning of the year. Let’s make sure you’re on track.

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Revisit your income streams

Begin by assessing your current and projected income from all sources. Has anything changed? Understanding your income streams is crucial to recalibrating your financial plan to reflect your actual earning capacity.

Make necessary adjustments to your savings and investment strategies

With an updated picture of your income, it's time to reassess your contributions to savings accounts,401(k)s, and other retirement plans. Are there opportunities to increase the amount you save/invest? Always pay yourself first!

Tackle High-Interest Debt

High-interest debt, especially from credit cards, can erode your financial health. Prioritize paying down these debts to free yourself from the compounded interest that accumulates over time. This not only improves your credit score but also frees up more income for savings and investments.

Prepare for Tax Season

With taxes almost due, now is the time to ensure everything is in order. Make sure you file for an extension if needed. Seeking guidance from a trusted tax professional can also provide clarity and potentially unveil certain tax-saving strategies.

Cut Unnecessary Spending

Evaluate your subscriptions and recurring expenses, cutting out those that no longer serve you. Additionally, look for apps that help negotiate lower prices and/or find coupons.

Give Every Dollar a Purpose

Track every dollar that comes in and goes out. Every dollar should be allocated towards a specific purpose—be it savings, debt repayment, or investment. Your money should be working for you while you sleep.

Make Sure Your Gifting Is On Track

Find ways to be intentional with your gifting. Share your time, talents, or treasure with others. Whether it's through charitable donations or volunteering, there are so many ways to contribute positively to your community.

Prioritize Your Well-Being

Lastly, remember that your financial health is deeply intertwined with your physical, mental, and spiritual well-being. Stay healthy and do things that fulfill you. Whether it's taking time for physical exercise, meditation, or pursuing a hobby, a balanced life supports a healthy financial outlook.

Disclosure: Information presented herein is for discussion and illustrative purposes only. The views and opinions expressed by the speakers are as of the date of the recording and are subject to change. These views are not intended as a recommendation to buy or sell any securities, and should not be relied on as financial, tax or legal advice. You should consult with your attorney, finance professional or accountant before implementing any transactions and/or strategies concerning your finances.