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It’s officially Spring and there's no better time to get organized and clean things up. Simplifying and organizing your finances can also help in reducing stress and creating greater positive energy.
Household finances are typically one of the most stressful areas of all households and relationships.
Debts, uncertainty about employment, lack of emergency reserves, worry about investments, unexpected expenses and uncertainty of longer-term goals can also create elevated stress levels.
At Oxford Planning Group, we take both simple and complex financial situations and help create solutions to overcome challenges and achieve financial objectives. Our clear and simple to use online solutions help you track all your finances in a secure, interactive dashboard and allows you to see your financial life in action.
Do you have a plan to achieve your ongoing goals? Do you have too many accounts (banking or investment), too many credit cards or no core plan for long term achievement of goals? Not being able to easily track your debts and investments can create greater financial risk. Additionally, it’s much more difficult to achieve financial goals if you can't easily track your current situation and progress.
The first step in Spring Cleaning your finances is to create a summary of everything you have. What do you own and what do you owe?
- Things you own can include property, home(s), investment accounts, bank accounts, collections, or anything else of value.
- Things you owe include any debts on any property such as your mortgage, a car or other property where a loan was used to purchase an item.
Next, do you know where everything is? And very importantly - does your spouse or partner know?
- If you have a medical emergency or an auto accident, do you and your spouse or partner have easy access to your benefits for those policies?
- Have you had your insurance policies reviewed recently to see if they are up to date and providing the best benefits for your needs and costs?
- Check your credit report
- Get rid of clutter by scanning in documents that you don't need to keep in hard copy. Store them in a secured (and backed up) computer or your personal vault (part of our secure online solutions).
So - what’s creating worry or stress for you? Let Oxford help you build a plan and simplify your finances. Let's make sure everything is up to date and that you know where everything is. It’s time to relax and enjoy spring.