FINANCIAL FOCUS: Financial 'spring cleaning' can brighten your investment picture

Joe Faulk

Joe Faulk

Published: Tuesday, March 18, 2014 at 04:11 PM.

The days are getting longer and warmer — a sure indication of spring's arrival.

Another sign of the season may be the urge you get to do some spring cleaning. But you might not have realized that some of the same spring-cleaning techniques that can be used on your home can also apply to investments and your overall financial strategy.

Here are a few ideas to consider:

Get rid of “clutter.” As you do your spring cleaning, you may find a bunch of items you no longer need. As an investor, you might look at your portfolio and find investments no longer appropriate for your objectives. For example, perhaps some of them are virtual duplicates of other investments you own, thereby diminishing your potential for diversification. Or maybe some investments are now too risky for your needs. In any case, you may be better off rebalancing your portfolio.

Get organized. As you clean your home, you might find ways to organize your belongings and furniture more efficiently. And you may also be able to organize your investments more effectively.

Consider consolidating your investment accounts with one provider. If you have an IRA here, another one there and some other investments scattered about, you may be paying more in fees and commissions than necessary.

By consolidating these investments, you might save money and paperwork. More important, you may find it easier, with all your investments under one “roof,” to follow a single, unified investment strategy.



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