Stuff to Do While Quarantined: Clean Up Expenses and Financial Records

“When we throw out the physical clutter, we clear our minds. When we throw out the mental clutter, we clear our souls.”
–Gail Blanke

I get it. We’re all scared. Something is happening that we’ve never experienced before. One thing that might help is to distract yourself while doing something productive. It’s easy to get frozen by news reports and fear. See if this helps get your mind on something else that needs to be done anyway.

Continue to look for opportunities to reduce unnecessary expenses.

• The more income you generate, the easier it is to lose track of cash flows.
• Pick one Credit Card and one bank account and review your monthly charges. Is there a monthly membership or subscription you can do without? Reallocate that cash towards savings, reducing debt, and building your wealth plan.

Use this opportunity to cleanup and simplify your finances.

• Consolidate bank accounts. Fewer bank accounts will provide more clarity of your cash flows.
• Sign up for paperless/electronic records and stop receiving paper statements.
  • If you are comfortable receiving electronic statements monthly, then you don’t need to file anything.
  • Shred old statements
• Utilize a personal financial portal* where you can see all of your accounts, have a clear picture of your Net Worth, and digitally store important documents like:
  • The past five years’ tax returns and supporting documents.
  • Property documents like deed, purchase/sale agreement, closing statement, real estate tax assessment, etc.
  • Estate Planning documents.

*Our clients receive access to a free and secure personal financial portal as part of our services.

If you have $1M – $10M+ in investable assets and want to learn more about how these and other simple strategies will help you grow, protect, and enjoy your health, reach me directly at alfredo@mesafinancialgroup.com or 404-273-0089.