It is Time for Your Financial Spring Cleaning

By Stephen V. Kenney, CFA, CFP
Gray Private Wealth, LLC

As you open your windows to welcome the first fresh breezes of Spring, it makes good sense to use this time of annual renewal to clean up and help secure your financial life. Here are six steps to take this month to help ensure your finances are in order.

  • One idea is to sweep away unnecessary credit card or other interest charges. Currently, credit card interest rates are uniformly high – 20% or even higher – so it is a good idea to keep outstanding credit balances as low as possible. Review whether you have any unnecessary credit cards and, if so, close them by contacting the issuer. Remember to request that the account be removed from all credit reporting companies.
  • Speaking of credit, now is a good time to request your free annual credit report at Annual Credit In today’s world of criminal cyber activity and identity theft it is important to review your credit report for any suspicious activity. For even more security, consider “freezing” access to your credit report at credit reporting agencies. You can learn more and receive contact information for the three major credit bureaus here.  
  • If you have an outstanding balance on a variable rate mortgage or home equity line of credit, the rate of interest you are paying each month has likely increased in line with recent upward trends in interest rates. It makes good sense to check current rates and determine whether a refinancing or even a paydown or payoff of a balance could make sense for you.
  • Have you maximized your contributions to retirement plans? Taking advantage of the tax deferral benefits of retirement savings is one of the most important ways to prepare yourself financially for retirement. Contribution limits have increased under the recent SECURE Act. While reviewing your retirement accounts, don’t forget to check that your beneficiary designations are up to date.
  • Social Security benefits often are the largest source of retirement funds. Confirm that your earnings history and projected benefit payments are accurate by reviewing your information with the U.S. Social Security Administration. The easiest way to do this is to log on or create your account at the Social Security website.
  • Finally, check for opportunities to reduce your monthly expenses. As an example, do you use all the cable TV or streaming subscriptions you currently pay for? Similarly, many mobile phone plans offer (but don’t always advertise) unlimited data plans at monthly rates that you may discover are lower than a fixed minute plan.

Taking the time to review your financial life periodically can bring peace of mind and may help you identify ways to improve your financial well-being.  Please reach out to us if we can help you navigate your financial life.

Stephen Kenney, CFA, CFP is Director of Client Development at Gray Private Wealth, LLC, a wealth management advisory firm located in Canton, MA. He can be reached at (781) 232-2020 or

Gray Private Wealth, LLC (“GPW”) is an SEC-registered investment adviser.  This material is for informational purposes only, as of the date indicated, is not complete, and is subject to change. Additional information is available upon request. Any opinions expressed herein represent current opinions as of the date of publication only and may change based on market or other conditions. 

This material may contain assumptions that are “forward-looking statements,” which are based on certain assumptions of future events. Actual events are difficult to predict and may differ from those assumed. There can be no assurance that forward-looking statements will materialize or that actual results will not be materially different from those described here.   Certain information herein has been provided by and/or is based on third-party sources and, although believed to be reliable, has not been independently verified, and GPW is not responsible for third-party errors.  No representation is made with respect to the accuracy, completeness or timeliness of information or opinions herein and GPW assumes no obligation to update or revise such information or opinions.

Information presented is for educational purposes only and should not be considered investment advice or an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  All investments involve risk, including risk of loss and are not guaranteed.  Past performance is no guarantee of future results.  There can be no guarantee that GPW will achieve any specific investment objective or level of performance.  GPW does not offer legal or tax advice.  Please consult your investment or tax professional for additional information concerning your specific situation.  Specific companies, industries or securities described are meant to be illustrative of investment style only. Additional information regarding GPW including fees, expenses, and risks of investment, is contained in GPW’s investment advisory agreement, its Form ADV, Form CRS and related disclosure documents and should be reviewed carefully. GPW’s ADV 2A and Form CRS can be accessed via .

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