Financial ‘spring cleaning’ tips from Creutzer Financial Services

THIS MONTH, SO IT’S TIME OF YEAR WHEN MANY PEOPLE START TO CLEAN OUT THEIR CLOSETS. FRED KREUTZER, PRESIDENT OF KREUTZER FINANCIAL SERVICES, SAYS IT’S ALSO A GREAT TIME TO CLEAN UP YOUR FINANCES. GOOD MORNING. ABSOLUTELY. IT’S ALWAYS A GOOD TIME, ESPECIALLY SPRING CLEANING, RIGHT? ABSOLUTELY. TIME TO TRY AND GET THINGS ORGANIZED, GET A LITTLE BIT MORE PREPARED. WE’RE COMING UP ON SUMMERTIME. WE MIGHT BE SPENDING A LITTLE BIT MORE THAN WE WERE DURING THE WINTER MONTHS. SO IT’S TIME TO BE A LITTLE BIT PREPARED AS WE GO FORWARD. OF COURSE, A LOT OF PEOPLE GETTING THEIR TAX RETURNS BACK. SO YOU SAY THERE ARE THINGS THAT YOU CAN DO WITH THIS MONEY AND WITH YOUR OWN FINANCES. YES. NUMBER ONE, LET’S LOOK AT OUR DEBT. SADLY, AMERICANS TODAY WE’RE AT THE HIGHEST DEBT WE’VE EVER BEEN. CREDIT CARDS AT THE WORST PLACE YOU’VE EVER BEEN. AND IT MAY BE SOMETHING AS SIMPLE AS, HEY, I KNOW I’M BEHIND, BUT MAYBE I CAN SWING OVER TO ONE OF THOSE 0% CREDIT CARDS WHERE I GOT IT FOR 18 MONTHS AND I COULD FOCUS ON THAT CREDIT CARD. BECAUSE AS WE GO IN THOSE SUMMER MONTHS, YOU DON’T WANT THAT BIG BURDEN. I’M JUST GOING TO CONTINUE TO PILE INTO THAT CREDIT CARD. SO LET’S GET ON THAT. WHAT ABOUT GETTING YOUR INTEREST RATES DOWN, INTEREST RATES DOWN? IT’S NOT GOING TO BE RIGHT NOW. OBVIOUSLY CREDIT CARDS, IF WE MOVE TO A 0% THAT’S A GOOD THING. I THINK YOU’RE GOING TO SEE IN A COUPLE YEARS IT’S GOING TO TAKE BEFORE WE START TO SEE MAYBE THE MORTGAGE RATES START TO DROP. WE’RE SEEING THAT THE FEDS ARE TALKING ABOUT DROPPING THOSE RATES, BUT IT’S NOT GOING TO HAPPEN OVERNIGHT. IT’S GOING TO BE SOMETHING DOWN THE ROAD. WHAT ABOUT OUR PAPERWORK? PAPERWORK IS ALWAYS SOMETHING I LOVE TO BE ORGANIZED. I’M A BINDER GUY. I LIKE EVERYTHING IN A BINDER. BUT IT’S ALSO DO I HAVE MY PASSWORDS ACCESSIBLE BECAUSE WE ALL KNOW SOMETIMES WE GOT TO CHANGE THEM EVERY THREE MONTHS, SIX MONTHS. BUT WHAT IF SOMETHING HAPPEN TO ME? IS MY WIFE GOING TO BE ABLE TO GO BEHIND ME AND FOLLOW ALL MY PAPERWORK TRAILS? SO THE BEST THING, KEEP IT ORGANIZED AND IT MIGHT NOT BE JUST MY MY WIFE, MAYBE MY KIDS NEED TO COME BEHIND ME. SO ARE WE MAKING IT EASY FOR THEM? IF SOMETHING HAS TO BE DONE AND SAY? ALSO MAKE SURE YOUR KIDS KNOW WHERE TO FIND IT. ABSOLUTELY. AND ALSO, YOU KNOW, CLUTTER. WE TALKED ABOUT CLUTTER. IF I HAVE TAX RETURNS AND THERE ARE MORE THAN SEVEN YEARS OLD, IT’S TIME TO SHRED THOSE DOCUMENTS. WE DON’T NEED THEM ANYMORE. MORE MAKE ROOM I KNOW SO MANY PEOPLE SAY TO ME, I STILL HAVE IT FROM 1990. I’M LIKE, WE DON’T WANT TO HEAR THAT. WE WANT TO SHRED THAT STUFF. YOU CAN YOU CAN GET RID OF ALL OF THAT. ALL RIGHT. FOOD PRICES ARE ON THE RISE. A LOT OF FOLKS STILL STRUGGLING WITH WHAT TO DO ABOUT THAT. ANY SUGGESTIONS? YOU KNOW, THIS IS THE ONE THING WHEN YOUR KIDS MOVE OUT OF THE HOUSE. BOY, DO THEY ALSO REALIZE WHAT MOM AND DAD PAY FOR FOOD PRICES. BUT THIS IS WHAT INFLATION IS. YOU KNOW, PEOPLE GO, OH WOW, I GOT AN INCREASE ON MY SOCIAL SECURITY. BUT AT WHAT PRICE? AND THAT INFLATION IS WHAT IT IS. AND WE’RE SEEING THAT OUR DOLLARS ACTUALLY BEING DEVALUED. SO WHEN YOU LOOK AT YOUR BUDGET YOU’VE GOT TO LOOK AT IT. YOU’VE GOT TO PUT IN MY FOOD PRICES ARE GOING UP. GOING OUT TO DINNER IS MORE EXPENSIVE THAN IT WAS THREE YEARS AGO. SO WE’RE SEEING EVERYTHING GOING UP. HOW’S THAT AFFECTING OUR BUDGET? YOU’VE GOT TO LOOK AT IT. MAKE SURE THAT YOU’RE NOT GETTING BEHIND. SO MAYBE I CUT BACK. MAYBE THAT EXTRA NIGHT GOING OUT TO DINNER. BUT WE GOT TO STAY WITHIN OUR BUDGETS. BUT FOOD PRICES. WOW. THEY REALLY JUMPED UP. I WAS JUST TALKING TO A FRIEND WHO RECENTLY SAT DOWN AND DID A BUDGET WITH HER HUSBAND, AND THE FIRST THING THEY NOTICED WAS HOW MUCH MONEY THEY SPEND ON GRUBHUB. AND THEY DIDN’T REALIZE IT UNTIL THEY DID THE BUDGET. AND DO WE REALLY NEED THAT? CAN WE JUST DRIVE OUT AND GO GET IT OURSELVES? I MEAN, ALL THOSE LITTLE DOLLARS WE COULD SAVE IS WHAT YOU GOT TO LOOK AT, BECAUSE THE BOTTOM LINE IS WE ALL GOT SO MUCH MONEY TO WORK WITH. HOW ARE WE WORK WITHIN THAT BUDGET? IF THAT BUDGET IS WORKING, GREAT, BUT BE CAREFUL BECAUSE THESE PRICES YOU KNOW, I DON’T KNOW IF THEY’RE GOING TO COME BACK DOWN. JEN. ALL RIGHT. AND AS LONG AS I’VE KNOWN YOU, WHEN I TOLD YOU I WAS GETTING A TAX RETURN, YOUR NUMBER ONE ADVICE WAS TO SAVE IT OR TO PAY OFF SOME OF THE CREDIT CARD DEBT. SO IS THAT STILL THE WAY YOU’RE GOING? 100%. ALL RIGHT. UH, CREDIT CARD DEBTS. THE ONE THING WE ALWAYS WANT TO GET ON TOP OF AND THEN SAVING IS IMPORTANT BECAUSE WE NEED THAT RAINY DAY FUND THAT IF SOMETHING DOES COME UP, YOU KNOW THAT WE’RE NOT RUNNING TO THAT CREDIT CARD TO JACK IT BACK UP AGAIN. SO LET’S STAY AHEAD OF THE GAME. YOU ARE ONE ACCIDENT OR A MEDICAL EMERGENCY AWAY FR

Financial ‘spring cleaning’ tips from Creutzer Financial Services

Updated: 11:25 AM EDT Mar 11, 2024

Spring officially begins this month and it’s the time of year when many people get the itch to clean out the house and their new wardrobe. Fred Creutzer, president of Creutzer Financial Services, said it’s also a great time to clean up your finances.

BALTIMORE —

Spring officially begins this month and it’s the time of year when many people get the itch to clean out the house and their new wardrobe. Fred Creutzer, president of Creutzer Financial Services, said it’s also a great time to clean up your finances.