Spring cleaning your finances

Published: Mar. 23, 2021 at 8:38 AM EDT
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LEXINGTON, Ky. (WKYT) - Spring is in the air and many will find themselves doing some spring cleaning. Maybe you were cleaning your garage or taking a look at your closet this weekend. How about your finances? Fiduciary financial advisor Josh Smith of Strategic Wealth Designers joined us on the newscast to discuss spring cleaning your finances. First, look at where you at when it comes to your spending and saving.

“Take a look at your accounts and track them, maybe in an app or spreadsheet,” Smith says. “If you don’t know where you’re at, how will you know where you want to be? Take this spring to create new goals and get excited about them.”

If you are 35 or younger, evaluating your investment choices every other year is usually sufficient, as you have decades to get back on track if needed. Those that are 45-50, should evaluate once a year. Individuals 10-15 years away from retirement, should take a look about every quarter.

“The landscape of your investments will determine your returns,” Smith says. “For instance, half of the households in America are invested in mutual funds. But mutual funds were created a long time ago. Life has changed a lot since then, oftentimes your investments should too.”

For some literal spring cleaning - throw away old statements that you can access online. To see additional stories surrounding business and economic news for the Lexington area, visit and if you have a question for Josh send an email to

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