Local financial professional offers advice for financial spring cleaning

MILWAUKEE (CBS 58) -- As spring approaches, one local professional says it's time to start thinking beyond deep cleaning our homes and focus on sprucing up our finances.

Brad Allen, a financial professional from Drake and Associates, discussed four tips for financial spring cleaning when he joined us on Monday, March 6.

To start, he suggests polishing money goals by setting short-term monthly savings goals that work towards long-term objectives, such as retirement. He recommends saving 10-15% of each paycheck in an IRA or employer-sponsored 401(k).

Next, he says to dust off a spending plan by tracking all expenses and income. Allen advises people to compare their expenses against their income and cut costs if necessary.

Allen also recommends cleaning up bills by negotiating with service providers for lower rates and calling credit card companies to lower interest rates or waive fees.

Finally, it's important to declutter financial documents regularly by keeping tax records for seven years, pay stubs for one year and bank statements and credit card statements for at least three years while making sure to shred all documents with sensitive information.

More information can be found by visiting WealthWisconsin.com.