Finance
‘Spring cleaning’ for your finances: 12 money moves to make right now
Allworth Advice: Some 401(k)s are not like others
Amy Wagner with Allworth Financial discusses whether a 401(k) is the best retirement plan.
Allworth Financial, Cincinnati Enquirer
Spring cleaning can mean tidying up your wallet or pocketbook, as well as your closet.
In the spirit of renewal, here are 12 financial moves you should make this spring. Some are annual rituals, or should be. Others are tasks we tend to put off, but shouldn’t.
1. Revisit your resolutions
Many of us set New Year’s resolutions for 2024 around spending and saving, borrowing and earning, but fewer of us followed through on them.
“For a lot of people, a top money goal was paying off credit card debt or starting an emergency fund,” said Kimberly Palmer, a personal finance expert at NerdWallet. Spring is “the perfect time to see if you’re making any progress,” she said.
And what if you’ve made zero progress?
“For those of us who fell off track, there’s something called a reset button,” said Ashley Folkes, a certified financial planner in Birmingham, Alabama. “Spring offers the perfect opportunity to restart where we left off, without dwelling on regrets.”
2. Clean your financial ‘junk drawer’
Spring offers a chance to sort through that drawer – or box, or unused corner of the dining room table — where you stash financial paperwork to deal with on some unspecified future date.
“You know the one I’m talking about, where you toss all your statements and bills, intending to sort them out later,” Folkes said.
Working through the neglected papers is a great way to ease financial stress, he said. Throw some away. File some away. Deal with the rest, one way or another.
3. Start a 2024 tax folder
Speaking of papers: If you haven’t already, consider setting up a folder to stow all your tax documents for 2024: receipts, donation forms, and anything else you need to report or plan to deduct. Better still, set up one real folder, and another on your laptop, says Jeff Farrar, a certified financial planner in Shelton, Connecticut.
This tip comes from Jeff Farrar, a certified financial planner in Shelton, Connecticut.
4. Watch that withholding
While you’re at it, look at your W-4 form and make sure you are withholding the right amount of your paycheck.
“Since taxes are on our mind, with April 15 coming, why not get better prepared for next year’s taxes?” Farrar said.
Will you get a refund next year, or will you owe? Most of us have a lot more control over that question than we think, said Jeff Jones, CEO of H&R Block. You may want to reap a large tax refund to help your family’s cash flow. You may prefer to limit your withholding so that you hold onto more of your paycheck until tax time. The decision is yours.
“In general, you can actually control the outcome,” he said. “We try to remind people, it’s really a choice you can make.”
Most of us have fairly predictable income. Take a look at your last few tax returns. Study the pattern. Are your earnings trending up, or down? Then, consult a tax professional.
Taxpayers straightforward returns “can be in much more control if they just get some expert help and think about withholding changes on their W-4 at the beginning of each year,” Jones said.
5. Talk to your tax preparer
More broadly, spring is a great time to have a conversation with the person who prepares your taxes.
“Aside from housing, taxes are most people’s largest annual expense, so it deserves more attention than pulling together your W-2 and 1099s” and sending them in, said David Flores Wilson, a certified financial planner in New York.
“Our advice is to have a thoughtful, proactive conversation with an accountant, CPA, or financial planner after the spring tax deadline so that you can strategize what you can do the rest of the year to lower your taxes prior to next spring,” he said. “Perhaps there are deductions or credits you weren’t aware of.”
6. Max out your retirement plan
You can contribute to an IRA up to April 15 and have the money count toward your 2023 savings. The contribution limit for 2023 is $6,500 if you’re under 50, $7,500 if you’re older.
Even better, get an early start on contributing to your IRA for 2024. The longer the money sits in your retirement account, the longer it can accrue interest.
“There is a 15-month window to make IRA contributions for any given year,” said Mary Ryan, a certified financial planner at Vanguard. “The earlier you make it, the more you benefit from the compounding effect,” earning interest both on the money you’ve saved and on the interest it has already reaped.
Spring is also a good time to challenge yourself to contribute to a workplace 401(k), Wilson said.
Those plans have higher contribution limits: $23,000 in 2024, plus an extra $7,500 if you’re 50 or older.
“Maxing out 401(k) contributions can lower your taxes and get you closer to financial independence,” Wilson said. “Our advice is to marginally increase your contributions every couple of months, up to a level that’s uncomfortable, then back off a little.”
Not saving for retirement? Now is a good time to start.
“Even if you can only save a little right now, getting started is very important, because you want to give your retirement savings time to grow,” said Terri Fiedler, president of retirement services at Corebridge Financial, a financial services company in Houston. “Ideally, you’ll be contributing enough to at least maximize what your employer will match. And if you’re not there yet, look for opportunities to increase your contributions over time.”
7. Name your beneficiaries
Most retirement plans and life insurance policies include beneficiaries: The folks who get the money if you die.
Many of us procrastinate in naming them. In the spirit of spring cleaning, why not name them now?
8. Dust off your estate plan
Speaking of beneficiaries: Anyone with an estate plan should review it every year, or at least any year when a major life event plays out, like a job change, marriage, divorce or arrival of a new child, experts advise.
“An estate plan isn’t something you can set and forget,” Ryan said.
Consider whether you need to update any part of the plan, including your beneficiaries.
9. Book your 2025 vacation in 2024
Setting up vacation plans a year early saves money and gives you more choice of flights and lodgings, experts say. And then there’s the psychological value.
“Studies have shown the anticipation of a vacation is half the psychic value you get out of it,” Farrar said. “So, enjoy this summer’s family vacation, but put next year’s on the calendar, as well.”
While you’re at it, he said, “dig out your passport and check the expiration date. Nothing worse than getting ready for an international vacation and realizing your passport is about to expire.”
10. Review your investment portfolio
“You don’t need to monitor your portfolio on a daily basis,” Farrar said, but spring is an ideal time to review your asset allocation and make sure it suits your needs.
Your mix of stocks, bonds and other investments can drift over time, and your portfolio objectives change.
“Check to see if your allocation of stocks vs. bonds is where you want it to be,” said Maureen Demers, a certified financial planner in North Andover, Massachusetts.
11. Invest in high-yield savings
Yields on savings accounts, certificates of deposit, money market accounts and other savings vehicles have been up for the last year or two, along with interest rates generally.
Yet, many people “are still holding large cash balances in suboptimal, low-yielding vehicles,” Wilson said.
If your savings isn’t earning 5% annual interest, or close to it, consider transferring the balance into a high-yield account.
Growing debt: Our credit card balances threaten to swamp our savings. Here’s how to deal with both
12. Check your credit card
Credit card debt is rising, along with credit card interest rates. Now is a good time to take a good look at your card, especially if you carry a balance from month to month, Palmer said. The key question: “Are you paying more interest than you realize?”
Credit card rates change over time, and lately, they’ve been going up.
If the APR on your card is rising, Palmer said, then it might be a good time to shop around for a new card.
Daniel de Visé covers personal finance for USA TODAY
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Finance
Finance Committee authorizes $27M settlement stemming from deadly police chase
A City Council committee on Friday agreed to pay $27 million to the family of a mother of six killed in a high-speed police chase — nearly triple the amount awarded by a jury — amid warnings that new evidence in the case exposed taxpayers to a settlement “well over $100 million.”
The settlement authorized by the Finance Committee is poised for full Council approval next week, and would go to the family of Stacy Vaughn-Harrell.
The 47-year-old woman and her then 21-year-old daughter, Kimberlyn Myers, were driving home in June 2017 — after Myers sang at a performance in Indiana — when they were hit by a car that was fleeing police through a residential area in Englewood at a speed of roughly 50 mph.
Vaughn-Harrell was killed, and Myers suffered serious injuries, including a concussion, a lacerated liver, and a broken collarbone requiring a plate and five screws. Vaughn-Harrell left behind six children, three of whom were teenagers.
Before the chase, police had pulled over a white Kia they believed was present during a shooting, though they didn’t know if the shots came from the car, the family’s attorney said at the time. A passenger got out of the car when it was pulled over, then the Kia sped off.
Police chased the Kia in an unmarked car, with a marked car following, according to the family’s trial attorney, who contended this violated department policy requiring a marked car to lead a chase using both lights and sirens.
The Kia had run through four stop signs before crashing into Vaughn-Harrell’s car at an intersection.
Three years ago, a jury awarded $10 million to the victim’s family.
On Friday, Deputy Corporation Counsel Margaret Mendenhall-Casey cited six reasons to explain why an appellate court’s decision to order a new trial based on an improper closing argument and other legal violations turned into a proposed $27 million settlement, all but $7 million shouldered by Chicago taxpayers.
Chief among them is a post-crash video that the “first jury did not see,” and the new trial judge has “already hinted he is inclined” to allow in a second trial, she said.
Lawyers for Vaughn-Harrell’s family likely would use that video “ to argue that our officers were callous,” Mendenhall-Casey said. “Video of Kimberlyn crawling over her mother’s dead body and falling to the ground while officers stood by and watched, the plaintiff will argue.”
Other factors that strengthen the family’s case include: likely testimony from all six of the victim’s children, only two of whom testified at the first trial; more detail about Myers’ traumatic brain injury as well as testimony from her and her doctors; and the fact that the six surviving children lost not only their mother but their home-schooling teacher.
A second jury would also be permitted to hear more criticism of the police officers involved in the pursuit that was not allowed during the first trial, Mendenhall-Casey said. And a grieving family that did not seek compensation for pain and suffering would now likely seek those funds.
“As you can see, a second trial would have a substantially different and larger case presented to it on damages,” Mendenhall-Casey told the Finance Committee. “If this matter proceeds to a second trial, the plaintiff will ask the jury to award well over $100 million dollars.”
The City Council recently rejected an $8.25 million settlement in another deadly police pursuit case. But the city’s managing deputy of litigation, John Hendricks, advised alderpersons not to roll the dice on this case.
“ We have a different case with new evidence. We have a different case with new witnesses. We have a different case with new and broader claims for damages. And we have a likelihood of more evidence coming in that was not allowed at the first trial based on judicial findings,” Hendricks said.
Citing a 2024 police pursuit case with a similar set of facts that culminated in a $79 million settlement, Hendricks said, “We have a new set of facts similar to set of facts that resulted in what people sometimes refer to as a nuclear verdict.”
During the public comment period that preceded Friday’s hearing, the Finance Committee heard tearful testimony from Myers.
“I am the individual who crawled out of that car. Who was not assisted by no officer. I did not see one hand reach out for me,” Myers said. “Every day there is pain that we all go through. Today is just as hard as it was on June 24, [2017].”
Finance
Investigation exposes severe weaknesses in Halifax County finances
HALIFAX COUNTY, Va. – A new investigation into Halifax County’s financial system found widespread compliance problems, including missing documentation for most financial transactions and a concentration of authority within the finance department that could increase the risk of fraud.
The review examined four years of county finances and found that 98% of financial transactions tested had little to no supporting documentation, according to the report. Investigators said the lack of documentation could expose the county to federal audits and jeopardize grant funding.
The report also found that investigators could not accurately verify the county’s payroll records because some payments lacked sufficient documentation.
Halifax County Board of Supervisors Chair Larry Roller said the scope of the issues was larger than he expected.
“We’ve got to do better with our policies and procedures,” Roller said. “It was a lot more than I thought it would be.”
Investigators said many of the problems stemmed from poor records retention and the county’s inability to produce requested documentation during the review.
“A lot of it was filing, records retention, and being able to get your hands on what was requested and provided,” Roller said. “And we weren’t able to do that in all the cases.”
The report also raised concerns about the structure of the county’s finance department. It found finance directors had significant authority, including the ability to approve payments and modify financial records without additional oversight.
Residents said the findings have shaken their confidence in the county’s leadership.
Barbara Coleman-Brown, who has lived in Halifax County for years, said she wants officials to clearly outline how they plan to fix the problems.
“Tell me how you’re going to improve and when we can expect it,” Coleman-Brown said. “I need you to be specific to restore my trust.”
Roller said county leaders plan to work with multiple departments to overhaul financial procedures and improve transparency, though he warned the process could take time.
“It’s just a matter of us doing business like we should, communicating like we should, and being transparent to the public,” he said.
Copyright 2026 by WSLS 10 – All rights reserved.
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