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‘Spring cleaning’ for your finances: 12 money moves to make right now

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‘Spring cleaning’ for your finances: 12 money moves to make right now
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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.

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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.”

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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.

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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.”

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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.”

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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.

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“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.

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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.

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“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.

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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?”

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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

Finance

SixCap Healthcare Finance Appoints Carroll as Senior Relationship Manager

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SixCap Healthcare Finance Appoints Carroll as Senior Relationship Manager

SixCap Healthcare Finance added Dan Carroll as senior relationship manager, reporting to the company’s co-founder and chief investment officer, Dan Whitwer.

Carroll brings more than 20 years of commercial finance, portfolio management and healthcare asset-based lending experience to SixCap. Throughout his career, he has managed complex healthcare lending relationships, led portfolio management teams, overseen loan closings and partnered closely with borrowers to support growth while maintaining disciplined credit management.

Most recently, Carroll held leadership positions at Siena, CNH Finance and Triumph Healthcare Finance, building extensive expertise in healthcare lending, credit analysis, loan structuring, risk management and client relationship management.

In his new role, Carroll will oversee borrower relationships across SixCap’s growing healthcare portfolio, working closely with clients to provide proactive portfolio management, responsive service and financing solutions that evolve alongside their businesses.

“We’re thrilled to welcome Dan to the SixCap team,” Whitwer said. “I’ve had the privilege of working alongside Dan and have seen firsthand the integrity, experience and thoughtful approach he brings to every client relationship. He understands healthcare, he understands asset-based lending and, most importantly, he understands the value of building lasting partnerships. As our portfolio continues to grow, Dan’s leadership and commitment to exceptional client service make him a tremendous addition to our team.”

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Big financing steps forward for The 78, Foundry Park projects

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Big financing steps forward for The 78, Foundry Park projects

Two of Chicago’s most pivotal but challenging undeveloped sites — Foundry Park on the North Side and the vacant South Loop parcel known as The 78 — moved forward in a big way Wednesday before the City Council adjourned for a summer recess.

Mayor Brandon Johnson introduced a $201.6 million tax increment financing subsidy for JDL Development’s scaled back vision for North Side industrial land along the Chicago River that once was supposed to be home to the Lincoln Yards megaproject.

And despite a slew of concerns from Council members, the full Council approved a $425 million TIF for The 78, a reference to Chicago’s unofficial 78th community area. The subsidy will bankroll public improvements needed for the South Loop development, anchored by a $750 million soccer stadium privately financed by Chicago Fire billionaire owner Joe Mansueto.

Downtown Ald. Bill Conway (34th), whose adjacent TIF is being raided to help The 78, again refused to go along with the $250.1 million piece of the infrastructure package that will primarily be used to build a 1,200-space parking garage. The $216 million garage will serve as the “podium” for an open-air plaza and future high-rise development on the air rights above the garage.

Referring to the Bears’ long-running stadium saga, Conway said Wednesday he appreciates the Fire “not trying to move to Hammond, Indiana, and become the Hammond Sparks.” But he said he “cannot look the taxpayers in the eye and tell them” he supported spending “$250 million to build a stadium parking garage and plaza.”

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Finance Chair Pat Dowell, whose 3rd Ward includes The 78, has argued that the podium “brings the site to grade at Roosevelt Road” and is the key to “unlocking the site from the isolation that has stalled every previous development proposal.”

Deputy Planning Commissioner Jeff Cohen made that same point Wednesday, with a new wrinkle.

“The idea here is to incorporate that garage into the podium,” Cohen said. “It’s addressing a design and development plan that allows for all of the land within The 78 to be open for investment, rather than having to have either temporary or permanent surface parking lots to accommodate the car traffic.”

An artist’s rendering of the planned Chicago Fire soccer stadium at The 78 in the South Loop.

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The $201.6 million subsidy proposed for Foundry Park pales by comparison to the $1.3 billion that former Mayor Rahm Emanuel once proposed for Lincoln Yards. That massive subsidy became a political lightning rod, with the avalanche of criticism led by the Chicago Teachers Union and then-union organizer Brandon Johnson.

The $201.6 million subsidy that Johnson introduced at Wednesday’s Council meeting is more likely to be criticized for being too little.

It will support just over 25% of the $800 million worth of roads, bridges, utilities and mass transit improvements that 2nd Ward Ald. Brian Hopkins has said were mandated as part of the Lincoln Yards plan.

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Foundry Park developer Jim Letchinger acknowledged that there is “other infrastructure that the neighborhood would like to see done that is not possible right now.”

But Letchinger added it’s a start that includes the long-promised extension of the popular 606 Trail. “If you don’t start with something that’s achievable, you can’t achieve anything.”

“We have a plan to actually start building and creating revenue right away in conjunction with building our infrastructure … A lot of parks. Massive riverwalk. Ten acres of public open space. Very usable, very engaging,” Letchinger said Wednesday.

“As we continue to build, since we’re not using anywhere near all the increment that we’re creating, the other increment can go toward other projects that the neighborhood would like to see — whether it’s to build a bridge or fixing Elston Avenue, or anything else that they’re anxious about,” he said.

Public improvements promised to residents, but not covered by the $201.6 million subsidy, include another bridge crossing the Chicago River and a realignment of Elston Avenue, which Letchinger called a positive move in the long run, but a “massive undertaking” complicated by cost and property control.

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“No private developer can realign Elston. It’s impossible. The city is the only one that can do that, and they’re working on it. There’s plans for it. But it will take a very long time,” Lechtinger said.

Ald. Scott Waguespack (32nd) said there is “one bridge that a lot of people still want,” but it goes through private properties owned by Ozinga Ready Mix Concrete and several other owners.

“The city would have to do it as a taking [of property], and that would be in the hundreds of millions of dollars. So they took that off the table because … that bridge wasn’t necessary at this time,” Waguespack told the Chicago Sun-Times.

Letchinger’s plan for roughly 34 vacant acres of the site calls for up to 3,737 residences, 20% of them designated as affordable to comply with the city’s set-aside rules. The new design includes low- to mid-rise buildings, some for offices, grouped near open space and riverfront access. Buildings would get ground-floor retail, and one is slated as a boutique hotel.

The project’s reduced density has drawn praise from residents. And Waguespack said he’s satisfied with the reduced public subsidy.

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“In the future if there’s more needed, we could go back and do it. But this is much more grounded in a realistic infrastructure project that will still satisfy all the needs of connecting the neighborhoods,” Waguespack said.

Hopkins said he views the scaled-down subsidy and the infrastructure projects as “wholly inadequate” and a broken promise to Lincoln Park and Bucktown residents.

“Lincoln Yards provided for two bridges with the possibility of a third. Foundry Park has zero,” Hopkins said. “I don’t want to move on a vague verbal promise that we might consider adding a bridge later. The time to add it is now while the redevelopment agreement is still pending. And the fact that it was omitted is tragic. Also, the [Elston-Armitage] intersection redesign and the new Metra station seems to have fallen by the wayside.”

Also at Wednesday’s meeting, Johnson proposed a tax break for Chicago’s booming film and television industries — by reducing the 15% personal property lease transaction tax to 11%.

The tax has been raised twice in recent years and was the biggest piece of the revenue package that helped balance the $16.7 billion budget for 2026. It has exceeded revenue projections by $40.3 million through June 30, allowing Johnson to offer the break in hopes of attracting more film and TV productions to Chicago.

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The City Council also followed a trail blazed by Gov. JB Pritzker and his counterparts in six other states by prohibiting present and former city employees — and elected officials — from using insider information to bet on prediction markets. Apps including Kalshi and Polymarket are used to place bets on everything from election winners and the number of candidates entering a specific race for office, to budgetary and foreign policy decisions by elected officials.

Championed by Ald. Timmy Knudsen (43rd), the ordinance prohibits current or former city officials, appointees and employees from using “confidential information or any non-public information, including the identity of the subject of an investigation” to either participate in prediction markets or “assist any other person” placing those bets.

The Council also confirmed Johnson’s appointment of Dr. Garth Walker as the city’s public health commissioner.

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Finance

The average cost of fertility treatments and how to plan for them

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The average cost of fertility treatments and how to plan for them

Covering the cost of fertility treatment can feel like yet another hurdle in a process that is already physically and emotionally draining. Not only do you have to go through the testing and medical procedures involved, you can also end up paying tens or even hundreds of thousands of dollars.

For families who want to have kids or women who want to afford themselves a little more time, though, this can feel like a price well worth paying. But the process may necessitate some financial planning. Research can also go a long way, as insurance companies increasingly offer coverage.

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