1. Use Your Tax Return as a Guide

Before you file it away, take a quick look at what actually happened last year:

• Where did your income really come from?
• How much did you pay in taxes?
• Did anything surprise you (a big refund or an unexpected bill)?

Ask yourself: Was this what I expected?

If not, that’s helpful. It usually means there’s something worth adjusting now—not next year.

2. Adjust Withholding or Estimated Payments

If you owed more than you expected or got a much bigger refund than you planned, it’s probably time to fine-tune things:

• Update your paycheck withholding
• Revisit estimated tax payments (especially if you’re retired or self-employed)

The goal here isn’t perfection. The goal is just to avoid big surprises and smooth out your cash flow.

3. Revisit Your Tax Strategy for This Year

Now that you’ve seen how last year played out, you can be more intentional this year.

A few things to think about:

• Does a Roth conversion make sense this year?
• Should you shift income between years if you have flexibility?
• Are there opportunities to realize gains or losses more strategically?

4. Update your Contributions

This is one of the easiest things to review and update during your “spring cleaning.” Be sure to increase your contributions to your 401k and/or IRA’s to max out for the year.

For 2026, contribution limits have increased to:

• 401(k): $24,500 (+ $8,000 catch-up if 50+, or up to $11,250 if ages 60–63)
• IRA (Traditional or Roth): $7,500 (or $8,600 if 50+)
• HSA: $4,400 individual / $8,750 family (+ $1,000 catch-up if 55+)

If you can:

• Increase your automatic contributions
• Revisit your IRA or HSA funding plan
• Make sure your savings still match your current income

Even small changes now can make a noticeable difference by the end of the year.

5. Clean Things Up and Simplify

This is the “spring cleaning” part. Take a little time to:

• Consolidate old retirement accounts
• Double-check your beneficiaries
• Organize important documents
• Cancel or unsubscribe from things you don’t use anymore

6. Revisit Your Investment Mix

The market has moved around a lot over the last year and your portfolio can drift more than you realize. After tax season is a great time to:

• Review your allocation
• Rebalance if needed
• Make sure your investments still line up with your timeline (especially if retirement is getting closer)

Filing your taxes isn’t really the finish line—it’s more like the starting point for making smarter decisions this year. A few small, intentional adjustments now can go a long way toward reducing taxes over time, improving cash flow and feeling more confident about what’s ahead. If you have questions about any of this, feel free to reach out! We’re always happy to help you get things organized and on track for the year ahead.

The post Spring Cleaning for Your Finances: What to Do After You’ve Filed Your Taxes appeared first on MainStreet Financial Planning.

1. Freeze Your Credit

If you temporarily unfreezed your credit for a loan or new credit card last year, be sure to re-freeze it now. Freezing your credit is an effective way to protect against identity theft and unauthorized access to your financial accounts.

2. Update Your Home Inventory

Take a few moments to review and update your home inventory, whether you keep it in an app, a spreadsheet, or through photos on your phone. Removing items you no longer own and adding new purchases will ensure your inventory is accurate and ready for insurance purposes if needed.

3. Scrutinize Your Credit Report

Visit annualcreditreport.com to get your free credit reports from the three bureaus: Experian, TransUnion, and Equifax. Verify that the information is accurate and that all your credit cards, store accounts, and loans are properly listed. This will help catch any errors or fraudulent activity. If you notice discrepancies, file a dispute with the relevant credit bureau.

4. Verify Your Social Security Earnings

Your Social Security benefits are based on your earnings record, so it’s crucial to ensure your reported income is correct. Log into myssa.gov to view and confirm your earnings history. If you notice any errors, you can easily request a correction online. For 2024, the maximum taxable earnings subject to Social Security tax is $168,600. Double-checking this annually ensures your record stays accurate for future benefit calculations.

5. Review Your Estate Planning Documents

Take some time to review the key documents in your estate plan, such as your will, power of attorney, and property deeds. Whether they’re stored in physical files or securely stored digitally, it’s important to confirm they’re updated and easy to access should you need them.

6. Revise Your Annual Budget

Look over your budget from the previous year and make adjustments for 2024. Tools like Tiller, Monarch, or YNAB can help you track your spending and ensure you stay within your financial goals. While inflation can increase certain costs, staying aware of your spending is the key to preventing your expenses from creeping up.

7. Prepare for Tax Season

Organize your tax documents in one central location—whether it’s a folder, box, or basket—to avoid scrambling when it’s time to file. You’ll receive a mix of mailed forms, emailed notices, and online documents, so keeping everything in one place will save you time and hassle when tax season arrives.

By checking these key items annually, you’ll stay on top of your financial health and be ready for whatever the year brings. Starting the year with these updates will give you peace of mind, knowing your finances are secure and organized.

The post Start the Year Strong: Get Your Financials in Shape for 2025 appeared first on MainStreet Financial Planning.

1. Reflect on the Past Year – Celebrate the wins and learn from the challenges

Before you dive into setting new financial goals, take a moment to reflect on the year that’s passed. What worked well in 2024, and what could have gone better? Reflecting on past goals—whether you hit them or fell short—can help identify areas of strength to build on and weaknesses to address. Research shows that acknowledging even small accomplishments fosters a growth mindset, which boosts motivation and performance. Consider journaling about your key wins and challenges, then use these insights to set more realistic and achievable goals for 2025.

2. Set Clear, Measurable Goals

According to Harvard Business Review, breaking large goals into smaller, measurable milestones increases the likelihood of success. Instead of vague goals like “save more money,” be specific. For example, aim to save $5,000 for an emergency fund or reduce debt by $2,000. The more specific and measurable your goal, the easier it will be to track progress. Break down large goals into smaller, manageable milestones, and celebrate each achievement along the way.

3. Write Down Your New Goals

Don’t just think about your goals—write them down! A study from the Dominican University of California found that people who wrote down their goals were 33% more successful in achieving them than those who didn’t. When you write your goals, you commit to them. Keep them visible—on your desk, refrigerator, or bathroom mirror—to reinforce your dedication and remind you of your priorities every day.

4. Create a Realistic Budget

A budget is telling your money where to go instead of wondering where it went,” says leadership coach and author, John Maxwell. This is one of the most essential steps in building a successful financial strategy. Start by evaluating your income and monthly expenses, then allocate funds toward your savings, investments, and debt repayment goals.

But remember, flexibility is key. Life is unpredictable, so allow room for unexpected costs, while also being realistic about your spending habits. A well-crafted budget isn’t about restriction; it’s about making sure every dollar works toward your bigger financial goals.

5. Prioritize Your Financial Goals

It’s easy to feel overwhelmed by a long list of financial objectives, but research shows that prioritizing goals significantly increases the likelihood of success. Focusing your energy on fewer, high-impact goals allows you to make faster, more meaningful progress.

Start with the essentials, like building an emergency fund or paying down high-interest debt. Once these are under control, gradually shift your focus to long-term goals like saving for retirement or buying a home. By addressing the most urgent goals first, you’ll build the financial security necessary to tackle larger ambitions down the road.

6. Track Your Progress Regularly

Peter Drucker famously said, “You can’t manage what you don’t measure.” Tracking your progress is crucial to staying on track and adjusting your approach when needed. Whether you use a budgeting app like Monarch Money, a spreadsheet, or even a simple journal, monitoring your income, expenses, and savings will help you stay focused and motivated.

Studies have shown that tracking progress increases your chances of success. Regular check-ins allow you to celebrate small wins, stay motivated, and tweak your strategy if things aren’t going as planned. By checking in monthly or quarterly, you can course-correct and make sure you’re always moving toward your goals.

2025 is a year full of opportunities to take control of your finances and build a strong foundation for the future. By setting clear, measurable goals, sticking to a budget, and regularly tracking your progress, you can make this year your most financially successful yet. Stay committed, stay focused, and enjoy the journey toward financial freedom!

The post New Year, New Financial Goals: Five Tips for Setting Yourself Up for Success in 2025 appeared first on MainStreet Financial Planning.

State Unclaimed Property Search:

Check out the official website of your state’s unclaimed property program. To find it, search on the internet by simply entering your state and “unclaimed property” or look at the National Association of Unclaimed Property Administrators to direct you to your state’s site. Here you can search for unclaimed funds using your name or the names of deceased family members.

Missing Money Databases:

There are other online databases that consolidate information from multiple states and organizations. Check out the following sites to continue your search for missing funds.

• • MissingMoney.com
  • Unclaimed.org
  • Treasury Hunt on TreasuryDirect.com for missing savings bonds or interest
  • The IRS’s Where’s My Refund for missing tax refunds

Pension and Retirement Plans:

If you’ve worked for multiple employers throughout your career, you may have retirement funds or pensions from previous jobs that either you didn’t know about or have forgotten about. Search the following sites:

• Department of Labor’s Abandoned Plan database
• US Pension Benefit Guaranty Corporation
• National Registry of Unclaimed Retirement Benefits

There are some organizations who claim they can help you find unclaimed money for a fee, but don’t do it. These sites listed, mostly governmental sites, are free to use and just takes a little effort to submit the documents to prove the money is yours. It is such a joy to hear back from a client who found a pension from an old job or received a check from a forgotten store credit. It usually isn’t a significant amount, but whether it adds up to a cup of coffee or a dinner out, it’s time to check if there’s something out there for you.

The post Do You Have Missing Money? It’s Time To Check! appeared first on MainStreet Financial Planning.

Whether you are moving into a new home that needs some work or looking to refresh your long-time home, renovations can be expensive.  At MainStreet, we encourage you to develop the habit of saving up for home remodeling goals so that you can pay for them.  However, sometimes, financing the project is the way to go!  Let’s look at the options available to you so you can choose the best path for your situation.

Option #1 – Use your savings

This option is attractive because you pay 0% interest on your remodel, which means this is the lowest cost for your project.  If you don’t have enough savings to cover the remodeling costs, then calculate how much you will need for the project and start saving to fund this goal.  You may need to adjust your timeline to give you time to save enough!  But consider that by using your savings, you are giving up the opportunity to invest that money in something which could potentially earn you a higher rate of return than investing in your home. Also, your home is not a liquid investment, so putting your savings into your home reduces your cash on hand.

Option #2 – Home equity line of credit (HELOC)

If you have built up some equity in your home (your home is worth more now than you paid for it) you may be eligible to access a HELOC.  A lender or bank would approve you for an amount that is available to you based on your application.  You then could access cash up to the limit you are approved for, and only pay interest on the amount you use (it is kind of like a limit on a credit card, you only pay interest on the outstanding balance).  Most HELOCs have a variable interest rate, something to look out for in a rising interest rate environment.  Make sure you understand the terms of the HELOC, and we suggest checking for an option to convert your HELOC to a fixed interest rate, so you have options if rates continue to rise.

Option #3 – Cash-out refinance

You can also do a cash-out refinance if you have a mortgage on your home and the value of your home has increased since you bought it.  You would get a new mortgage with a higher principal balance, and this would restart all the terms of your mortgage.  With rising interest rates, the thing to look out for here is that you don’t end up paying a higher rate on your entire mortgage balance.  This option can potentially be very expensive if rates have risen, and your refinance rate is higher than your original mortgage.  On the flip side, if you can reduce your mortgage interest rate and get cash out to finance a renovation this could be the best option!

Option #4 – Home equity loan

Another way to access the equity in your home is with a home equity loan.  This is basically a second mortgage; you receive a lump sum that you will repay over a long time.  Rates on home equity loans are generally higher than mortgage rates.  This option may make sense if you have a larger project, and you have a low rate on your mortgage, so you do not want to do a cash-out refinance.

Option #5 – Personal loan

Perhaps you don’t have any equity in your home to access, but you still want to finance a home improvement project.  Then a personal loan could be the answer. You will need to have good to excellent credit to qualify for the best loan terms, but beware these loans generally have shorter repayment periods and higher interest rates that can lead to high monthly payments.

We here at MainStreet Financial Planning love working with you to help you achieve your goals.  If home renovations are on your wish list, we would be happy to help you create the right plan that makes your home and finances dreamy!

The post Home renovations: Use Savings or Financing? appeared first on MainStreet Financial Planning.

Spring is here! New energy is flowing and many of us tend to want to get out more, maybe clean out our homes and closets. But what about our finances?

Here are 5 tips to get you going in the right direction:

Shred all financial files/Go paperless
Sort through your old statements, pay stubs, bills and other financial records and keep only the documents that are absolutely necessary. If you’re unsure about throwing away certain types of receipts, scan them or make a copy, then go ahead and shred! Only tax-related documents and tax returns need to be kept for seven years.

Review your credit report and credit score
I recommend doing this every 4 months. You need to know your score, but you also need to review your report for any suspicious activity.

Reset passwords
Do you have duplicate or easy-to-guess passwords? Do you use two-factor authentication? Think about steps to make your online information more secure. It’s also a best practice to use a password manager like LastPass and to have a back-up system.

Review your Spending Plan
Review all your outgoing expenses and compare those bills to your net income, or your take-home pay. The key here is to make sure you are not deficit spending – or spending more money than you’re earning. Also, change your mindset about budgeting. Don’t look at it as a negative thing. Instead, view your budget as an empowering tool. It’s something that gives you a spending plan of action and helps you prioritize where you put your hard-earned dollars.

Create Your Own Financial Calendar
Set reminders throughout the year to do things like review insurance policies, get a credit report or rebalance investments. Just stay on top of things!

The post Spring Clean Your Finances appeared first on MainStreet Financial Planning.

These are just a few of the areas to get sorted just in case of an earthquake or if the power grid was out for a while.

Cash If there’s no power, you’re unlikely to be able to use your credit card or go to an ATM. Have some cash on hand in a fire safe box at home in case you need to get additional supplies. It’s hard to say how much crisis cash you’d actually need—if you’re safe in your home and have all the supplies, gas, medications, etc. you need, it may not be as much, but if your home was inhabitable, you needed to buy other necessities or the length of the crisis was longer than expected, you’d be happy you had saved more. Build your crisis cash stash to $200 – $1,500 or so, and remember to get denominations of 10s and 20s rather than just 100 dollar bills.

Supplies Most earthquake emergency kits recommend keeping 3 days’ worth of food and water. But remember the Great Texas Freeze of 2021 was a power grid failure that left some Texans without electricity for 2 weeks and 3 days. We’ve all lived through the early days of the pandemic where people were hording supplies and I’m sure we all don’t want to go through that again! Remember all those items like medicines and toilet paper that were harder to come by and keep that as part of your emergency supplies as well.

Power With a loss of power, the next thing to do is to think about how you’ll heat your house, make food or keep your phones charged so you can communicate with your family, friends or needed resources. A generator might be a good idea depending on where you live and a power bank would be sufficient for keeping phones charged. As in any earthquake kit, keep a supply of batteries for flashlights and radios as well.

While I hope Russia hacking into our electrical grid doesn’t actually happen, preparing for emergencies such as power grids going down are important. Earthquakes happen and power grids failing happen—we’ve seen it. Protect yourself, your friends, family and community by thinking ahead and preparing for a crisis.

The post Preparing for an Earthquake (or Russia Hacking on our Electrical Grid) appeared first on MainStreet Financial Planning.

Here’s a link to the vent covers Liz describes.
Here’s a link to the magnetic garage door pieces.

The post Money Tip – Inexpensive Home Changes appeared first on MainStreet Financial Planning.

The post Organize your files, Credit Cards appeared first on MainStreet Financial Planning.

Keep it simple. Sticking to the broad categories of Banks, Investments, Insurance, etc. instead of breaking it down into subcategories or specific accounts helps keep the hard copy files easier to maintain on an on-going basis. You might change banks or add a new utility—why make a new folder?

Match your credit and store cards to your credit report. Check your credit report to see which credit cards and store cards you ought to have in your possession (and check that you do!). Everything else on the credit report should have a closed date and some kind of remark that it was closed by consumer, purchased by another lender, etc. This is also a good opportunity to make sure your credit report is correct. Remember that debit cards are not listed on your credit report. Pre-paid debit cards, however, may be listed.

Update as you go. If your credit card expired and you were sent a replacement put your new card information in your file right away. Just peel the card off the paper it was mailed in and on it write your card number, expiration date, security code and the customer service contact numbers from the back and put it in the file. Done. The only thing to worry about then is that gummy goo sticking to other pages.

Add in a folder for your executor. If you’re maintaining hard copy files for the ease of your executor after you die, be sure to include your important contacts like your CPA or attorney and contents of your safe deposit box along with copies of your legal documents. I also include a letter of instruction on how bills are paid so my house can be maintained if I become incapacitated.

Get ready to shred. After you’ve replaced your file with statements or policies that are new or different, you’ll want to shred the old documents. If you don’t have your own shredder, check your local UPS, Staples or FedEx locations if they take documents for shredding. They charge per pound, but then your hard copy file organization is done for another year!

The post Organizing your Hard Copy Files appeared first on MainStreet Financial Planning.