Time to Spring Clean your Financial Picture
Answer these questions to get a clearer picture of your finances:

• Are you anticipating a big refund?
  If so, you gave Uncle Sam an interest-free loan this past year. Scrub the numbers and adjust your withholding so that you come out even — neither owing taxes or getting a large refund when you file your return.
• Beware of refund anticipation loans!
  These loans typically charge high fees to borrow money that's already yours. For example, a loan on a tax refund of $2,000 can carry $250 or more in fees. That's the same as paying an annual percentage rate of 521 percent for a 10-day loan.
• If you are eligible, did you claim an Earned Income Tax Credit?
  To find out more, visit www.irs.gov where you can answer a questionnaire to determine if you should apply and to estimate your credit amount.
• Are you ahead of or behind where you were last year?
  Dust off the calculator and total your net worth to see how it compares with your net worth last year. Figure your net worth by adding up everything you own, then subtracting any debt that you owe.
• Did you set aside money for retirement?
  A suggested target is investing an amount equal to 15 percent of your gross salary, including any match your employer may make. You may need to pick up the pace.

Here are three more ways to “spring clean” your finances:

1. Air your differences. Chances are, you and your loved ones have different opinions about money: how to spend it, how much to save, even how much debt you can afford. Talk it out. Remember, most money decisions involve compromise.
2. Repair the leaks in your budget. Everyone spends money unnecessarily. Find out where the leaks are in your budget by tracking all of your expenses for a month. You may be surprised how much money is trickling away on things you don't necessarily need or want. Plug the leaks and save the funds for the things you really do want.
3. Polish your shopping skills. Always shop with a list, but remain flexible. You may find items on special that will serve you just as well. If you are prone to impulse purchases, use cash instead of a credit card. Paying with cash helps many people stick to their spending plan.