This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

'Spring Cleaning' Tips for Your Wallet, Purse or Portfolio

"Also, given that the VIX (a measure of volatility and option prices) is near its recent lows and the markets are at or near all-time highs, buying some comparatively cheap protection in the form of index put options makes absolute sense," Biggam says. "This allows investors to put a floor in their portfolio at a fixed cost, while still allowing for upside appreciation. While most people insure their cars, homes and other valuables, very few people insure perhaps their biggest investment, their stock portfolios and 401(k)s."

Revisit your banking and credit card strategies. Kimberly Foss, a certified financial planner at Empyrion Wealth Management in Roseville, Calif., says credit cards, bank accounts and retirement accounts should be a priority.

"On credit cards and debt, pay off large bills and negotiate with your card company for lower interest rates," she says. "For banking, set up automatic deductions and get rid of old statements. Also revisit your retirement accounts -- make sure to rebalance your portfolio and update beneficiaries.

Buy life insurance, with a twist. Ron Grensteiner, president of American Equity Investment Life Insurance, advises buying life insurance with a guaranteed purchase option. "The younger you buy life insurance, the cheaper your premiums, and permanent life insurance builds cash value which you can make tax-free loans against," he says. "With the guaranteed purchase option, you can also increase your coverage in the future, regardless of health status."

Slash expenses, especially the small ones. Howard Dvorkin, CPA and founder of the nonprofit, advises cutting small expenses.

"It's crucial to understand that small purchases add up over time," he says. "Eliminating the morning coffee or bottled water from consumers' monthly budgets can save individuals hundreds in a year. Saving loose change and bringing lunch to work are also great strategies consumers can implement to reduce spending."

Taking a once-a-year look at your personal financial situation is a no-brainer (actually, most financial advisers want clients to check on their finances on a quarterly, or a semi-annual basis).

2 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs