When asked about maintaining their investments, most people immediately think about their savings and brokerage accounts. But, some of the biggest investments American have are their homes and vehicles. With that being the case, it is important to provide them the same amount of attention as you would a brokerage account.
I am a CPA by trade, and do not hold out to be a certified home or car repair expert, nor do I claim to be in touch with the ever-changing fashion trends of our current society. However, I can offer the following simple tips that can help you maintain your home and vehicle investments.
Your home
Spring is the perfect time to resuscitate your home after the long winter. Cleaning out gutters, trimming hedges and trees, treating the lawn for weeds and using a power washer to clean off porches and patios will go a long way in maintaining the quality of your home. If you live in a pollen-heavy area, it is best to wait until the pollen has stopped building up to clean off the exterior of the house. Inside, this is a good time of year to change air filters which will also help prevent irritation associated with seasonal allergies.
Your car
Although considering a car as an investment is contradictory due to its rapid decrease in value over time, a car is still important and requires maintenance. Changing the oil on a regular interval, rotating the tires, cleaning corrosion from the battery and keeping all other fluids topped off are easy regular tasks to complete. Performing routine service on a vehicle also helps your wallet in the long run because repair shops are not cheap due to the high cost of labor, and you usually do not have much bartering power if your car won't run at all.
Your closet
Spring is also an excellent time to clean out your closet. Clothing and other household items that you no longer need or use can be donated to a number of charities including Goodwill and The Salvation Army. You might also consider contributing these items to victims of recent spring tornado and flood storms. Keep in mind that if you do make a contribution to a qualified charity, obtain a tax receipt and the fair market value of your contribution can be claimed as a charitable contribution on your income tax return.