Just like you clean your gear after a call, your finances need regular maintenance, too. When was the last time you gave your money situation a thorough scrubdown?
Financial spring cleaning isn’t complicated. It’s about checking what you’ve got, tossing what you don’t need, and making sure everything’s working right. A few hours of financial maintenance now can save you thousands later and secure a better retirement when you hang up your helmet.
In this article, we’ll walk through some straightforward steps to help get your financial house as organized as your equipment bay.
Budgeting Check – Find and Plug the Money Leaks
Think of your money like the equipment on your engine – if something is unaccounted for, you could be in trouble. Start by reviewing where your dollars are going. Are you paying for subscriptions or services you hardly use? It’s easy for small expenses to pile up. Cancel or cut anything that isn’t pulling its weight.
Next, have a clear spending plan. Some people use the 50/30/20 rule; others prefer detailed tracking. The key is to use a system that works for you. If you hate spreadsheets, try a budgeting app to track your cash flow. Many apps auto-categorize spending and send alerts if you overspend. Here’s a quick comparison of a few popular budgeting tools:
| Budgeting App | Cost | Key Features |
|---|---|---|
| Mint | Free | Automatic expense tracking; bill reminders; free credit score |
| You Need a Budget (YNAB) | $14.99/month (34-day free trial) | Zero-based budgeting; goal tracking; syncs across devices |
| EveryDollar | Free (basic); $79.99/year (premium) | Simple budgeting (based on Dave Ramsey plan); bank sync with premium |
| PocketGuard | Free (basic); $34.99/year (Plus) | Shows "available" money after bills; tracks spending by category |
| Empower (Personal Capital) | Free | Comprehensive financial dashboard; investment tracking; net worth calculator |
These apps range from free to paid. Even pen-and-paper budgeting works – what matters is making a budget and sticking to it. Check your spending versus your plan regularly to catch problems early. Make sure your money goes where you want, not on stuff that doesn’t matter. By tightening your budget, you’ll free up cash to pay down debt, invest, or boost savings.
Adjusting for WEP & GPO Repeal – Know Your New Benefits
WEP and GPO – the Windfall Elimination Provision and Government Pension Offset – were rules that reduced Social Security benefits for people with a government pension (like many firefighters). Basically, if you didn’t pay into Social Security during your fire career, those rules could take a bite out of any Social Security from other jobs or a spouse.
Good news: as of January 2025, those rules have been repealed. The Social Security Fairness Act eliminated WEP and GPO, so now firefighters with “non-covered” pensions can get the Social Security benefits they earned. This change affects over 3.2 million people nationwide¹. Many will see higher Social Security checks – some retirees will receive $1,000+ more per month in benefits than before ssa.gov. If you expected little to nothing from Social Security under the old rules, it’s time to update your assumptions.
WEP/GPO Repeal Action Steps
Social Security benefits have changed for firefighters. Take these steps to ensure you're maximizing your benefits.
Tax Refunds – Big Refund? Adjust Your Withholding
A fat tax refund can feel like a bonus, but it really means you overpaid your taxes all year. In 2023, the average federal refund was about $2,753² – that’s money you could’ve had in your pocket each month. (Why give Uncle Sam an interest-free loan?)
If you got a big refund, consider adjusting your W-4 at work so you keep more of each paycheck. The ideal is to break even at tax time – a small refund or a small bill instead of a giant refund. For example, a $2,700 refund means about $225 too much withheld per month. You could use that extra $225 monthly to pay down credit cards, beef up savings, or invest instead of waiting a year for a refund.
The IRS has an online withholding calculator to help you dial in the right amount. If you’re nervous about suddenly owing money, make moderate changes – you can always tweak again next year. And when you do get a tax refund, put it to work: knock out debt, add to your emergency fund, or invest it. Make your money work for you year-round.
Decluttering Accounts – Simplify Your Finances
Over time, it’s easy to accumulate a bunch of bank accounts, credit cards, and retirement plans. Having too many scattered accounts can lead to confusion and things slipping through the cracks. Consider simplifying your financial life by consolidating accounts where you can.
Start with an inventory of all your accounts: checking, savings, credit cards, investment accounts, and retirement plans (401(k), 457, IRA, etc.). Do you really need each one? If not, consolidate. Roll any old 401(k) or 457 plans from previous jobs into one IRA or into your current retirement plan. Now you have one big retirement account instead of several small ones – easier to track and possibly less in fees.
People often forget about old accounts entirely – in fact, nearly 29 million forgotten retirement accounts hold about $1.65 trillion in assets.³ Don’t let your money get left behind. By decluttering and consolidating, you’ll know where every dollar is. Plus, you’ll have fewer statements, passwords, and deadlines to manage.
Before you close an account, make sure to redirect any automatic payments or direct deposits linked to it. For retirement accounts, follow the proper rollover steps to help avoid taxes. A leaner set of accounts means less hassle and a clearer overview of your finances.
Big Expenses – Anticipate Major Costs
Life has its share of big “fires” – costly home repairs, medical bills, replacing a vehicle, or even college tuition for the kids. The best way to avoid financial panic is to plan ahead for these major expenses so they don’t catch you off guard.
Take a look at your home and your life for the next few years. Is your roof aging? Will you need a new HVAC system soon? Big home fixes can be pricey⁴ – a new asphalt roof might cost $5,800 to $13,000 and a furnace $2,000 to $5,400. If you know something like that is coming, start setting aside money now. It’s a lot easier to save a couple hundred a month than to suddenly scrape together ten grand for an emergency repair.
Consider medical and personal expenses, too. Firefighting is tough on the body; maybe there’s a surgery or treatment you’ll need. Check your health insurance deductible and out-of-pocket max, and plan for those. If you have kids, think about expenses like braces or college. By forecasting these costs, you can start saving or adjusting your budget today instead of borrowing at the last minute.
Consider setting up a dedicated savings account for these expected big expenses. Contribute to it regularly so that when you need to replace the truck or roof, you’ve got cash ready and won’t need a loan.
Credit Check – Watch Your Credit Report
Identity theft and credit errors can strike quietly, so make it a habit to monitor your credit. Mistakes on credit reports are more common than you think – a Federal Trade Commission study found 1 in 5 people had an error⁵ on a report, and 5% had errors⁶ serious enough to hurt their interest rates.
You can get a free credit report from each of the three major bureaus once a year (via AnnualCreditReport.com). A smart move is to pull one report every four months, rotating through Equifax, Experian, and TransUnion – that way you’re checking year-round for free. When you review a report, make sure your personal info is correct and that all the accounts listed actually belong to you. If something looks off – say a loan or credit card you never opened – dispute it right away to get it corrected.
Keep an eye on your credit score, too. Many banks and credit cards offer free score tracking. If you see a sudden drop, it could be a sign of identity theft or a big error. Good credit can save you thousands on loans, so it’s worth protecting. Stay vigilant to keep your credit in great shape for when you need it.
Insurance & Beneficiary Review – Protect Your Loved Ones
You spend every day protecting the public; make sure you’re also protecting your own loved ones. That means reviewing your insurance policies and updating your beneficiaries. Life events (marriage, divorce, children) can make old beneficiary choices outdated, so check that everything is current.
Start with life insurance: is your coverage amount sufficient, and is the right person listed as beneficiary? Update any beneficiary forms that are out of date on your life insurance, pension, or retirement accounts – you want the right people to receive those benefits.
Next, review your health, disability, home, and auto insurance. Make sure coverage limits and deductibles still fit your needs. Disability insurance is especially critical for firefighters – know what coverage you have through work if you’re hurt, and consider extra coverage if it’s not enough.
Finally, let your family know about these policies. Each year, millions of dollars in life insurance benefits go unclaimed⁷ because families can’t find the policies or didn’t know they existed. Don’t let that happen to your family. Make sure your spouse or someone you trust knows what insurance you have and how to access it. By keeping your policies and beneficiaries up to date, you’re ensuring your family will be financially protected if the worst happens.
Fine-Tune Your Finances – Your Future Self Will Thank You
Just as you maintain your gear for the next call, keeping your finances in shape ensures you’re ready for whatever life throws at you – helping you waste less money, lower your stress, and secure a stronger future for your family.
Think of this spring cleaning as an investment in yourself. Each task – whether canceling an unused subscription or consolidating an account – is one step toward financial confidence. That peace of mind lets you focus on your job and your loved ones instead of worrying about money.
If you’d like a hand with fine-tuning your finances, we’re here to help. Protection Red specializes in helping firefighters navigate these challenges, and a second set of eyes can often spot opportunities or risks you might miss on your own. Schedule a free consultation by clicking the button below, and let us help ensure your money works as hard for you as you do for your community.
Sources:
- https://www.ssa.gov/benefits/retirement/social-security-fairness-act.html
- https://m1.com/blog/how-to-file-taxes/
- https://www.wsiu.org/business/2025-02-26/unattended-us-retirement-accounts-hold-up-to-a-trillion-dollars
- https://www.statefarm.com/simple-insights/residence/how-to-budget-and-save-for-home-maintenance
- https://www.ftc.gov/news-events/news/press-releases/2015/01/ftc-issues-follow-study-credit-report-accuracy
- https://www.insideprivacy.com/financial-institutions/ftc-study-details-inaccuracies-in-credit-reports/
- https://www.mass.gov/news/naic-life-insurance-policy-locator-matches-more-than-1-billion-in-life-insurance-benefits-and-annuities-to-beneficiaries
