Spring Clean Your Finances with These Tips

Finance Spring Fever

Hopefully it’s safe to say that spring is finally here. As you clean up the yard and move your winter clothes into the spare bedroom closet and your spring/summer ones into the main closet, it’s also a perfect time to spring clean your finances. Take a deeper look at your budget, habits and goals so when winter rolls around again, and you’re feeling cabin fever, you can rest assured that your finances are fresh and in order.

Tips to Clean Up Your Finances

Start afresh this spring by following these tips to help you clean out clutter and organize your finances.

• Set a budget – Maybe you started the year by evaluating your spending and preparing a budget; however, that plan may now have fallen by the wayside. Take the time to write down everything that you are spending and create a new budget with specific categories. Holding yourself accountable will help with your future goals.
• Clear out paperwork – It is wise to keep paper receipts, tax filings and other important documents but only for so long. Go through all your old paperwork and shred what is no longer necessary to keep.
• Go paperless – Not only is it good for the environment, going paperless can also be good for your state of mind. Paper clutter can quickly add up, and you never feel like your caught up with your filing. Opt for digital receipts especially if you’re already paying most of your bills online.
• Review your insurance policies and create an inventory – Whether it be car, home or renter’s insurance, rates can change year-over-year. Check your policies and rates, and research if there are better options available. At the same time, it’s also wise to take inventory of your possessions that are covered under these insurance policies by taking pictures, writing down their values and keeping track of the receipts.
• Review your accounts – If you have multiple bank accounts open that you never use, close them. The same goes for credit and store cards. Also, take a look at your retirement accounts and rollover the money and consolidate.