Spring is an ideal time to clean up your finances, clear out the clutter and get a fresh start. Here are a few ways to get your money-related affairs in order this spring season.
1. Clean Up Your Spending
Take inventory of your expenses over the past several months and identify those that are not necessities. Clear out or reduce these expenses and update your budget or spending plan. Small changes can make a big impact.
2. Put Your Savings on Autopilot
The money you recoup from cleaning up unnecessary expenses can now be redirected to a savings account or emergency fund. Set up a monthly automatic transfer to your bank and watch your money grow.
3. Review Your Tax Withholding
If you’re the recipient of a big tax refund, you’ve really given the U.S. Government a 12-month interest-free loan from your paycheck. Adjust your withholding so you increase your monthly pay and slide that extra money into savings or another investment plan that can grow with interest.
4. Plug Into Technology
Utilize the free and secure technology of your online banking platform. Most banking sites have settings that can notify you via text or email when your account balance gets too low or your credit card spending is over a set amount. Set up these alerts so there are no surprises at the end of the month.
5. Examine Your Insurance
Your spring cleaning should include a complete insurance check-up. Go through your insurance files and read the fine print. Is your coverage adequate? Are there any gaps? Have you had any changes over the past year (growing family, increased income) that might require additional coverage?
If you would like help or advice on any of our financial spring cleaning tips, be sure to reach out to our team.