March 10, 2022 4 min read

7 Tips for Spring Cleaning Your Finances

We all love the feeling of a clean home! Sort of like balancing a budget–it's doing it that feels rough. But once it’s complete–the feeling is so rewarding! The moment you spring clean your house, you can’t help but feel a smile wash over your face, and feel–(sigh ahhh)--at ease. 

Your finances deserve the same time and attention! Feel overwhelmed? We got you!  Here are 7 ways for you to spring clean your finances, and launch into a fantastic spring and summer. 

The urge to keep your New Year's solution might be wearing off, here’s how to spruce up your money game and stick to your goals.

 

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#1 – Review your budget and get rid of things that are not serving you

Look at areas where you need to spend, but also–where can save money (groceries, gas, insurance), what things you can work on to improve your budget and save more money. (This is much harder to do as inflation rises and the cost of goods increase.) This is one of those times where the world is showing you why YOUR budget is so important!

Pro Tip: Cancel subscriptions you are not using!

What subscriptions are you paying for? Write them out, then figure out if you are actually using them or not! I just did this exercise (which I do 2X a year) and I canceled 3 subscriptions, updated the renewal on a few others and made sure price hikes are not killing my budget. Yep–useless subscriptions can get even the best of us! 

 

#2 – Review bank statements

Have you looked at your bank statements this week? (Or ever?)  It’s so easy to just glance at your bank accounts and think “ya, that balance looks right.” Wrong! Time for a 20-minute-deep dive into your spending over the last 30-60 days, to give you a better idea of your spending through the winter season.

Pull your bank account statements for all your accounts; checking, savings, investment accounts, and credit cards. Review each of the transactions, where are you spending money. Is there anything that jumps out at you that you could be doing to improve your financial picture?

This exercise is fantastic to check your spending but it has a dual purpose. By reviewing your account statements, you are protecting your hard-earned cash. Fraud is EVERYWHERE, I cannot tell you how many times I’ve found small fraudulent purchases $9.49 or $11.21 or double payments to a utility company on my bank statement. At least a couple times a year, pretty scary stuff and something we all need to keep our eyes on.

Review your bank statements, put your spending in check, and make sure no-one is messing with your money.

 

#3 – Annual Credit Report Review

Have you pulled your credit this year?

You need to pull your credit report every 12 months and check to make sure all the, “open accounts” are truly youraccounts.

I personally reserve my annual credit report review for March 1st every year. I pull my report, review the open and closed accounts, and make sure ALL my credit accounts are reporting to all 3 credit agencies. For more information on how to read a credit report and build credit, check out our credit courses and training tools.

 

#4 – Goals Goals Goals

Refresh your goals and spring clean them–aka throw out the goals that no longer align. Then, add goals that get you where you do want to go.

What do you want out of your money this year? What are you doing to get there? Get your goals on paper and start working towards them with your budget. If you’ve already got your goals on paper, can you make any adjustments to achieve your goals faster? Do you need to move anything around because life happens?

 

Budget Course

 

#5 – Review your insurance policies

Insurance, we all have to have it, we all need it, and we all HATE paying for it. I get it trust me, but it is one of the most important things you can have to protect yourself and your money.

Each year, you should review your insurance policy with your agent. Look at your coverage (what are you protected for) and how much coverage you actually have.

As your financial picture improves, your insurance protections will need to change with it. From auto and renters’ policies, to mortgage and life insurance coverage. You should be reviewing, assessing and making changes to your insurance policies yearly. 

Pro Tip: When you are shopping for insurance coverage, make sure you are comparing apples to apples. You are not just looking at policy premiums, how much insurance costs. You need to look at what coverage you are getting for the cost.

Comparing two insurance policies side by side will help you understand the why the payments are different.

You might get a low-ball quote, but what good is paying for insurance if it doesn’t protect you when you need it.

Get the policy that works for YOUR needs, or as state farm says, a policy to fit your budget.

 

6 – Clean out your Wallet

Might sound like common sense, but when was the last time you actually cleaned out your purse or wallet? *gross*

Old receipts, credit cards, ID cards, insurance cards, the works! Spring clean your wallet and only carry what you need with you. Your wallet is a direct link to your money, protect it.

Simply put, organize your wallet, keep it so fresh and so clean.

 

#7 – Password updates!

Protect your money! Are you seeing a theme? If you have not changed your passwords in the last 12 months, now is the time to do it. All it takes is one password hack for someone to have your information. 

Change your passwords at least once a year. 

There you have it. 7 tips for spring cleaning your finances!  

  1. Updates your budget 
  2. Review bank statements
  3. Annual Credit Report Review
  4. Set Goals
  5. Review your insurance policies
  6. Clean out your wallet
  7. Change your Passwords

Our goal is to help you get your finances on track, so follow these spring tips and go get our FREE budgeting guide. Start working towards the lifestyle you want with the money you’ve got. And remember to smash that subscribe button for more money tips.

 

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