5 Ways You Can Spring Clean Your Finances

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We often associate spring time with cleaning. It always feels like the best time to clear out your closet, garage or throw away those items that have been sitting in a drawer. Springtime is also a great time to clean your finances, and think about money – especially in the month of May!

Dive into this weeks blog with me as we cover 4 ways you can spring clean your finances during Money May!

Budget Review

Start by reviewing your current budget and expenses. Look for areas where you can cut back or make adjustments to better align with your financial goals. Are there any subscriptions or memberships you no longer use? Can you reduce spending in certain categories? Use this opportunity to reallocate funds towards savings goals or debt repayment and take a look at where adjustments should be made. Consider these questions to really understand your needs:

• Am I Meeting My Financial Goals?
• Where Is My Money Going?
• Are There Any Unnecessary Expenses?
• Am I Budgeting for Irregular Expenses?
• Is My Budget Realistic?
• Have I Built in Room for Savings?
• Am I Taking Advantage of Discounts or Savings Opportunities?
• Have I Reviewed My Debt Situation?
• Are There Any Changes in Income or Expenses?
• How Can I Improve My Financial Situation?

Organize Financial Documents

Take the time to organize your financial documents and paperwork. This includes bank statements, tax documents, insurance policies, investment statements, and receipts. Create a filing system or use digital tools to keep everything organized and easily accessible. By having your financial documents in order, you’ll be better prepared for tax season and financial emergencies.

Consider downloading apps and or creating folders to also organize your digital assets and financial apps. Often times we become overwhelmed with how much we have on our phones, we end up forgetting about certain accounts and resources!

Check Your Credit Report

Pull your credit report from all three major credit bureaus (Equifax, Experian, and TransUnion) and review them for any errors or discrepancies. Look for unauthorized accounts, inaccuracies in your personal information, or signs of identity theft. Dispute any errors you find to ensure that your credit report is accurate and up to date. Monitoring your credit regularly can help you identify potential issues early and protect your credit score.

Set Financial Goals

Spring is a great time to revisit your financial goals and make any necessary adjustments. Are there any new goals you’d like to pursue, such as saving for a vacation, buying a home, or paying off debt? Take the time to define your goals, break them down into manageable steps, and create a timeline for achieving them. Setting goals can help you stay motivated and focused on your financial priorities.

Here is where you can create payment plans for debt as well, and begin to benchmark your progress. On my site I’ve created resources for you to utilize as well!

Debt Payoff Calculator

Mortgage Calculator

IRA Calculator

Clean Your Subscriptions and Services

Because we’re all tuned in online, constantly saving our cards and pressing pay without a thought in the world, many of us are spending money on monthly subscriptions we don’t use. Review your monthly subscriptions, memberships, and recurring expenses to determine if they are still providing value. Consider canceling or renegotiating services that you no longer use or need to free up funds in your budget. Look for opportunities to save money by switching to more cost-effective alternatives or bundling services to get discounts.

Here are just a few examples of subscriptions you could be paying for that you don’t know about:

1. Streaming Services: Netflix, Hulu, Disney+, Amazon Prime Video, HBO Max, Apple TV+
2. Music Streaming: Spotify, Apple Music, Amazon Music, Pandora, Tidal
3. Gaming: Xbox Live Gold, PlayStation Plus, Nintendo Switch Online, Xbox Game Pass, PlayStation Now
4. Fitness: Gym memberships, fitness class subscriptions (e.g., yoga, CrossFit), online workout programs (e.g., Peloton, Daily Burn)
5. Meal Delivery: Blue Apron, HelloFresh, Freshly, Sunbasket, Home Chef
6. Beauty and Personal Care: Birchbox, Ipsy, Dollar Shave Club, Harry’s, Care/of (vitamins)
7. Magazine and News Subscriptions: The New York Times, The Wall Street Journal, TIME Magazine, National Geographic, Vogue
8. Software and Productivity Tools: Microsoft Office 365, Adobe Creative Cloud, Dropbox, Evernote, Trello
9. Subscription Boxes: FabFitFun, Stitch Fix, Loot Crate, BarkBox, Causebox
10. Finance and Budgeting: Personal finance apps (e.g., YNAB, Mint), investment tracking services (e.g., Morningstar, Personal Capital)
11. Learning and Education: Skillshare, MasterClass, Rosetta Stone, Coursera, Duolingo Plus
12. Digital Storage: iCloud, Google Drive, Dropbox, OneDrive
13. Utilities: Subscription-based utilities such as electricity, water, or internet services
14. Cloud Gaming: Services like Google Stadia, GeForce Now, and Xbox Game Pass Ultimate
15. Reading and Audiobooks: Kindle Unlimited, Audible, Scribd
16. Health and Wellness: Meditation apps (e.g., Headspace, Calm), therapy and mental health services (e.g., BetterHelp, Talkspace)
17. Fashion and Clothing Rental: Rent the Runway, Le Tote, Nuuly, Gwynnie Bee
18. Pets: BarkBox (for dogs), KitNipBox (for cats), Chewy Autoship (for pet supplies)
19. Home Security and Monitoring: Ring Protect, SimpliSafe, Nest Aware

Ask yourself, are these useful for my everyday needs? Do I need to continue paying for this?

Conclusion

As the weather get’s warmer, consider checking on the heat of your wallet! Find out what may be draining your account and or where you can apply some more goals. Spring cleaning isn’t just for the household!