For example, you may want to take the time to get new insurance quotes to see if you can save some money, or you may want to cut the cord and replace cable with a low price streaming app. Look for areas where you can cut costs or reallocate your resources to make your life feel more comfortable. Take some time to go over your budget and make a plan for the upcoming year. Check out these tips to successfully spring clean your finances. As you tackle washing windows, cleaning carpets, and sorting out the garage, don’t forget to consider your finances. ![]() “It also gives you a realistic picture of your finances,” she says.Īs you work to improve your finances, consider scheduling monthly financial “to-dos.As temperatures warm up, trees begin budding, and the days get longer, you probably throw open your windows and think about spring cleaning your home. Check your credit reportsĪn annual credit check, which you can access for free once per year from each of the three credit bureaus - Equifax, Experian, and TransUnion - at, gives you an idea of how your credit score has changed and ways you may be able to improve your credit.īailey says the benefits of a financial spring cleaning go beyond your bank account - it can provide peace of mind and a sense of clarity as you move forward. If you find yourself with extra funds after your monthly bills are paid, you can use those newly freed-up resources to save in other areas. Update your budgetĪs you consolidate accounts and pay off debts, your budget is likely to change. Keep receipts and documentation if you plan to itemize tax deductions for in-kind donations. Donate an old car, eyeglasses, mobile devices or other household items to charitable organizations. While you’re focused on spring cleaning, eliminate clutter for good. Do they offer benefits such as low or no fees, cash back rewards, zero-percent interest charges, travel perks, or other features that improve your financial situation? Once you’ve completed an account assessment, consider how you can consolidate or eliminate accounts that are not beneficial to your financial plan. Review account benefitsĮvaluate your savings, checking, credit card, and loan accounts. But check with your lenders to assess how consolidation may affect interest rates and other important loan terms. Use this debt consolidation calculator to evaluate your situation. If you have multiple loans from different lenders, consolidating them may help minimize the need to manage multiple accounts. Doing so may also build momentum for you to make even more financial strides. Knocking out easy wins can help eliminate some of your monthly payments and minimize interest charges. Additionally, many creditors will allow you to set payment dates that align with your pay schedule, says Bailey. But don’t automate a payment that can vary widely month to month. Automate payments with known amounts - especially bills such as your insurance, your mortgage, and the minimum payment on your credit card - to avoid late fees and missed payments. Make sure your current bill pay system is working for you. “Over time, you’ll see your savings account balance has grown, and you probably didn’t miss the money you transferred.” 3. “This is something you should do as often as you get paid,” Bailey advises. Set up an automatic transfer that contributes money to your savings account. Review your financial plan at least once per year to ensure you’re still working toward the right goals in a way that fits your lifestyle. Make financial spring cleaning a priorityĬommit to giving your financial plan the attention it needs, and set aside time for it. ![]() Cecilia Bailey, Community Education Administrator at Regions Bank, offers these steps to de-clutter your personal finances and kick-start your next step. This year, apply a similar approach to your financial plan. Spring is often associated with deep cleaning your home for a fresh start. Spruce up your financial plan with these 9 spring cleaning tips to help organize and assess your financial goals. Spring cleaning isn’t just for your home.
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