5 Ways to Spring-Clean Your Finances | Richard Banks & Associates, P.C.

Springtime is right around the corner, which means it’s time to start thinking about spring-cleaning—especially spring-cleaning for your finances!

Not sure where to begin? We’ve compiled some tips that will help get you started.

Financial Spring-Cleaning Tips

Cleaning up your finances in the spring doesn’t have to be a labor-intensive process like actual spring-cleaning. In fact, it can be a simple process that just requires some thought and the changing of some habits.

Here are some tips for cleaning up your finances this spring:

1. Review those spending habits. Have you taken any time lately to evaluate your spending habits? If not, there’s no better time than the present. What little expenditures have become part of your normal routine? Perhaps you go shopping on Sundays or have dinner out with friends on Wednesdays. Take a moment to review these habits and see if there are any that need to be changed in order to help save some extra money.

2. Check out your credit score and report. When was the last time your checked your credit reports? You have access to three free copies every year, one each from TransUnion, Experian and Equifax. Once you have accessed your credit report, look over it for discrepancies that may need to be reported. If you do find anything negative on your report that should not be, it will take 30 to 45 days for the investigations to be completed.

3. Catch up on any late payments. If you have fallen behind on any payments, now is a great time to work at catching up on them. Not sure how to do that? Consider alternative ways to come up with some extra cash. Perhaps it’s time to start planning a yard sale or picking up an odd job or two. Regardless, you’ll want to take care of those late payments.

4. Revisit your financial goals for the year. We’re a few months into 2019, and chances are, your financial goals may not be at the top of your mind. Think about your top three goals, revisit them and get the focus back where it should be.

5. Evaluate the effectiveness of your budget. Having a budget is a wonderful thing, but if it isn’t serving its purpose, it may be time to change things up. You can use things like the envelope system or financial software and apps to help make sure your dollars are being stretched to the limit.

Spring-cleaning doesn’t have to focus solely around cleaning up your home—it can be just as effective for your finances. If your aren’t sure about how to handle a tough financial spot, our team is ready and waiting to help.