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Strategies to Keep Your Finances Fresh This Spring

Strategies to Keep Your Finances Fresh This Spring

March 07, 2024

Spring is in the air, which may have you cleaning your home to freshen things up. While you are in the spirit of organizing and simplifying, it’s also a good idea to take that energy and “spring clean” your finances. Like tidying up your home, organizing your finances can bring clarity, reduce stress, and set you up for more success. Here are a few tips to help you spruce up your finances this season:

  1. Review Your Budget: Start by dusting off your budget and thoroughly reviewing it. With the current economic state and changes in recent years, there may be new opportunities to cut back on expenses or reallocate funds to better align with your financial goals. There are several budgeting apps or software options to make the process easier and more efficient to track
  2. Declutter Your Accounts: Have you been meaning to close out that old savings account or do you have accounts with unnecessary fees? Now is an excellent time to take stock of all your financial accounts, including bank accounts, credit cards, and investment accounts, and close any that no longer serve you. To take it a step further, you can consolidate accounts to streamline your financial management process and reduce clutter, paperwork, and other unnecessary distractions.
  3. Clean Up Your Credit: It’s wise to review your credit report and ensure it’s healthy and accurate, which means evaluating it for any errors or inaccuracies. Dispute any discrepancies and work on improving your credit score by paying bills on time, reducing debt, and keeping credit card balances low. If you haven’t already, it’s also always a good idea to sign up for a credit protection service, such as TransUnion or Experian.
  4. Organize Important Documents: The tax season process may have already helped drive this one home, but spring is the perfect time to organize your financial paperwork. Gather important documents such as tax returns, insurance policies, and estate planning documents, and store them in a secure, easily accessible location like a home safe or other protected area. Consider sharing that location or a copy of those documents with a close family member or loved one in case something happens to you.
  5. Set Financial Goals: As we discussed in a previous blog post, goal setting is essential when it comes to finances, so if you haven’t reviewed yours or set them recently, use springtime energy to set new financial goals or revisit existing ones. Whether saving for a vacation, paying off debt, or investing for retirement, having clear goals will help you stay motivated and focused on achieving financial success. You can also consider adding new strategies to your overall plan, such as opening high-yield savings accounts and certificates of deposits (CDs)—both offer better interest rates once again.

Spring cleaning your finances may take some time and effort, but the results will be well worth it. Feel free to contact us to set up a time to discuss more ideas based on your unique situation. Here's to thriving this spring!