Spring cleaning doesn’t just apply to the clutter around the house. These spring cleaning tips can help you clean up your finances just in time to start enjoying the warmer weather!
Update Your Budget
Drafting and sticking to a monthly budget is important to maintain your overall financial health. Spring is a great time to update your budget to reflect any added expenses you’ve taken on in the past year such as a student loan or a car payment as well as to reflect any positive growth in your finances such as a promotion at work or a credit card that you’ve paid off.
Review Your Insurance
It may seem unlikely but a great place to save money every month is with your insurance companies. Reviewing your insurance policies annually or every other year is a great habit to get into to make sure you’re still getting the best rates for your particular situation and stage in life.
- If you have different policies (homeowners, auto, life, etc.) with different providers, you might be able to save money by bundling them all together under a single provider.
- Check with your provider regularly to ensure you’re getting the best rates and ask about discounts. For instance, auto insurance companies may offer discounts for being a long-time customer, having a good driving record, and insuring more than one vehicle.
Shred old statements
Spending an hour or two to sort and shred old financial statements will help keep your home tidy and your records up to date. Generally speaking, any ATM or credit card recipients, bank statements, insurance policies, cancelled checks and paycheck stubs should all be shredded if older than five years.
This tip is by far the quickest on the list! Going paperless with your statements and bills is a great way to cut down on the clutter and cut down on your spring cleaning next year!
Evaluate Your Credit
Evaluating your credit on a monthly basis is a good habit to get into in order to keep your thumb on the pulse of where your credit score stands. As a part of our first tip of updating your budget annually, it’s a good idea to implement tactics that will also help to improve your credit score. Read through our 10 Tips to Help Improve Your Credit guide for more!
The information voiced in this material is for general information and is not intended to provide specific advice or recommendations for any individual.