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Financial Spring Cleaning

Financial Spring Cleaning
Financial Spring Cleaning

Spring cleaning isn't just for your home. Your finances deserve a little extra attention this time of year as well. Here are a few tips to help you refresh your finances.

  1. Clean up your paper work: Does your filing system for financial paperwork mean putting it on a pile in the corner? Take some time to clean up your statements, organize them and make a dedicated filing system. One that is easy to access and use, which will help you stay on track.
  2. Eliminate paper clutter: A good way to eliminate paper clutter altogether is signing up for eStatements. Not only does it cut down on your paper piles, it helps the environment.
  3. Check on your financial goals: Remember those financial resolutions you made at the beginning of the year? Now is the time to sit down and review them. Maybe you are behind or far ahead. Or maybe your financial situation has changed since the New Year. Make adjustments as needed or even add different goals.
  4. Review your budget (or create one!): Budgeting helps keep spending and saving on track. If you already have a budget, review it and see if it still makes sense for your financial goals. If you don’t have one, now is the best time to get started. Check out our other blog post on budgeting for tips.
  5. Inventory subscription services: We’re a subscription society. Many of us tend to sign up for subscription services and go on autopilot. Track what services you have, how much they cost, then evaluate if you use it often enough to make it valuable. If not, cancel it and put that money back into your pocket.
  6. Review your credit report: Many people have errors on their credit report that go undetected. Take this chance to obtain your annual free credit report from any of the three credit bureaus and look for errors. Fixing a mistake could have a significant impact on your credit score.
  7. Look at your retirement contributions: It’s a good idea to check your retirement contributions on an annual basis. If you’ve recently received a raise, it’s a good idea to raise your contributions as well. At the very least, take advantage of any match your employer offers. While retirement may seem like light years away for some, saving now will eliminate stress later.