Spring is the season of open windows, fresh starts, and tackling anything you’ve been putting off.
While you’re decluttering closets and scrubbing baseboards, why not give your finances the same treatment? Some financial spring cleaning can clear out costly habits, tidy up your accounts, and help you save. Here’s where to start.
Clear out costly clutter. Weekly or monthly fees may seem small and manageable, but they can quietly add up, especially if they go unused or forgotten. Go through recent bank statements and flag every non-essential recurring charge, such as streaming platforms, phone apps, subscriptions, memberships, and the like.
When did you last watch anything on that streaming service charging $12.99 a month? Do you use the gym or that fitness app consistently enough to justify the fee? Consider cancelling anything that isn’t worth it or finding lower-cost alternatives that do the same job.
Tackle the physical clutter, too. Switch to paperless statements for your bills and financial institutions. Shred old, non-essential documents that contain sensitive information.
Shop strategically to save more. If it’s time for some new home appliances, clothing, or holiday decorations, timing your purchases can help you save.
Holiday weekends are great times to make larger purchases on home appliances and electronics – think Memorial Day, Labor Day, and Black Friday.
If you can wait to enjoy your purchases, you can find clothing and seasonal decorations marked down at predictable times. Winter clothing typically goes on sale in March and April, summer clothing in August and September, and holiday decorations the day after the holiday itself.
Try a no-spend challenge. Commit to one month of skipping unnecessary purchases. Use the time to get back on track with your budget and reflect on any impulsive spending patterns. Visit our article for some pointers.
Scrub down the interest you’re paying. Look at what you’re paying in interest each month. You may be able to reduce that amount by transferring balances to a single credit card or loan with a lower interest rate, or by consolidating debt.
Streamline your financial accounts. Too many accounts mean more fees and complexity. If you have multiple financial accounts, compare their benefits and consider consolidating.
Mend any credit messes. Missed payments or a maxed-out credit card with only minimum payments going out? Your credit might need a deep clean. Pull a free credit report to check for errors and get a clear picture of where you stand credit-wise. If things need work, brushing up on your credit basics is a great place to start.
Organize your income and expenses. Revisit your budget and make sure it reflects your current life and goals. A solid target is saving 20% of your income. The 50/30/20 or 80/20 budgets are worth a look if you need a place to start.
Make this an annual habit. Just as INPRS encourages you to review your beneficiary and contact information each year, we recommend revisiting this checklist every spring to keep your finances squeaky clean.