Spring Clean Your Finances

It’s almost springtime and warmer weather is on the way! Which is a great opportunity to wash away the dust bunnies that have collected in the cold of winter, and it is a fantastic time to assess the state of your finances.

Start With Your Tax Refund:

If you anticipate receiving a refund this year, you may be tempted to treat yourself and your family to a bunch of stuff that you couldn’t afford all year long.. The problem with “stuff” is that it usually doesn’t make you more money along the way…once it’s spent, that’s it. And life goes back to not being able to afford the extras for the rest of the year. Why not invest most or all of your tax refund so that you can make more money in the future? Index funds are an easy way to do this, and can come with a high return. Clicking on this simple guide will help you get started!

Take a Quick Look at Your Credit Report:

Many people are scared to see what is going on with their credit score, but a tiny peek can be just the push you need toward making necessary repairs. It may take several months, or even a year, to get your credit report in tip top shape, but it CAN be done. Starting this task in the spring will give you a better outlook for the rest of 2019 and help you meet your future goals of owning real estate, or another big purchase. You are entitled to one free copy of your credit report per calendar year, and you can get it here.

Create a Budget That Makes Sense:

Sticking to a new budget is about as difficult as adhering to a new diet; you know it has to be done, but sometimes it’s just too hard to do. That being said, budgeting is important because it can allow you to free up money for all kinds of things such as an emergency fund, which will help you to avoid the pitfalls of financial fragility. Learning how to allocate your income is the best first step to budgeting successfully. After you have a smart flow occurring with your income, you can move onto daily and monthly expenses. Get started today!

Work on an Emergency Fund:

It is so easy to say, “I’m going to start an emergency fund this year,” and even easier to not actually do so unless you commit to a “begin date.” Why not begin on the first day of spring? Wednesday, March 20th is great date to begin putting aside funds in case an emergency occurs throughout the year. People get laid off, or fired, accidents happen, health can take a turn for the worse at a moment’s notice; being financially prepared for these scenarios takes a lot of burden off you and allows you to deal with the issue at hand. There are plenty of ways to free up cash to stash away for an emergency, and NOW is the best time to get it figured out: Start an Emergency Fund Now.

Really Get Some Cleaning Done by Going Paperless:

Clutter makes most people unhappy, so sweeping away the paper that is occupying unnecessary space in your home or office will help boost your efforts to also clean up your accounts. Scan and save all of those statements you have been collecting; you can store them on a hard drive if you are worried about trashing them completely. Next, visit the website of each one of your accounts and search for, and select, the option to receive electronic statements only. Set up “online bill pay” to reduce the amount of checks or money orders you have been writing out. And ask your job to direct deposit all of your paychecks into your bank account. Going paperless will not only help to keep your life organized, it is also much better for the environment.

Making sure that your finances are cleaned up for the spring will give you peace of mind throughout the rest of the year, and allow you to better prepare for when summer activities and holiday expenses roll back around.