How To Spring Clean Your Finances
Spring is here! Well...with a bit of snow. Nonetheless, it is here! It is time to clean out the old and let in the new and this includes your finances! Spring is the perfect time to spring clean your money and bad habits you may have formed during the winter months. Here are 5 ways to spring clean your finances:
1. Stop the Subscriptions
Have you checked your subscriptions lately? Probably not. Did you know that subscription-based businesses have grown 800% since 2014? Although this is a great for businesses it may not be great for you due to the fact it can leave you stuck with products you may not need or more importantly, enjoy. If you have a recurring subscription that you aren't thrilled about consider cancelling and free up those finances for something else.
2. Start a Summer Fund
What to do with the money you're about to save on cancelled subscriptions? Start a vacation or getaway fund! Spring is a reminder that summer is almost here and with that inevitably becomes vacation time and wedding season. If you haven't prepared for this time of the year it can really take a hit on your finances. Do yourself a favor and start a summer fund. This way by next year you will be able to splurge with your family and friends.
3. Start Shopping!
Not at the mall but for other insurance providers! Rarely do we take a look at our car, home, healthcare, or life insurance and even more rarely do we switch. This is a great time to get shopping on finding other providers. Insurance is a huge financial cost that does not get adequately addressed. Take some time this year and find out if you're paying too much - it could save you thousands.
4. Exchange the Change
If you don't have a change jar, start one! If you do, take it to the bank. Even though we use our credit cards often, we still accumulate tons of change from our dollar bills throughout the year. Keeping your change is not only responsible but good financial planning. Your change jar may just feed your summer fund (see above).
5. Go Paperless
Going paperless is one way to ensure your home and finances stay clean and tidy throughout the year. Instead, start getting email alerts for all of your banking and investing. This not only saves paper but time and energy when you want to see an update on your finances. It may even force you to take a deeper look at your day-to-day finances instead of throwing that mail in the trash.
Did we miss something? How do you spring clean your finances?