Who isn’t excited to say hello to spring and goodbye to winter? Along with the changing of seasons, we need to evaluate every part of our lives. It’s important to even spend some time spring cleaning your finances. If your finances are a hot mess or you just want a change, you need these tips in your life.
Tips for Spring Cleaning Your Finances
Look at your budget
The first stop in spring cleaning finances should always be your budget. Your budget shows you what is coming in and what is going out. It shows you where you're spending too much money and where you can halt spending. This spring, make your budget the first place you look to make improvements.
Cut back on spending
It’s amazing how quickly we can spend money, isn’t it? Now is the perfect time to cut back on spending. Look at where you can stop spending money and go for it. The less money you spend, the more you can put money back in savings or put it to work elsewhere. Spending money mindlessly is never a good thing. The easiest place to start is to save money on subscriptions. How many do you not need anymore?
Look at your bank statement
Don’t just let your bank statement skate by without looking at it. The bank statement is a great tool to your finances. It shows what you’re spending and where you’re spending it. Spend some time going through your bank statement to see if your money is being used in the right way.
Talk to your spouse
At the end of the day, it’s important to talk to your spouse about the finances. You both need to be on the same page about the money and where it’s being spent. You can totally have success in your financial life by simply communicating about finances to your spouse.
Check your credit report
You know what’s crazy? Your credit report is a huge financial tool. At least once a year, you should be looking at it to be making sure everything is accurate. Make sure there are no invalid negative remarks. You’ll want to comb through and make sure everything is right.
Take a look at your bank account
Spring cleaning your finances also comes down to your current financial institution. Are you happy? Make sure you’re working with a bank or credit union that you can trust. We choose Navy Federal Credit Union for several reasons. One reason is that we LOVE that they have over 300 branches and thousands of ATMs worldwide. They make it very easy to see your spending and work your annual budget.
You will also find that each NFCU is friendly and ready to serve you. Every time I walk into a Navy Federal Credit Union with the kids, they’re friendly, quick, and very diligent.
These are some great ways to spring clean your finances. Since your finances are an important part of your family’s daily life, don’t delay in making sure you check in on your finances. What are you doing to spring clean your finances?