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The days are getting longer and you’re getting that Marie Kondo-esque itch to organize your life—yay!
While I’m all about a spring cleaning in any capacity (my car is currently begging for one), I especially love using this energy to take a more detailed look at your money. We often think of January as a time for goal-setting and planning, but I find that a lot of folks feel a more natural motivation in spring.
Before we go any further—if looking at your money scares you, I want you to give yourself grace. Money is uncomfortable for a lot of folks, so it’s understandable that you might feel some resistance.
Spring cleaning isn’t about checking things off a list—it’s about ditching what doesn’t serve you and feeling lighter. Now, let’s dive in.
How to spring clean your finances
STEP 1: GATHER INFORMATION.
This is almost like step .5, but I’m going to count it.
Before you can make any changes, you need to know where you are.
- Grab your tax return
- Pull up your transactions
- Log in to your accounts
STEP 2: CHECK YOUR ACCOUNTS
For this step, you’ll need to review *all* of your financial accounts. You want to see how much money you have in each and determine if you want to consolidate accounts or delete some you aren’t using frequently (with the exception of credit card accounts, because credit history is a big factor in your credit score, so even if you’re not using your credit card account very often, it’s often worth keeping it open!).
Here are some common account types:
Investing accounts. I don’t recommend checking your investments too frequently (especially in our current economy), but it is good to have an idea of where you stand.
- What is your portfolio balance?
- How much are you contributing each month?
- Are you automating your investments?
- Can you invest more?
- Do you have an old 401(k) or 403(b) you need to roll over?
High-yield savings account (HYSA). This is a savings account on steroids. Rather than your boring old bank’s savings account with 0.001% interest, you can get upwards of 3%. Wait—you don’t have one?! Get one here.
- How much do you have in your emergency fund? Do you need to increase it?
- How much are you saving each month?
- Can you automate your savings?
Debt. This can include student loans, credit cards, medical bills, personal loans, or any other debt you have.
- Have interest rates changed on things like student loans?
- Could you use a personal loan to reduce payments for high-interest debt?
Reviewing your accounts is a great way to uncover sneaky little pockets of cash or to get real about your debt. And if you find out you have $64 in an old health savings account from your last job—make sure you use that money!!
STEP 3: REVIEW YOUR BUDGET
If you’re doing monthly money dates, you might be caught up on your budget. But because life happens, it’s totally fair that you might skip a money date here and there. If it’s been a minute since you’ve done one, make sure you do it now! Here are some things to check out:
- Do you have any subscriptions you need to cancel?
- Have your average costs gone up?
- Are you consistently overspending in a certain category?
If you’re in a relationship and share expenses, this is a good time to check in with your partner, too.
- Are you paying for more or less that you expected?
- Is your bill split still equitable?
- Are you and your partner paying for the same thing and can you consolidate accounts or bills? (Netflix, Spotify, etc.)
STEP 4: NEGOTIATE A BILL
Now that you’ve just reviewed your spending, take a moment to see if you can lower any of your bills. Sure, you can cut your lil’ treat budget… OR you can negotiate your cell phone bill and save $1,200 a year (one of my team members just did this!!).
Here are some things you can try to negotiate:
- Cell phone
- Cable
- Internet
- Credit card interest rate
- Insurance (especially car, rental, and home)
STEP 5: REVIEW YOUR TAXES
Now that you’re through tax season, you can take a look at where you landed without feeling the pressure of getting your taxes done on time.
- Did you pay more or less than you expected?
- Do you want to change your deduction?
- Do you want to create a sinking fund to save for next year’s bill?
- Do you want to hire accounting help for next year?
STEP 6: CONSIDER BIGGER MONEY MOVES
While a lot of spring cleaning involves purging and organizing your money, this is also a great time to check in on larger goals. There’s no better time to handle that money task you’ve been putting off since last year. 🤪
Here are a few examples of big-picture goals plus some partners I love:
- Increasing insurance
- Getting life insurance
- Creating a trust or will
- Creating a prenup
Don’t forget to give yourself credit!
Whether it’s a monthly money date or a financial spring cleaning session, it can be hard to make the time to focus on your money. But these deep dives are critical to your financial health, and taking action is a surefire way to boost your money confidence.
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