Spring is another good time to take a look at old paperwork and shred any old financial documents. If it’s been a while since you last reviewed your credit report, there’s no time like the present! Shred Old Financial Paperwork With Turbo, you can view your credit report at any time, without it impacting your credit score. This can cause you to be denied credit or pay more with a higher interest rate. Your credit report drives your credit score, so having incorrect information on your report can drastically lower your overall credit profile. Check Your Credit ReportĪs part of your financial spring cleaning, it’s a good idea to periodically review your credit report and ensure that there aren’t any inaccuracies or incorrect information. If you do have a will and life insurance, make sure to take another look at it and verify that the information is still correct. If the worst were to happen, the last thing that you’d want is for the surviving partner to have to deal with financial uncertainty at the worst possible time. I f you or your partner were to unexpectedly pass away, where would that leave the survivor? The same question goes for having a will. Not having any life insurance is one of our common debt mistakes. Make Sure Your Life Insurance and Wills Are Up-to-dateĪnother financial task that’s good to review regularly is making sure that your life insurance and wills are up-to-date. But at the end of the day, the exact mechanics are not as important as just deciding on a plan and sticking to it. For some, debt consolidation can be the right move. Others prefer to pay off their debt with the highest interest rate first. Some people advocate for the “ snowball method ”, where you start by putting all of your excess monthly savings towards paying down the debt, starting with the smallest balance. There are several different strategies to pay down your debt. Take the time plan out how you can pay off your outstanding debt obligations. Depending on the total amount, this can feel overwhelming, but ignoring it will not make it go away. If you have any debt, make a plan to pay it down or pay it off. One of your medium or longer-term financial goals should be the elimination of any outstanding consumer, credit card, student loan or other debt.
Make a Plan to Pay Down or Pay off Your Debt Are the financial choices you’re making right now likely to lead you where you want to go? If not, identify simple steps that you can take now to put you on the right path. Sit down with your spouse, partner or loved ones and ask yourself where you want to be in 3, 5, 10 or 30 years.
Once you’ve paid a little bit of attention to your day to day transactions, now it’s time to make some medium and longer-term financial goals. And if it’s been a while since you’ve regularly reviewed your budget, consider making a budget review as one of your financial spring cleaning tasks. Mint will automatically track your spending and help you categorize and budget your finances. If you have never set up a budget, consider a tool like Mint.
It can help you cut things that are NOT important to you so that you still have money to spend on the things that ARE important to you. Some people think that the word “budget” is just another six-letter word, but properly implemented, a budget is a great tool to make sure you’re only spending money where you want to spend it. Here are six ways to spring clean your finances: Revisit (or start!) Your Monthly Budget Just like spring cleaning your home can help organize, declutter and brighten your physical surroundings, these financial spring cleaning tips can help organize and make sure that your finances are in order. And for some, they know that spring cleaning is something that they should be doing but they never seem to get around to it. For others, they know that it has to be done so they do so begrudgingly. For some, they look forward to a yearly excuse to tidy up, declutter and organize a year’s worth of things that have piled up. Depending on your personality (or the personalities of your loved ones), spring cleaning is either something you look forward to or something you dread.
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