As the chill of winter leaves the air, and the days grow gradually longer, it’s the perfect time to do some spring cleaning for not only your home, but your finances too. A refresh can bring a sense of clarity and control in your life, helping you get back on track with your financial goals, or even help set some new ones in the months ahead.
Budget Review
Start off by revisiting your budget to make sure it still reflects your current financial situation and goals. You may need to adjust areas where you’ve been overspending, or simply take the time to figure out exactly where your money is going each month.
Examine your Debt
Outstanding credit card bills, car loans, mortgages… it may help to create a plan to pay down high-interest debts more aggressively, or consider refinancing options to try and reduce your monthly payments.
Track your Savings
Are you saving as much as you’d like to? On track to go on that overseas holiday next year? Have enough in your emergency fund? Take a look at how you’re progressing toward your savings goals and find out where you can make adjustments if needed.
Assess your Insurance Coverage
Check to see if your insurance policies such as home, health and life still have adequate coverage for your needs and are up to date. You might even be able to reduce premiums by bunding policies or shop around for a better deal.
Automation
Streamline your finances by setting up automatic bill payments and contributions to savings and investment accounts to decrease the time you need to spend on life admin and keep you on track with your financial goals. This will also help you avoid those pesky late fees!
Trim the Expenses
If you’ve lost count at the number of subscriptions or memberships you’ve signed up to (hello, streaming services!), it may be time to cut away the ones you no longer need or use enough to justify the fees you’re paying.
Set New Goals
Once you’ve refreshed your finances, you can set some new goals that will help bring you closer to your ideal financial situation. It might even be beneficial to write them down and put the list somewhere you can view them every day to keep you motivated.
So, open up your windows, let in the fresh air, and give your finances some TLC this spring – your future self will thank you!
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