It’s always a good time to evaluate your financial situation, but the mood may strike as you’re cleaning out closets and packing away winter boots and coats for warmer weather. Sitting down and going over your spending, saving, and investment habits might not sound like the ideal activity when you’re itching to go outside, but having a solid grasp on your finances will let you relax and enjoy the nice weather. Here are four ways to spring clean your finances:
Evaluate Your Debt
Check your loan and credit card balances and see if you’re on track to pay everything off on time – or sooner. If you have lots of high interest debt, it might be a good time to call the credit card company to try and negotiate a lower interest rate, or consider refinancing loans if you think you qualify for a lower rate.
Check Your Credit Report
You can (and should!) do this once a year for free, so if you haven’t already, request a report from each credit bureau: TransUnion, Equifax, and Experian. Go over each report thoroughly to make sure everything is correct. If you see any errors or suspicious accounts, address the issues immediately.
Download Financial Apps
Apps like Mint can help track spending and debt, and let you know when payments are due and where you can afford to cut back.
Cancel Anything You Don’t Need
Subscription services, gym memberships, cable packages, etc. – if you can live without it, do without it. Put the extra money you save into a retirement account or pay down debt.
Spring cleaning your home, car, or garage can be exhilarating and bring a sense of accomplishment and new beginnings. Do the same for your wallet!