The Holtz Group

3 Ways to Spring Clean Your Finances

For many of us, the start of spring calls for pulling out cleaning supplies, sweeping the dust away, and discarding the items that no longer serve us. While you spend time cleansing your home and decluttering your physical space, why not clean your finances? Just like a good house cleaning uncovers things that must be thrown away, replaced, or repaired, reviewing your finances can provide insight into unnecessary expenses, opportunities to build wealth, or the need to revamp your budgeting strategy. Keep reading to learn three simple ways to give your finances a spring cleaning.

Cancel Unused Memberships and Subscriptions

Take the time to review all of the memberships and subscriptions you currently pay for, whether a monthly gym membership, online software, or streaming services. Then, once you’ve accounted for all of your current subscriptions, add up how much they cost per month, both individually and as a collective—you just might find that the subscriptions you didn’t think twice about are burning a massive hole in your pocket.

After assessing the total cost of your subscriptions, ask yourself which ones are worth keeping and which ones need to be canceled. For example, if your subscriptions to multiple movie streaming services are taking away from essential funds, consider unsubscribing to the ones you use the least. On the other hand, though a gym membership can cost a pretty penny over time, it might be worth the splurge if it contributes to your health and happiness (and is regularly used).

Go Digital

Do you have piles of credit card statements and bills lying around your house? After you organize your paper stack and shred any unnecessary documents, it might be time to switch to paperless banking. Not only will digital bank statements and updates reduce the amount of clutter in your home and serve as a more eco-friendly alternative, they’ll allow you to keep better track of your finances with all of your information stored in one convenient hub. Even more fortunate, most institutions offer push notifications so that you can review statements and bills as soon as they are available—goodbye snail mail!

Review Your Spending Habits

Spring cleaning is about creating a fresh start, and what better way to do it than adjusting your spending habits to meet your financial goals. After your house cleaning session, get comfortable and review your spending habits over the past year. Perhaps you’ve overspent in specific categories like food or clothing or have room to expand your vacation budget. Reviewing your current budgets can allow you to make adjustments necessary to reach your goals while leaving funds to enjoy life.

Need Financial Advice?

Check out our previous blog post on Common Financial Mistakes and How To Avoid Them. In addition, if you need personalized financial advice, our team is always here to help—contact us today to book an appointment!

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