A season of renewal, spring is the time to scour, scrub and remove all messy remnants of a winter confined inside. In addition to purging closets and pantries, it’s also a wise time to refresh your budget and clean up your finances.
According to a recent survey conducted by cash-back site TopCashback.com, 49 percent of Americans said that aside from the home, their finances could use some spring cleaning.
Spring is a great time to assess spending habits and devise a plan, said Rebecca Gramuglia, consumer expert with TopCashback.com.
“Starting fresh with your finances can help set the tone for the year. Whether you are creating a summer budget, have a savings goal that you want to hit or anything in between, implementing these steps as early as possible can help set you up for success. And with spring officially hitting our calendars on Sunday, it is the perfect occasion to start as it is still early enough in the year.”
Start with a little simple introspection, Gramuglia said.
“Ask yourself a few questions to determine what you’re doing well and what you can improve on such as, ‘How many times did I go over budget this year?’ and ‘Do I buy full-priced items before looking for discounts?’ By assessing yourself in this way, you can pinpoint which areas need improvement and plan to update your financial priorities for the year.”
If you’re ready to add a calculator and bank statement to your spring cleaning routine, here are some expert tips to help:
Dust off your budget. “There are plenty of ways you can organize your finances, such as setting up savings accounts and regularly reviewing your budget,” Gramuglia said. Audit your bills to get a clear idea of what you owe and jot it all down. There are a slew of budget apps and the Consumer Financial Protection Bureau offers tools, including an easy-to-use bill tracker that can help you streamline your spending and stay on top of payment due dates.
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