The Spring season is associated with rebirth and renewal– the Earth is defrosting as the weather warms, flowers are blooming, and the days are getting longer. Many take this opportunity to clean and declutter after a long winter. This season is an excellent time to do a lifestyle refresh, especially regarding your finances.
For those feeling motivated to tackle a new project, channel that seasonal energy to review and reorganize your current financial situation for a few ways to save yourself some dough.
Here are five ideas to help you spring-clean your finances this season.
- Review your budget.
Take some time to look closely at your expenses and income. Have you been spending more than anticipated? Do you need to tweak a few budget items to adjust for recent economic changes? Look through where you’re spending money and re-allocate your budget if necessary. This responsible action puts you in charge of your financial decisions.
- Check your credit report.
Get a copy of your credit report from all bureaus. At the very least, get one copy, even from one bureau. Look over it. Check your score, lines of credit, and any changes or updates made over the last quarter. Reviewing your report is a great way to determine any changes you need to make to improve your score and to see if any past changes have impacted it.
For those with a Triangle Better Checking account, you can get valuable insights into your credit with features such as credit score tracking, credit file monitoring and credit reporting. - Automate savings.
If you haven’t been regularly transferring money into a savings account, take some time to set up automatic savings. It’s easier than you think.
Use tools like Triangle’s Goal Builder within online and mobile banking to set goals that make building that savings account much easier. The tool automates saving a portion of income into a set category over time so you can set it and forget about it, giving you reassurance and confidence in your financial management. - Consolidate debt.
Look into all the existing rates on your car, home, credit cards, and more. If you think those rates you’re currently paying are higher than you’d like, do some shopping around for lower rates. If you are in a good position to refinance or do some debt consolidation, take the opportunity to restructure your debts and free up some money. - Review subscriptions and memberships.
If you’re juggling a lot of subscriptions, take control. Note how much you’re paying and whether or not you’re using them. If you’re paying for some that you’re not using, now’s a good time to cancel or downgrade your plan to a free tier if available.
Spend some time this Spring season cleaning up your finances and putting yourself in a better financial situation.
