Spring cleaning for my finances?
As the temperatures warm, and sunlight lasts longer into the evenings, spring is on the horizon. The season's annual reminder for spring cleaning can be useful for your financial life as well. Spring is a great time to start to get your finances in order and set yourself up for success for the rest of the year.
Here's an easy step-by-step to consider:
Review your budget: Start by reviewing your current budget, including your income and expenses. Look for areas where you can cut back on spending or find ways to increase your income.
Check your credit report: Review your credit report to make sure there are no errors or inaccuracies that could be hurting your credit score. You can get a free credit report from each of the three major credit reporting agencies (Equifax, Experian, and TransUnion) once a year at AnnualCreditReport.com.
Organize your paperwork: Gather all of your financial paperwork, including bills, bank statements, tax documents, and investment statements. Organize them in a system that works for you, such as a filing cabinet or digital folder.
Review your investment portfolio: Take a look at your investment portfolio and make sure it is properly diversified and aligned with your financial goals.
Automate your savings: Set up automatic transfers from your checking account to your savings account each month. This will help you save more money without even thinking about it.
Shop around for better rates: Review your current bills and see if you can get better rates on things like insurance, cable, or internet service. You may be able to save a significant amount of money by switching to a different provider.
Set financial goals: Finally, set some financial goals for the year ahead. This could include paying off debt, saving for a down payment on a house, or increasing your retirement contributions. Having clear goals in mind will help you stay focused and motivated.
As you move forward in 2023, I hope the above list provides a couple actionable ideas and will help propel you forward financially! If there's anything I can do to help, please don't hesitate to schedule a free 30-min, no-strings-attached chat!