Spring is here and it’s time to start de-cluttering and doing a spring clean around the house. Spring cleaning your home is not the only thing you can spring clean. Why not give your finances a spring clean too? When you have a big clean out, you feel a sense of achievement and tranquillity. It’s a good time of the year to get organised and get on top of the things you been putting off all year.
De-clutter your budget:
A lot of people don’t have a budget or they have one but don’t stick to it. Do you feel like you just let your money come and go as it pleases with the uncertainty of whether its money well spent? Instead of leaving that thought in the back of your mind, organise your budget so you know where your money is going. This will help you to determine if you are overspending and help you to make changes. By doing this, you gain the ability to save and know what expenses you can cut down on. Once your budget is in place, make sure to stick to it. Set yourself spending limits and saving amounts which will hold you accountable for any unnecessary spending.
Related Article: Budgeting 101
Clean out your subscriptions, insurance and utility gas providers:
Regularly updating your home contents and car insurances will make sure you are insured for the correct value of your items. You may also be paying too much for insurances, gas, electricity, internet etc. By reviewing and comparing your options you will get the best deal and will save you money. Taking the time to clean out your subscriptions will help you to determine what ones you are paying for but do not use. Do you have a gym membership but don’t go to the gym?
Wash away personal loans, credit cards and debt:
It may not be realistic to think you can pay off all your debt straight away but planning to pay it off is the next best thing. Figure out how long it will take to pay off your debts. Work out if you can make extra payments on loans to help pay them off sooner. Or even think of ways to make extra money to contribute to the repayments, like selling some items that you no longer need or use. One person’s trash is another person’s treasure. Gaining financial freedom means getting rid of all your debt so you can focus on spending your money on more important things or saving it for something special like a holiday, a house or a new car.
Related Article: 7 Personal Finance Steps To Gain Financial Freedom
Dust off your paperwork and do your tax return:
Springtime also means tax time. It’s a good idea to sort through all your paperwork and receipts to get ready to complete your tax return. It’s also a good time to sort through old tax records and paperwork that are several years old that you no longer need to keep. Make sure to always dispose of your personal paperwork accordingly to avoid identity theft.
Organise a plan for the future:
This is a good time to make plans for the future that will help you reach your goals. You may be at the stage in your life when you are considering starting a family, purchasing your first home or even thinking about retirement. Pinpoint any foreseeable big expenses and make a detailed financial plan with goals and deadlines. This will help you to make changes to establish a good routine and develop good spending habits.
When spring rolls around, it makes you feel like taking action. This is the perfect time to get organised and get your finances on track. Taking the time to spring clean your finances will get yourself on track for Christmas and the upcoming year.
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