Spring Cleaning Your Finances

Spring has finally sprung in Seattle. The sun is shining, the birds are chirping, and there’s not a drop of moisture in the forecast for at least seven days. Things are really looking up.

If you’re already thinking about weekend barbecues and summer getaways then it’s also a great time to do a little spring cleaning of your finances.

Review Your Plan

If you made any financial goals for the year, now is a good time to review them. If necessary, make adjustments to reflect how you’ve done thus far and what you think you’ll be able to do through the rest of the year. Try to be honest about what you’ve accomplished thus far and what you can accomplish through the rest of the year. And, if you didn’t make any goals earlier in the year, now is an excellent time to make some.

Cut Costs

Now is a great time to review your bills and determine if you’ve missed any increases. A lot of people move in the summer so that wonderful cable bill promotion or that introductory fee at the new gym may be expiring. Often you can reduce these bills by just calling your service providers and asking for a new promotion. Or, you can evaluate whether or not you still need the service at all.

Increase Your Savings

If you’ve had a raise since the beginning of the year or are finding that you have a little extra spending money at the end of the month, now is a good time to increase your savings. This can be done with an automatic transfer each month at your bank or even with an increase in your employment retirement plan at work. Maximizing that retirement plan at work is especially important if you’re not getting your full company match. Even a 1% increase can make a big difference in the long run and since most contributions are pre-tax it may not make a significant difference in your take-home pay.

Tackle That Debt

Almost all of us are paying on something. It could be a credit card bill, student loan, or mortgage payment. Now is a great time to prioritize your bills (either by balance or interest rate) and really focus on paying one off. Your credit card bills are likely to have the highest rates so paying them off will save you the most in the long run, but wha

tever you decide put as much as you can towards eliminating at least one bill.

With a few short steps and just a couple hours of dedication you can be on your way to a financially enjoyable summer.

Happy Spring.

Daysha Carter is a personal financial coach based in Seattle, WA. If you're struggling with your finances and want assistance getting to the next level, schedule your FREE consultation at www.everydaybudgeting.com.