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Ten Ways To Spring Clean Your Finances

Ten Ways To Spring Clean Your Finances blog
Free Tools For Understanding Finances Affinity FCU Blog
By: Nichoals Mattaliano
Digital Communications Administrator

Date: March 10, 2023

Spring is a great time of year to clean and declutter, not just your house but also your finances. It's an opportunity to get organized and reduce financial stress. Here are ten ways to spring clean your finances this year..

1. Evaluate your subscriptions: Take a look at the subscription services you're paying for each month and decide if they're really worth it. Cancel any that you're not using or don't need anymore.

2. Create a filing system: If you're constantly struggling to find important financial documents, it's time to create a filing system. Gather all your financial paperwork and organize them by category (taxes, bills, investments, etc.) in labeled folders or drawers. Another helpful tip is organizing your personal email where any paperless billing notices are sent.

3. Assess your insurance coverage: Review your insurance policies (home, auto, health, etc.) and make sure you have adequate coverage for your needs. Consider bundling policies with one provider to save money on premiums.

4. Shop around for better deals: Take the time to review your bills (e.g. cable, internet, phone) and see if you can negotiate a better deal or switch providers. You may also find that shopping at different stores can save you money on groceries and other regular purchases.

5. Check your credit report: You're entitled to one free credit report per year from each of the three major credit reporting agencies. Take advantage of this and review your reports for any errors or discrepancies that could be affecting your credit score. If your score is lower than you’d like, Affinity’s free credit counseling solutions1 can help you improve it.

6. Consolidate debt: If you have multiple credit cards or loans with high interest rates, consider consolidating them into one loan with a lower interest rate. This can save you money in the long run and make it easier to manage your payments.

7. Automate savings and bill payments: Set up automatic transfers to your savings account each month, as well as automatic bill payments for recurring expenses like utilities, rent or mortgage. This can help ensure you never miss a payment or forget to save.

8. Plan for taxes: Spring is also a good time to start planning for tax season, if you have not done so already. Review your income and expenses from the previous year, gather necessary documents and consider consulting with a tax professional if needed.

9. Review your budget: Review your current budget and assess what's working and what's not. Are you overspending in certain areas? Do you need to adjust your savings goals? Spring is a great time to make changes and get back on track.

10. Set financial goals: Use the start of spring as an opportunity to set new financial goals for yourself. Whether it's saving for a vacation or paying off debt, having specific goals can help you stay motivated and on track.

Setting yourself up for success with small steps can help you in the long run and reduce daily financial stress. Affinity is here to help you with resources and tools to improve your financial wellbeing. Tune in to the Wellbeing and Your Wallet Podcast1 each month for tips from our team of experts on multiple ways to maintain your financial wellbeing.

This information is for informational purposes only and is intended to provide general guidance and does not constitute legal, tax, or financial advice. Each person’s circumstances are different and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and/or legal counsel to discuss your specific needs before making any financial or other commitments.

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