Spring Money Tips: 7 Ways to Dust Off Your Finances This Season

The season of spring leads many of us to want to dust off the weariness of winter and freshen things up. As the new season approaches, you may also want to think about freshening up your finances. Perhaps you made some financial resolutions in the New Year, and now is a great time to revisit those and reassess your finances. Between the doldrums of winter and the new season ahead, you may find that there are some financial strategies or decisions that no longer serve your goals. Below, we’re sharing seven spring money tips to help you get started.

Spring Money Tip 1 - Organize Your Finances

Spring cleaning is all about airing things out, dusting them off, and getting organized. This applies to your finances too. Consolidating your accounts can make managing and tracking your money easier. By doing this, you’ll have streamlined your account information and have fewer tax documents to prepare for tax season.

The first thing to start off with is to create a list of all the accounts pertaining to your finances. Gather all the account numbers, logins, and contact information for each institution where you may have (or had) money. Examine this list to identify ways to consolidate accounts or eliminate those you no longer use. You may find that some, especially any that are lying dormant, are generating unnecessary tax documents, fees, and statements. For example, perhaps you have an orphan 401k from a previous job, and dusting that off and rolling it over to an IRA is a great way to both consolidate and grow your money.

Spring Money Tip 2 - Clean-Up Your Budget

Most of us have unnecessary expenses that we hardly notice. To spring-clean your budget, go over your bank and credit card statements for the past few months and look for those items that are no longer useful. You’ll most likely find subscriptions and recurring charges for items such as a streaming service or a self-improvement program that you no longer use. Cancel those memberships and subscriptions, because even though the charges may seem small, they add up. The money you save can best be used elsewhere to help you achieve your long-term financial goals.

Spring Money Tip 3 - Say Goodbye to Convenience Apps

The use of convenience apps surged during the pandemic. While this technology has made our lives more convenient, you may find that its usefulness has worn off and the fees you pay are digging into your finances. Take-out food and grocery delivery apps are a good example. They often cost you much more than you would pay if you shopped or picked up the items yourself. Take a look at your phone and delete apps such as DoorDash, Grubhub, and Instacart – and watch your savings add up!

Sometimes the lure of promotional newsletters, emails, and texts that encourage you to buy their items is hard to resist. However, the offer of a great bargain on an item that you don’t necessarily need can lead to impulsive purchases. Impulse buying can be a significant threat to your finances, so unsubscribe and don’t fall prey to marketing traps.

Spring Money Tip 4 - Stay on Top of Your Credit Score

This is a spring money tip that is actually advantageous at any time of the year because your credit score can have a significant impact on your overall finances. Legally, you can request a free credit report from each of the three reporting bureaus, Experian, Equifax, and TransUnion , once each year. This exercise not only provides you with your credit score (which sometimes varies slightly by agency), but it also allows you to look for discrepancies. It’s not uncommon for consumers to find such discrepancies, so look yours over carefully. You can request these reports directly from each of the three bureaus, or you can go to AnnualCreditReport.com, a federally authorized site.

Spring Money Tip 5 - Keep Your Beneficiaries Updated

For every life transition or change to your finances, it’s important to make sure your beneficiaries are up to date. Examples of such changes include the establishment of a new IRA or 401k, or perhaps you got married or have a new grandchild. In such circumstances, ensuring your beneficiaries on your financial accounts are identified and kept current will help you rest easy, knowing that if something unexpected happens to you, your wishes will be followed. Also, take note that your beneficiary designations supersede your will, so it’s very important to keep them updated as you experience any changes in life.

Spring Money Tip 6 - Lower Your Service Charges

As you think about the various factors that impact your finances, it can be easy to overlook the monthly charges that you pay to service providers. Your internet, cable, and cell phone providers all charge fees. Fortunately for you, most of these companies are up against a lot of competition for your business, which leaves you in an opportune position to negotiate lower rates. You can also give your credit card company a call to see if they’re willing to negotiate a lower annual percentage rate (APR).

Spring Money Tip 7 - Spend with Care and Purpose

While technology can make our lives easier, there is also a downside. Most of us are bombarded through social media with targeted ads for items that marketing algorithms know we’ll probably like. This can make it difficult to restrain ourselves from impulse spending. However, ask yourself if you really need this alluring item, and then wait 24 hours. If you find yourself feeling positive about making the purchase the next day, do a little comparison shopping to find the best deal.

Dust Off Your Finances This Season with Spring Money Tips Suited to Your Needs

It feels good to open up the windows and freshen everything up in the Spring. Do this for your finances and you’ll likely find yourself able to move through the rest of the year with the confidence that you are on solid financial footing.