Spring is upon us, and for many, that means throwing open the windows, dusting the rugs and doing some deep cleaning and decluttering. It’s also an opportunity to deep clean your finances! Here are some helpful tips to aid in the process of that spring cleaning spree you don’t want to forget.
Channel Marie Kondo and do a deep dive on decluttering your home. Get rid of the clothes you haven’t worn for years, the gadgets and gizmos you have long forgotten the use for and make some money in the process! Tackle one room at a time and sort everything into piles; keep, sell, donate and trash. List the stuff you think will sell on sites like OfferUp, CraigsList, Facebook Marketplace. Almost everything else can be donated and your trash pile will likely be minimal. Be sure to keep your donation receipts so you can claim them as deductions next tax season.
Tackle the paper pile
Get rid of that beat up file cabinet and upload your most important documents. Back them up to the cloud and save them in an external hard drive so they’ll always be secure. You’ll likely free up a ton of space and staying organized will be a breeze. For vital documents like birth certificates and social security cards, invest in a portable fireproof safe. If it’s not valuable enough for the safe, it’s not worth keeping a physical copy of. Make sure you shred your documents after you’ve uploaded them to ward off identity theft.
Financial Goal Benchmark Check
If you set personal finance goals at the beginning of the year, now might be the time to check in and check your progress. If you are coming up short and not where you want to be, you can take this time to reevaluate your budget, spending habits and goals.
Trim the fat
Apps like Truebill and Trim are the perfect tool to use while decluttering your finances. The apps will track your finances and notify you of subscriptions that are draining your funds so that you can cancel them easily and quickly.
Check your credit
It’s recommended that you check your credit at least a few times a year so that you can identify and resolve any discrepancies quickly. Take a few minutes and browse your recent history for any suspicious transactions.