Your Money Matters: The Financial Spring Cleaning Edition

Hey there, savvy savers! It’s that time of year again – spring cleaning season! Better yet, the month of April is also financial literacy month! What better way to kick off the month of April than to combine these two topics and help you jumpstart your financial spring cleaning? Yep, it’s time to dust off those money matters and get your finances in tip-top shape. Here are five tips to kickstart your daily finances:

1. Let Go of What’s Not Serving You – “Don’t throw good money after bad.”

First things first, it’s time to Marie Kondo your finances. You know that feeling when you’re holding onto something that’s just not bringing you joy? Well, the same goes for your money. Take a hard look at where your dollars are going and cut ties with anything that isn’t serving you. Whether it’s a pricey gym membership you never use or a car payment that’s stretching your budget thin, it’s time to say goodbye to financial clutter.

We’ve all been there – signing up for a subscription service or gym membership with the best intentions, only to let it collect dust as the months roll by. Take a moment to audit your recurring expenses and ask yourself: Are these memberships still worth it? If not, consider canceling or downgrading to a more affordable option. After all, you can always rejoin later if you miss it.

2. Maximize Your Money Returns

While I’m not here to dish out investment advice (at least for this blog!), I will say this: If you’ve got a chunk of change sitting in a savings account earning next to nothing, it might be time to explore other options. Online banks often offer higher interest rates, allowing your money to work harder for you. Do your research before making any moves. You’ll want to consider keeping your “emergency fund” at your main banking institution so to ensure you have the access you need in times of crisis. Also, ensure that any bank you’re considering is FDIC insured!

3. Sell Your Stuff

One person’s trash is another person’s treasure, right? Take a stroll through your home and gather up any items you no longer need or use. Then, hop on Facebook Marketplace or another resale platform and start selling. Not only will you declutter your space, but you’ll also pad your wallet in the process. It’s a win-win! If you’re too busy for this, please consider donating it. The stuff collecting dust in your garage that is no longer serving you can help someone else, and de-clutters your place at the same time!

4. Streamline Your Accounts

Dive into your accounts and see if there’s any overlap or redundancy lurking around. Consider consolidating those multiple credit cards or retirement accounts that are essentially serving the same purpose. By doing so, you’ll not only simplify your money management but also open the possibility of reducing unnecessary fees that might be sneaking into your financial picture.

5. Streamline Your Accounts and Evaluate Your Insurance

Finally, don’t forget to review your insurance coverage(s). By no means is this a thrilling money task, but it’s crucial. Make sure you’re adequately protected and shop around for competitive rates – you might be surprised at the savings you uncover.

By dedicating a little time to financial spring cleaning, you’ll gain clarity about your money matters and set yourself up for success down the road. So grab a cup of coffee, put on your favorite tunes, and let’s get cleaning – financially speaking, that is!

Until next time, happy cleaning!