5 Clever Ways to Spring Clean Your Finances

5 Clever Ways to Spring Clean Your Finances

Spring is coming and what can be a better place to start cleaning than your wallet? You can use this time to change bad financial habits and build new and healthy ones that can help you build wealth for the long-term.  Here are five ways to get started today.

1. Throw out old spending habits.

Out with the old and in with the new! Examine your spending and get rid of the bad habits that are detrimental to your finances. For example, you buy new clothes or other things every weekend or go out drinking on Fridays. Think about how much you can save if you only kept this money!

2. Bring your budget back on track.

If you have given up on your budget, it is time to dust it off and have another go. Your budget is one of your most powerful tools for financial success. You can use it to pay your student loan or save up for a down payment on your first house. Take the time to write a new budget every month and track your spending throughout the month. Examine your progress at the end and make necessary adjustments.

3. Catch up on late payments.

Challenge yourself to pay everything off! If you are behind on some payments, look for ways to find more cash to settle your debts. Maybe you can raise more money through a yard sale or take on a second job until you clear your payments. You can also consider spending fast to create more room in your wallet.

4. Write a debt payment plan.

Having debt keeps you from achieving so much in life. Focus on clearing all debts and work towards having a debt-free life. You can start by setting up a debt payment plan this spring to kick your debt to the curb. It does not matter how many seasons you need to pay everything up. The most important thing is that you are starting today to make lasting changes that will improve your situation.

5. Prepare for your future.

In spring, you start gardening to have a beautiful yard for the rest of the year. Similarly, you can take this time to plan your financial future. Some important things to consider include planning for retirement, buying your first home, or investing in a varied portfolio. A good financial plan can help you achieve all these goals. Take time to write a plan and create a realistic timeline. Adjust as your life changes but follow your general plan to make your life easier.

Ian Schindler