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Spring Clean Your Finances

Many of us tackle a deep clean of our homes during the spring months. A recent Huffington Post article shared 8 ways to spring clean your finances:

Get rid of clutter!

Go through your house and get rid of things you aren’t using.  A good rule of thumb is if you haven’t worn or used something in 1 year, it’s gone! Try selling items of value online, and donating the rest.

Increase your savings.

Has your income increased over the last year? If so, it may be time to increase how much you are saving.

Track your spending.

If you don’t already, track your spending for 2 weeks.  It can be eye-opening to see how you spend your money! Momentum’s Budgeting workshop has a lot of ideas for different ways to track your spending.

How much are you paying in bank fees?

Look at your bank account statement.  How much are you paying in fees? Make an appointment to go into your bank to check if you have the best account for your money habits, and if there are other ways you can save in bank fees.

Set up a filing system.

How do you organize your statements? Set up a digital or paper filing system (try a big accordion folder for paper statements and bills).

Consider consolidating.

It can save you time and money to have all of your banking, investments or insurance in one place. You may also consider doing some shopping around.

Have a look at your bills.

Why not automate your bill payments? Review your cable, internet and phone plans. Shop around. Spring is a good time to think about how much value you are getting from different expenses; consider cancelling things you don’t really need.

Do you have a will?

The Globe and Mail recently reported 50% of Canadians don’t have a will, which is essential in protecting our loved ones.

Do a little spring cleaning of your finances today!

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