It’s time for some financial spring cleaning. The weather is starting to warm up. The grass is getting green, leaves are budding on the trees, and birds and wildlife are returning. With the change in seasons, it is a good time to do some spring cleaning of your finances.
Checklist
Now is a great time to take a look at all your recurring expenses and see where you can save some money. Many people simply pay their bills every month, but you might be able to save some money if you deep dive into your bills with the goal of saving.
Do you have any memberships or subscriptions that you aren’t using? It could be a good time to cancel them. Anything in this category is fair game. Magazine subscriptions, gym memberships, and fees for streaming services. If anything is unused, then consider canceling it. Look for any hidden cancellation fees and do the math on whether it is worth cutting ties.
Look at your utility bills. If you have choices of providers for service in your area, then now is a great time to shop for the best rates. I recently switch electric providers and nearly cut my monthly bill in half.
Have you shopped for cell phone providers lately? Now might be a good time to do so. You could save up to 40% or more per month just by switching providers.
Now is a good time to reevaluate where and how you shop for things like household goods and groceries. Are you getting the best deal? Is it better to buy online or in a store? Are you taking advantage of rewards programs? Cash-back credit cards and money-saving Apps can put more money in your pocket.
Insurance is something that is often overlooked by many people, but it is worth shopping around for every few years. You could save thousands on auto and homeowners insurance if you switch. Rates vary greatly based on location and personal profile, but you can compare rates here.
Saving at Home and on the Road
Spring is a perfect time to make your home and your car more efficient. A few simple upgrades and some routine maintenance can save hundreds.
Look into switching to LED bulbs throughout your house. Smart switches can be a good upgrade as well. If it is in your budget, then major upgrades like windows, doors, appliances, and insulation can make a huge difference in utility costs. These upgrades often come with tax incentives as well, so be sure to check.
Your car is often a major expense, so take care of it and keep up with scheduled maintenance. Simple things like checking your tire pressure, having the oil changed, and having a multi-point inspection done can save you money long-term and keep your car going for years to come.
Your Money
Interest rates are higher than they’ve been in over a decade. That can spell trouble, or it can be a good thing.
If you have variable-rate debt like credit cards, then now is a good time to try to lock in a lower rate. Check with your local bank or credit union and see what might be possible. You can always try to negotiate directly with the lender as well or switch to a different card that has a low introductory rate.
If you are a saver or have cash in an account, then are you getting the best return that you can? With higher interest rates many banks have been increasing the rate on savings accounts and CDs. If your money is sitting in an account earning an anemic interest rate, then now is a good time to shop for a better rate.
Final Thoughts
It’s time for some financial spring cleaning. The end of winter is a good time to step back and take a look at everything in your personal finances. Sit down and make a list of everything that you routinely spend money on and see where you can save. Be as thorough and as creative as possible. The proceeding list of ideas will help you to get started, but there are nearly endless ways to save.
Read Also:
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7 Tips to Help You Cut Down Your Debt
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Based in the Pittsburgh, PA area, Brian holds full-time employment as a Warehouse Manager for an electronics firm. Brian enjoys wealth building, investing, gardening and the great outdoors. Brian holds a B.A. in Environmental Studies from the University of Pittsburgh and an MBA from Robert Morris University.
