Spring Cleaning…and Your Finances?

With warmer weather (any day now, we promise!) on its way, many of us are starting to think about updating our décor for the spring season, putting away our heavy outerwear, confronting the mysterious tumbleweeds of pet hair behind the couch, and, yes, doing a deep spring clean now that the sun is shedding light on dusty shelves and corners!

It’s not just our homes that need a good refresh—our finances often do too. Because let’s be honest—sometimes the real cobwebs aren’t in the corners of our homes…they’re in our finances.

Use this momentum to give your finances their own spring cleaning.

Spotting the Financial Dust Bunnies

Finances, like our living rooms, get messy over time. Little expenses that seem inconsequential at the time pile up and we forget some of our savings goals.

Now that the sun is shining, it’s a little easier to see things like:

Sneaky Subscriptions: Websites we subscribe to for access but then never visit again, auto-renewals we forget about, that one other streaming service, etc.
“It’s Just a Latte” Syndrome: One $5 latte a week turns into one a day.
Paper Chaos: Whether it’s actual paper that never gets filed, or digital files scattered across your email, downloads, and the cloud, receipts, invoices, paystubs, and tax documents multiply like rabbits, and like rabbits, create chaos by scurrying and hiding hither and yon!
Budget Blind Spots: Even when we know we have a limited amount set aside for certain activities and expenses, it’s easy to spend too much (and do it too often) when we get excited about something.
Goal Drift and Life Changes: Nothing in life is static (except what clings to laundry!). Our goals change. Life happens. Not remembering to account for these things in our budget puts us in the weeds.

Sometimes we need to snap on the rubber gloves, scrub away the buildup, and declutter until our finances shine again.

Your Financial Spring Cleaning Check-List

Even the best budgeters miss an expense or two and we forget about subscriptions to websites and online services we never remember to use. The good news is that getting back on track is not difficult.

Clear out the clutter: Review all subscriptions and recurring charges. How many do you truly use? Consider cancelling unused services and removing auto-renew where possible.
Dust off your budget: Compare your current spending to your savings goals. Identify areas where small “upgrades” have quietly become habits.
Freshen up your goals: Is your long-term goal still the same? What short-term savings goals might you have? Take some time to recalibrate and make sure your goals reflect your current situation.
Organize the paperwork jungle: This is especially important with tax season upon us. Make sure your statements are organized. Are your beneficiaries and account details up to date?
Test your safety net: Life happens—make sure your emergency fund could handle at least a few surprise plot twists.
Check in with your advisor: Make sure they have your up-to-date budget and goals.
Find an accountability partner: Be it your partner, a friend, or your advisor, make sure they know your goals and that you’re trying to not throw about money indiscriminately.

Make It Manageable

Spring cleaning, houses and finances alike, can be so overwhelming you don’t know where to start. Don’t panic! Break it into bite-sized tasks, instead of tackling it all at once.

Pull up a recent credit card/bank statement, note all the recurring payments, and decide which of those services you don’t use.
Divide your budget into different sections (household expenses, personal care, savings goals, etc.) and update one section every day.
Make a list of the documents you need to start your taxes.
Take just 15 minutes a day, while your coffee brews, to review and organize your digital files. Even that little bit counts!

There are tools out there that can help you with your cleanup. Try using a cash-flow calculator to support your budgeting.

A Little Polish Goes a Long Way

A little attention now can set the tone for a lighter, more organized financial year ahead. Remember that you don’t have to do this alone. Revival Wealth is ready to roll up our sleeves with you—no judgment, just smart strategies (and a lot of moral support). Get in touch with us to see how we can help you.