It's that time of year again - the sun is shining, the flowers are blooming, and it's time to do some financial spring cleaning. Just like you would clean your house from top to bottom to get rid of all the dirt and dust, you need to do the same thing with your personal finances.
Unsubscribe From Unused Services
The first step is to unsubscribe from any services you are no longer using. Examples are a subscription service, email list, or even who you follow on social media account. If you're not using it, there's no point in paying for it.
Update Your Budget
The second step is to update your budget. Take a look at your income and expenses and see where you can make changes. Maybe you can cut back on some of your spending or increase your income by picking up extra work hours. It's essential to be realistic about what you can and cannot change - don't try to overhaul your budget overnight.
Go Through and Organize Financial Documents
The third step is to go through and organize your financial documents. Go over your bank statements, credit card bills, retirement plans, and anything else related to your finances. It's a good idea to create folders or labels for each type of document so that you can find what you need quickly and easily.
Review Your Insurance Policies
The fourth step is to review your insurance policies. Make sure that you have adequate coverage in case of an emergency. Review to ensure you don’t have extra coverages you don’t need.
The fifth step is to start thinking about your taxes. If you haven't already filed your taxes for the year, now is the time to do it. You may also need to start thinking about estimated tax payments if you are self-employed or have other income that is not subject to withholding.