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Checklist: Spring clean your finances
Spring is the perfect time to review your spending habits and create a plan to get and stay on a healthy financial path this year. Use this handy checklist to clean up your financial situation and improve your financial future…
Change up your routine
Make changes to your normal spending routine. For example, if you always go shopping on Saturday or you eat out with friends on Friday night, work to change this behavior in order to save money. When you alter your behavior, you can improve your financial situation over the long-term.
Bust your budget breakers
If you don’t have a budget, it is time to make one. If you have one but you don’t follow it, now is the time to get serious. For example, if you have expenses that routinely pop up and bust your budget, work them into your plan and then work to get spending in line.
Eliminate late payments
Late payment penalties translate to money wasted. They can also negatively affect your credit score. Before you spend on anything else, make certain that you have paid all of your bills on time—especially any taxes that you owe. For existing late fees, pay those off first before allocating money elsewhere. Be sure to make this goal part of your plan and stick with it.
Nothing clutters your finances faster than lingering debt. Just like eliminating late payments, demolishing your debt burden requires a plan and a commitment to see it through. Create a plan that organizes payments by importance—this can mean paying off credit cards with the highest interest rates first.
Focus on the future
Spring is the season of renewal, so make a commitment to clean up your finances and set realistic goals. Whether your goals are to buy a home, save more for retirement or start a college savings fund, if you maintain a focus on the future, you are better positioned to achieve it.
This checklist is short and simple, but offers a stepwise approach to cleaning up your finances for a brighter financial future. Be sure to contact our team if you need assistance building your strategic financial plan.