7 Tips to Spring Clean Your Finances
Now that spring – and 2023 – are in full bloom, here are some tips to help you “clean up” your financial life:
- Revisit your budget and retirement contributions. Take another look at your monthly budget and adjust your expenses based on your year-to-date spending. If possible, increase your retirement savings by 1-2 percentage points.
- Boost your emergency fund. If you received a tax refund this year, use a portion to boost your emergency fund. Work towards at least 3-6 months’ worth of expenses.
- Prioritize paying down debt. Designate another portion of your tax refund to get a jump start on paying off debt. Even more important? Commit to no new debt!
- Adjust your withholdings. If you received too much of a refund or had a large tax bill, adjust your tax withholdings now to help next year.
- Declutter your subscriptions. Fifty-one percent of Americans have subscriptions they don’t use or have forgotten about. Look through your credit card statements to identify recurring charges you’ve overlooked.
- Pull your free credit report. If you haven’t in the past year, get your free annual credit report. Scan it for errors and ensure all inquiries are legitimate.
- Review your insurance and plan for changes in coverage. If you know you’ll be adding a driver, selling a car, or purchasing another life insurance policy this year, get several quotes to plan for the added expense and get the best rates.
If you’re interested in a complimentary review this spring, feel free to reach out to our office at 716-204-8369 or via email at [email protected] It’s never a bad idea to take a look at how things are going at this point in the year and make any necessary changes.