It’s that time of year where the weather is getting warmer and people are thinking about spring cleaning. Why not a little spring refresh for your finances? Things probably have changed since you last did a real review in December or January. Maybe the goals you thought you were going to reach this year won’t happen anymore. Maybe you need to make some small changes. Maybe you’re right on track!
The point is, a financial refresh is needed.
Alright but how do you do a financial refresh? Let’s talk about it:
1. Complete a Money Audit
I know! No one likes to do this and if you’ve been around for a while you’ve definitely heard me say this before. If you’ve done one recently just review your numbers but if it’s been a few months now is the perfect time. Costs have increased. Maybe spending has gotten a little out of control. Free trials are now paid subscriptions. A money audit will help you see where your money is actually going (not where you think it is going). This process can take a few days or even a few weeks depending on if you’ve done it before so don’t get discouraged if it takes you a while. You’re not behind. You need to do this first.
2. Take Inventory of Household Items
I highly recommend doing this quarterly but especially in the spring. This goes perfect with any declutter challenge or spring cleaning.
Do you have a garbage bag of clothes in your trunk that you’ve been saying you’re going to donate for months? Drop it of
Do you have things in your house you want to list on marketplace and sell? Do it
Go through your pantry, storage, etc. and make a list of everything you have. Toilet paper, spices, canned green beans, and whatever else you have. This way you know what you actually need to buy. Check expiration dates. I bet some of the spices have expired (aka we ALWAYS have to check because Joe thinks nothing expires). For some reason I always think we need ranch and then we end up with like 4 ranch bottles in our pantry so now I have to have a list.
3. Review Your Subscriptions
This might seem super easy but if you haven’t done it recently, this is a must do. Those $10/month or $20/month subscriptions ADD UP. There could also be a free trial that now has turned into a paid subscription because you completely forgot about it. One quick tip that helps me with subscriptions. My oldest credit card isn’t helpful from a points standpoint. I’ve had the card since I was 18 so I don’t want to close it because it will affect my credit history. I put all my subscriptions on that card to keep it active and it also helps me manage my subscriptions.
4. Review Your Upcoming Expenses
What expenses are coming up in the next 6-12 months that you need to start preparing for? I use a year overview tracker (I provide training/template in Flourish FinanciALLI). Things to consider: upcoming trips, weddings, birthdays, annual fees/renewals, holidays, gifts, and anything else that you might not be able to cash flow.
5. Make Changes to Your Goals
Maybe what you wanted to accomplish a few months ago just isn’t going to happen this year. That is OKAY (trust me, I’ve had to change my goals MANY times). It is a good time to review your short-term goals to see if you need to make any changes. Maybe a goal was WAY easier to reach than you thought and you already completed it. Maybe your priorities have shifted and a goal that you thought was super important just isn’t important anymore. Take time to review your money goals and make any necessary changes.
6. Declutter Paperwork
Have old receipts in your wallet or purse? Toss what you don’t need (scan your grocery receipts using Fetch to get points through). Go through bills and shred the ones you don’t need. Review all important paperwork (digital or paper) and organize it. You’ll feel so much better once this is all done. You can use the notes app on your phone to scan paper documents or I use the app GeniusScan. If you don’t need the physical copy anymore then scan it and put it in a google folder or somewhere you can access it if needed. It is also important to have extra copies of important documents like your will, trust, life insurance policy, etc.
Alright now you know what you need to do to refresh your finances this spring. Comment below with which step you’re working on.
Need a place to start? Check out my private podcast, Making Money Moves. Each episode is less than 10 minutes and it will be super easy to listen to as you’re organizing and cleaning this spring!
