How to Renew Your Finances this Spring
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By Bromwich+Smith Staff | 568 words | Reading Time: 2 minutes and 53 Seconds | Date: 2022/03/29
Spring is in full swing, and from spring cleaning to fresh starts, this new season presents an opportunity to update your routines and adopt new behaviors that support your financial wellbeing. After all, this season is about renewal, so let's start by renewing your finances.
Sweep out old spending habits
Spring cleaning is about getting rid of things that no longer serve you, and bad spending habits are a great place to start. Take a look at your spending habits and see the patterns, the good and the bad. How much are you saving every month and how much are you spending on things that you’re not aware of? Spending money on things such as coffee runs and take out are not bad, but they often add up to an amount greater than you might expect. It helps to see the numbers so you can target a few habits you’d like to change. Look at subscriptions you no longer use, services that you could downgrade or move to a cheaper provider to give you some extra room in your bank account. Want a better rate? If you’ve been a loyal customer, it’s often just a phone call away.
Dust off your budget
If you haven’t been following a budget, it’s time to start one or dust off your current one and start working on it again. Remember, budgeting is giving your money direction, and that puts you in control of your money and not the other way around. When you review your budget consistently, you are able to analyze your spending habits and make changes. This can eliminate financial stress, as you’re always in control of where your money is going. Keep a monthly budget and track your expenses so you have an accurate picture of your spending and saving from month to month. Try our budget tool for a simple way to start: https://www.bromwichandsmith.com/tools/budget-planner.
Tidy up your financial goals
What major financial milestones do you see in your future? How are you going to get there? From short term goals like saving up an emergency fund, to a longer term goal like buying a house, identifying your financial goals is the key to getting there. Once you know what money you need for your goals, you can take the steps by carving out money in your budget to get there. Just as you may be taking the time to plan for your garden, you should also be taking the time to plan for your financial future.
Toss out your debt
Spring cleaning isn’t just about going through closets and getting rid of things that no longer serve you. Getting rid of debt is a key step in every money journey. You may not be able to do this completely this spring, but start to think about how you can get rid of some and then all of your debt. There are many options to explore, and it’s always valuable to get professional advice if you don’t know where to start.
It can be overwhelming to think about your financial future when you’re in overwhelming debt. You are not alone. Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at 1.855.884.9243 or request a call back at our contact us page.