Refresh Your Financial Habits for Spring: 5 Tips to Improve Your Finances
rebuild your worth, book a free consultation todayBook Now
By Bromwich+Smith Staff | 587 words | Reading Time: 3 minutes | Date: 2023/03/30
As the spring season arrives, many people take time to clean out their homes and declutter their space. While this is a great habit to practice, spring is also a perfect opportunity to refresh and revamp your finances. Here are our top five healthy financial habits to start in the spring:
1-Refresh Your Budget
Take some time to review your current budget and adjust it to reflect any changes in your income or expenses. Start by looking at your expenses from the past few months and categorize them into fixed and variable costs. Fixed costs are things like rent or mortgage payments, while variable costs include things like groceries, entertainment and transportation. After categorizing your expenses, evaluate which areas you can cut back on to maximize your savings. Looking for a budget planner? Try our free tool here.
2-Review Your Bills
Spring is a great time to review your monthly bills and see if you can find any areas to save money. Look at your cable and internet bills to see if there are any packages that could be downgraded or if there are new promotions available. Additionally, check your energy bills to see if you can decrease your usage by making adjustments to your thermostat. Revisit the subscriptions you have, and make sure they fit in your budget. If not, look for the subscriptions that have the free versions and use those. A few ads in your music subscription app might not be worth that premium plan, after all.
3-Bolster Your Savings
Set a savings goal for the spring and start working towards it. Whether it’s saving up for a vacation or building an emergency fund, make a plan to put a set amount of money aside each month. Consider automating your savings, so you don’t have to think about it.
4-Revisit Your Goals
Spring is like a financial new year, as once you file your taxes, you know exactly what you owe or are owed. Take some time to reflect on your long-term financial goals and see if they need to be adjusted, especially with the knowledge of having a tax bill or a tax refund. Maybe your priorities have shifted in the last few months, or a new goal has emerged. Use the start of spring as an opportunity to sit down and evaluate your goals so you can move forward with a clear direction.
5-Review Your Debt
Finally, spring can be a great time to review your debt and make a plan to pay it down. Start with high-interest debt, such as credit cards, and make a plan to pay it off as quickly as possible. Consider consolidating your debts into a lower-interest loan to simplify your monthly payments and decrease interest charges. If your debt is overwhelming, you may want to consider debt relief solutions that can settle your debt. From counseling and budgeting, to a consumer proposal or filing for bankruptcy, we can work with you to find the best solutions for your unique situation.
Refreshing your financial habits in the spring can set you up for a successful year ahead. Take some time to evaluate your budget, bills, savings, goals and debt to make a plan for improving your overall financial health this season. For a free, confidential, no obligation consultation about your debt, speak to a Debt Relief Specialist today at 1-855-884-9423 and press 1. Our Debt Relief Team will help you review your income, assets and debts to make a recommendation on what might work best for your unique financial and debt reduction plan.