Spring is finally here, which means it’s officially time to spring clean our finances and get back on track before summer hits.
While the gorgeous first flowers of spring usually bring a smile to our faces, not everything that happens at the start of the year’s second quarter brings us joy… Taxes loom large every April 15, and for those of us who dread the organizing, filing and potentially owing the government, spring can be stressful. But can also be a time of financial revitalization, thanks to a lovely little tradition known as spring cleaning.
So, while you’re emptying the pantry of expired foods and digging through your closet for items you never wear, you should be doing exactly the same thing when it comes to your finances. While we always recommend revisiting your budget, checking your interest rates on your loans, and reviewing any open accounts and active insurance policies come springtime, there are plenty of other ways to really spruce up your financial life. Here’s a look at a few of HerMoney’s favorites:
- When To Keep And When To Throw Away Financial Documents
- 10 Things To Throw Away Right Now
- Spring Cleaning Your Finances Isn’t Hard. 6 Ways To Clean Things Up Today
- Control Your Financial Clutter In 10 Simple Steps
And here’s a look at how some of the money-smart ladies from our private HerMoney Facebook Group are already getting it done.
Jennifer P. says she’s got an organized plan in place, and she’s ready to get going. “I need to pull all the info together to share with my financial advisor so that my husband can figure out when he is going to retire,” she writes. After woes and difficulties with the SSA, it’s time for her to make moves to ensure an easy retirement for her husband.
Elizabeth G. is ready to gather her things and muster up the courage to see someone about setting up a trust. Susan B. needs to do the same, as well as update her will. You got this, girls.
Shannon M. sat down last week to give her finances a once-over. “I realized I was holding way too much cash and began reallocating everything to make my money work best for me,” she writes, which the ladies of HerMoney LOVED to hear. Some of that cash is going to pay down her student loans, and more is going toward a 529 for her daughter. She moved her emergency fund to a high-yield savings account and now she’s looking to open a Roth IRA and an investing account for her daughter. Oh, and she’s also paying down her mortgage. She’s what we like to call a spring cleaning superstar.
Jennifer G. took a look at her insurance policies. When she realized she was paying too much, she got a new life insurance plan that’s going to save her hundreds every year. The same goes for her car insurance, which is saving her a whopping $450. “If you haven’t revisited your insurance policies in a few years, I highly recommend it,” she says.
Kimberly U. is doing what we hope we will all do someday by increasing the percentage of her salary that goes toward retirement. She also automated a monthly deduction to her Roth IRA and her kid’s education fund. Like we always say, automation is the best way to save, and Kimberly is living that reality.
Like so many, Terray B. had a rough 2020 after being laid off. But that didn’t stop her. So far this spring, she’s already paid off all her debt, she’s in the market for cheaper housing now that her lease is up, and she is saving to pay her husband’s tuition in the fall.
The hardships of 2020 kicked Stephanie S. into action too: “2020 was the turning point for paying down debt,” she says. She is now working toward having a true emergency fund by the end of the year. In addition, she’s actively eliminating the student loan debt she and her husband hold, and plans to have it paid off within 3 years. After that, she’s looking forward to increasing her retirement contributions. We love a good long-term plan.
Lastly, Melody P. paid off her last two medical debts… Now that she has some free cash, that’s all going toward paying down her credit card debt. And she’s doing all of this while contributing 16% to retirement. We couldn’t be happier.
How are you cleaning up your finances this spring? Tell us by tweeting to @HerMoneyMedia!
READ MORE:
- 10 Things To Throw Away Right Now
- Spring Cleaning Your Finances Isn’t Hard — 6 Ways To Clean Things Up Today
- Control Your Financial Clutter In 10 Simple Steps
- How I’m Tossing, Decluttering, And Cleaning My Life In 2021
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