For many, this is the time of year to do some “Spring Cleaning.” You might be planning to return to doing the yardwork or clearing out the clutter around the house.

Cleaning your living space is always a good idea, as it can provide some peace of mind. At the same time, you can apply this principle to your finances.

De-cluttering paper waste, checking your savings and debts, and streamlining your payments can help you stay organized and motivated. Here are a few things we recommend that may make your finances look tidier going into the next season.

Take a Look at Your Financial Goals Again

The daily grind can make it easy to lose sight of what matters most. If it’s been a while since you’ve reviewed your personal and financial goals, there is no better time to give yourself a progress report.

More often than not, what you want to do in life needs a stable financial foundation. Therefore, it’s important to take a look at your finances regularly. Identify where you’re doing well and also what requires improvement.

If things are looking good, there might be ways to improve them. Let’s say you’ve finally reached your goal for an emergency fund. The money going to it now can be placed in other things, like a higher-yield money market savings account or efforts to pay back a loan more aggressively.

It’s easier to track your progress when you regularly check your finances. Even if it’s your first time in a while giving your finances a checkup, now is always the best time to cultivate a good habit.

Get back on Track With Your Savings Goals

Review your savings accounts and determine if you’re on track toward meeting your goals. It is always a good idea to save a little here and there, whether it’s to add a buffer for emergencies or towards your next vacation.

If you’re behind or things don’t look right, maybe it’s time to streamline the savings process. Consider setting up an automatic transfer from your checking to your savings account. Or contact your employer’s payroll to set up a direct deposit and split your earnings between accounts.

How you save is ultimately up to you. At the same time, making automatic transfers will make saving money feel natural and something you won’t have to worry about as much.

Pay Down Outstanding Debts

If you have credit cards or loans with outstanding balances, try paying them down to score a quick win or two. If you have a repayment plan in place already, it also doesn’t hurt to pay a little extra to reduce the interest charges accrued.

It may not be feasible to “zero out” a balance right now, but you can still do what you can with your resources. You can pay down an account with the lowest balance or the highest interest rate. We’ve discussed these strategies previously.

Consider consolidating your debt, too. Some credit cards offer lower interest rates than others, making them excellent options for balance transfers. However, certain conditions might affect the practicality of this option, such as impacting your credit score, so you may want to consult with a financial planner first.

Re-Organize Your Financial Documents

With tax season about to end, you might be holding onto things that were necessary in the filing process. If you’ve already filed, review the documents you used and place them for safekeeping. Or shred and toss things that are no longer needed.

Of course, receipts and invoices are used for more than tax season. Review the contents of the documents you’ve saved over the year and do your best to organize them. 

A lot can happen in a year, and your situation might have changed. Review your retirement accounts and savings vehicles to see if they align with your priorities. Verify your beneficiaries and revise this information accordingly. Estate planning is an oft-overlooked but no less important facet of organizing your finances.

Don’t Forget Your Electronic Spaces

Have you switched to paperless document delivery? Just like paper products, “paperless clutter” is also a thing. Look over your email inbox and move these receipts and files to dedicated, purpose-labeled folders.

You may also want to opt out of automated email blasts that are no longer relevant to you. Email notifications may be a great way to find discounts and sales, but they can flood your inbox if you aren’t careful. Official email blasts from retailers should include a link to unsubscribe from a mailing list, so use this feature to reduce clutter.

Automate Some of Your Expenses

Setting up automatic bill payments is a smart way to manage your spending. It can also reduce the likelihood of missing a due date and incurring penalties.

Review your expenses and identify which accounts have consistent payments due at the end of each cycle. Examples include:

• Auto Loans
• Student Loans
• Mortgage Payments and Rent
• Insurance Premiums
• Internet and Cellular Bills
• Subscription-based Services
  

You can set up automatic bill pay through different channels. Some financial institutions have a web bill pay feature that you can initiate through them, while various service providers (like your loan servicer or insurance) may also offer this option.

After setting up automatic payments, note the places where you signed up for this service and the bills that still require your manual input. Use the calendar app on your phone or computer and set up periodic reminders for when the payments are scheduled.

A little Spring Cleaning with your finances may bring pleasant surprises in improving your spending and savings. First Florida allows you to maintain a solid financial foothold. Explore our website to learn more about our different savings accounts, savings certificates, and other tools that you can use to keep a clear picture of your finances.