5 Ways to Spring-Clean Your Finances

5 Ways to Spring-Clean Your Finances

(DailyProsper.com) – Spring is the perfect time to wipe out issues and items that no longer serve their purpose. This holds true with your personal finances as explained in this SmartMoney podcast:

Here’s what Liz Weston and Sean Pyles suggest:

  • Review your household budget and income. Now is the best time to re-evaluate household money flow. Adhere to a strict budget like the 50/30/20 plan: 50% for needs, 30% for wants and 20% for savings and debt repayment.
  • Monitor your credit. Monitoring your credit is wise because you can catch discrepancies that could affect your FICO or Vantage Score.
  • Evaluate your investments. Did you sign up for a brokerage account a while ago? Now is the time to monitor it and any IRAs that may not be working well in your favor.
  • Where is your money going? Get rid of old, draining subscriptions you don’t use. With so many free entertainment options, the extra expense is a waste of money.
  • Boost your emergency fund. In trying times like these, having access to cash fast is a must. Instead of spending, try to stack extra cash away.

There’s no time like the present to take a close look at how your money is performing for you. It’s time to wipe out what doesn’t work and bring a clean, fresh perspective to the table! You’ve got this.

~Here’s to Your Success!

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