Sprucing up your finances for the spring season
RENO, Nev. (KOLO) -As we enter the season of spring cleaning, it’s not just our homes that could use some sprucing up – our finances could use some attention too. Now is an ideal time to take the opportunity to tidy up your budget and make some smart choices to improve your financial wellbeing.
It’s important to assess your spending habits to ensure that you’re living within your means. Financial experts often observe poor spending habits over the winter months. Start by identifying areas where you can cut back, such as reducing the number of streaming services you subscribe to, spending less at the grocery store, or bringing your own lunch to work.
Additionally, check in on your retirement plan, evaluate your banking accounts, and review where your money is going. For instance, Matt Rowley of Freedom Private Wealth suggests taking the time to write down everything you’re spending money on, he says,
“It’s spring-cleaning season and financially speaking its tax season and for many folks that means tax returns are coming so this is a perfect time of year, write down everything you’re spending your money on and even think about things that don’t hit monthly like car registration or if you pay car insurance every six months. Factor all out in a twelve month and figure out how much you’re spending per month.”
If you’re expecting a tax return this season, Rowley recommends putting a portion, if not all of it, towards paying off any outstanding debts. This can help you achieve financial freedom and set you on a better path for the future.
Whether you prefer pen and paper or a budgeting app, it’s important to use the resources that you’re most comfortable with. For more tips and tricks on how to spring clean your finances, click here.
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