Spring Financial Cleaning (revisited)

in Personal Finance

Today is the first day of Spring in the Northern Hemisphere. Spring is a time of renewal and new beginnings, for your finances as well. The first financial quarter of the year is almost over. Time to assess, review and study your plans for this year. Time for some spring financial cleaning.

Spring Financial Cleaning

Saw this in My Backyard, I think I agree

Spring Financial Cleaning

So what kind of financial spring cleaning can you do? Here are some very simple examples:

  • If you are a Couch Potato investor, have a look at your portfolio. Is it time to rebalance? Given the markets, might be a good time to rebalance.
  • Clean out those extra accounts
    • If you have old bank accounts, combine them. Do you have more than 1 “savings” account? Why? Find the one bank that you can stand, and centralize!
    • How many credit cards do you have? Do you really need 6 different Mastercards? Visa? No, you don’t. Close those extra accounts, they are dangerous to keep.
    • You only need 1 checking account, seriously.
  • How is your financial plan for the year going? Time to rethink things? Did you get a raise? Are you falling into lifestyle creep ?
  • Maybe you don’t have a TFSA set up yet? Why not, it is not just a tax free banking account, time to add this account to your arsenal. Use it as your Emergency account?
  • Is your mortgage about to be renewed? Time to go shopping for a better rate.
  • Your insurances coming due? Time to go shopping, and don’t fall for the “insurance saving device” trick either.
  • Planning on some big spring projects? How are you going to pay for it? Plan now how you will pay for them, or start saving for them.

Get out your financial broom, and sweep it clean. Always try to have a clean financial house.

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