It’s officially spring, and for many that means dusting off cobwebs, cleaning out garages, and de-cluttering closets. Another springtime activity you should consider is spring cleaning for your finances. Take advantage of your new found energy and motivation, and get your finances in order!
Organizing your finances is the key to staying on track with your financial goals. Start by developing a system for expenses and bills. You can track this information with paper and pen, by using a simple Excel spreadsheet, or by taking advantage of a free online budget service or personal finance app such as Mint or BudgetTracker. As you develop your budget look at your spending habits. See if there are any areas where you can reduce or eliminate expenses. For example, you could cut back on the number of times you order take out in a month or cancel a service you don’t often use such as a gym membership. While you’re at it, you should take the time to organize your banking. Sign up for electronic statements and automatic bill pay. Toss or shred old statements to help make room in your files.