Spring is the time of year when everyone starts shaking off the Winter dust and preparing for the change in season. We update our closets to our Spring wardrobe and change out our home décor to reflect the season. But did you know that you should also prepare your finances for the Spring? This change in season is a wonderful time to refresh your finances. Here are 4 things you can do to refresh your finances for Spring.
Measure Your Progress Towards Your Goals
The arrival of Spring is a perfect time to assess the progress of your financial goals. Spring coincides with the end of the 1st quarter so it is a good opportunity to see how you are progressing. To check your progress, look at your goals and see if you are on track to achieve them. Assessing now gives you the opportunity to make any necessary adjustments.
Assess Your Budget for Spring Events
Is your budget ready for the upcoming Spring Events–Graduations, Weddings, Mother’s Day, the start of camps for your children and family trips? If not, you’ll need to make some adjustments. The first step is to assess the cost of each event, so you can determine what adjustments are needed. You may need to generate more income and/or reduce expenses. Ideally these events should be included in your budget ALL year. Since they are not monthly and regularly occurring events, you should set up sinking funds at the beginning of the year so that the funds will be available when needed.
Clean Out Unnecessary Expenses
By unnecessary expenses I mean things that are no longer required especially since the weather will be getting better. Like trade your gym membership for time outside or trade your cable expenses for outdoor activities. You should always be looking to reduce any other unnecessary expenses.
Refresh Your Financial Station
Your financial station is where you keep all your financial information/documents. Take time to organize, shred any outdated information and store documents in their proper location. I also use this time to get my purse and wallet back in order if needed.
Happy Spring Cleaning!! Looking for more tips on keeping your finances in order? Join us over in our Facebook Group Money Choices Today Money Masters