Spring Cleaning: Finance Edition

Yesterday was the first day of spring.  Most of us are familiar with the term “spring cleaning”.  You go through your belongings and get rid of items you no longer use or need.  Don’t just view spring cleaning as a time for renewal in your home, also view it as a time of renewal for your finances.

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Retirement Accounts:

Look at your retirement accounts and see if you can add an extra bit.  Push up your 401k savings contribution by 1%, you won’t miss the 1% in take-home pay I promise.  Do you not contribute the maximum you can to an IRA?  If not, see if you can contribute an additional $10 a month towards the account.  Again you won’t miss the money and it will go a long way in the future by compounding with itself.

Clean Your Expenses:

Do you have a gym membership you don’t use or other unnecessary expense eating away at your budget?  Well now is the time to cancel that unused membership or eliminate that frivolous purchase to free up more money in your budget to allow you to do something you truly enjoy.  Finding a way to clear an additional $20 every month can help pay for a weekend getaway during the summer months.

Less is More:

We often here about this in terms of possessions, the less things you own, the clearer your mind can be to focus on your passions.  The same goes for your finances.  The less expenses you have, the more time you can spend enjoying the money you do have.  Do you have an outstanding loan you are only paying the minimum balance on?  Focus on getting it paid off and that will be one less item eating away at your budget.

Budget Smart, Invest Wise

 

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