Your finances need a little cleaning up once in awhile, just like every other part of your life. While you’re spring cleaning the house, why not give your finances a spring tune up, as well? You won’t spend a great deal of time, but you’ll feel better about your understanding of your finances. And, if nothing else, you can relax again for a few months before you have to do your next check up. Here are a few things your tweak might include:
Do your kids play sports in the summer? Mine do and let me tell you the price of those summer camps can put a dent into anyone’s budget. What about child care needs? Now is the time to be planning those activities and figuring out how to pay for them. Don’t let summer sneak up on you; plan now. Start looking now for promo codes or coupons for needed sports and activity items.
If you have some bills that are paid on automatic bill payment systems, now would be a good time to take a hard look at them. Make sure you understand what you’re paying for, verify that you’re using the services you have, and make any adjustments that you need. We recently reviewed our recurring bills and were surprised to find out that the pest control service we are using has increased their prices again. I’ll be calling them this week to see what’s up with that.
While you’re looking over your financial matters, you should probably take a minute to look at your insurance, too. Check out your life insurance. Do you have enough? How is your health insurance? Even if you aren’t making changes to your health insurance, you should take the time to make sure that you are familiar with the requirements you need to fulfill when you use your insurance. We keep spreadsheets to track our medical expenses and related reimbursements.
Credit Card Balances
Do you pay your credit cards in full each month? If you don’t, you should make sure that you’re making some progress towards paying those off. Some people move their balances to a different card every few months to take advantage of promotional rate offers. This would be a good time to make sure you know what your rate is and when you will need to make your next transfer.
Since filing your taxes is probably on your mind, (or will be in the next couple of weeks), you should take the time this spring to make sure that you have the right withholding set up on your paycheck. Did you get a big refund? You should probably adjust your withholding to keep more of your paycheck. Did you owe? You should pay more in (either through your withholding or through quarterly estimated payments) to make sure that you don’t have any penalties next year.
Can you think of any other financial matters that could use a good spring cleaning?