How to do a Financial Deep Cleaning this Spring

Spring is finally upon us. Crisp mornings. Light sweater-optional weather. Open windows and pollen everywhere. It’s time. Got to love this time of year.

Once tax season ends, the real work begins. Unfortunately, you can’t get ready for this. Got to take a leap of faith in order to close out the year in success vs more of the same.

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Spring Cleaning!!!!

There is nothing more satisfying than a deep breath of “Fabuloso” in the morning. The non-organic purple fog that clogs the judgment is intense.

It’s also how you know the current generation doesn’t know how to clean; instead of using tide pods for sport, please consider Fabuloso at 8:00 am (while your mom surveys your progress). Seemingly forever dissatisfied. #growingUpCaribbean was hazing 101.

The Real Work Starts Here

Real “Financial Cleaning” means digging deep into closets and getting rid of unused, outdated, or forgotten items. Decluttering your home. Scrubbing hardwood until you can see yourself. Disinfecting any potential growth on the counters and tossing out all those items that are way past their expiration date. The goal is to free up your mental space, Marie Kondo style.

A Fresh Start with a Fresh Smell?

Give your finances, the deep Spring cleaning treatment it deserves with these steps (adulting 101 tips):

1. Cancellation time!

Cancel subscriptions i.e. magazines that are piling up and that you don’t read, the Gym that you don’t use, the charity that you have on automatic withdrawal, and even Netflix. Buddy up with other people for free TV.

And cancel HBOGo again after Game of Thrones. Do you seriously need any more Ebony Magazines; the counter can’t take anymore.

2. Dust off the surface to earn easy victories.

Pay off your lowest credit card balance and then debt-snowball your way out of Purgatory. Going the long way often leaves you feeling fatigued. Dusting off the easy stuff, gets you moving. It’s the motivation and the pat on the back that you needed to move you along the way. From that point, you may even want to lower monthly payments on high-interest credit cards by consolidating your debt.

3. Declutter your Financial space.

If you don’t know where the money is going each month; I would strongly encourage you to get a hold of that. Apps like Mint.com are awesome.

Fix the leaks and watch your expenses dwindle. Those micro transactions pile up over time. If you use Uber/Lyft sporadically; check how much that cost you annually. If you brunch regularly, check how much that cost you annually.

If you go out on dates, etc. Check how much it costs annually. Brush the dust off your checking and credit card statements for a closer look. You might be burying a Bali trip underneath all the other junky expenses.

Air out spending patterns with friends over wine. A solid team works hard and plays hard together!

4. Check the Reports

Check your fridge (aka the credit report) at least once a year. This is a great way to review if you are in good standing and that there are no errors in the report itself. pay close attention to expiration dates, inaccuracies, and red flags. Annualcreditreport.com – offers free annual credit reports, and Credit Karma is a great way to track it. I would also recommend that you review your social security at myssa.gov.

Also, check your employer’s benefits and pay stubs. Changes happen. Stay active and engage in your life.

5. Re-arrange the space for savings.

The common mistake that most people make is to think about savings at the end. Be bold this Spring, Save First, and Save More. Currently, 80 percent of Americans have no clue how much they will need for retirement.

Don’t get caught off guard. Here’s an article that will put savings in perspective, A Case for Saving Early, and check out this video that explains flipping the money pyramid right side up, Stop Living Paycheck to Paycheck.