How to clean up my finances?
7 Tips to Spring Clean Your Finances
Now that spring - and 2023 - are in full bloom, here are some tips to help you “clean up” your financial life:
Revisit your budget and retirement contributions. Take another look at your monthly budget and adjust your expenses based on your year-to-date spending. If possible, increase your retirement savings by 1-2 percentage points.
Boost your emergency fund. If you received a tax refund this year, use a portion to boost your emergency fund. Work towards at least 3-6 months' worth of expenses.
Prioritize paying down debt. Designate another portion of your tax refund to get a jump start on paying off debt. Even more important? Commit to no new debt!
Adjust your withholdings. If you received too much of a refund or had a large tax bill, adjust your tax withholdings now to help next year.
Declutter your subscriptions. Fifty-one percent of Americans have subscriptions they don’t use or have forgotten about. Look through your credit card statements to identify recurring charges you’ve overlooked.
Pull your free credit report. If you haven’t in the past year, get your free annual credit report. Scan it for errors and ensure all inquiries are legitimate.
Review your insurance and plan for changes in coverage. If you know you’ll be adding a driver, selling a car, or purchasing another life insurance policy this year, get several quotes to plan for the added expense and get the best rates.
If you’re interested in a complimentary review this spring, feel free to reach out to our office at 716-204-8369 or via email at info@buffalofirstllc.com. It’s never a bad idea to take a look at how things are going at this point in the year and make any necessary changes.
