Now that the First Day of Spring has come and gone, a lot of us are in Spring Clean mode.
There are many Spring Cleaning tips and checklists on the interwebs around this time of year. I really like this site (Coffee, Pancakes & Dreams) which includes a challenge and free downloadable check list.
But have you ever Spring Cleaned your finances?
StoreHouse is pleased to present Spring Clean (your finances) Checklist:
- Review your budget line by line. Does it align with your actual spending? Do you need to adjust line items of your budget, like groceries and gas (they’re sky high right now!)? Do you need to be more thoughtful about other discretionary items like dining out and clothing?
- Review your insurance coverage. Do you have the most coverage for the least amount? Is it time to shop around and compare? Do you have redundant coverage?
- Refigure Annual Savings Goals for the next 12 months. Do you have upcoming vacations, home reno, car maintenance, etc. that you need to be saving for?
- Review your retirement accounts. A part of what we do with our clients is retirement readiness. There are many factors that play into this: age, income desired, retirement age, other pension sources, social security, etc.
- Take a hard look at your subscription services. Because these don’t add up to much on the monthly, these little expenses tend to go unnoticed. You’d probably be surprised to know how much you spend over the course of a year on these little things, like Netflix, Audible, Microsoft, ETC. Always ask yourself: 1. Do I need this? 2. Can I get it cheaper?
- Set or reset other savings goals. These other liquid goals should include your emergency fund (goal: 3-6 months of expenses) and your replacement fund (longer term savings for things like a car, roof, house deposit, etc).