Spring has arrived!
It’s time for new beginnings, growth, and fresh starts. As we bask in the sunshine and marvel at nature’s rebirth, we’re presented with an opportunity to start anew.
As we enjoy the optimism spring brings, we shouldn’t forget to pay attention to our finances. Spring cleaning doesn’t have to be limited to decluttering our homes. We can also take a fresh approach to our finances by re-evaluating our saving, spending, and investment habits.
Here are five ways you can improve your finances this spring:
You may have set your financial goals at the start of the year, but now is a good time to check in to ensure you’re on track and adjust if necessary. This will help you gain clarity on your money behaviour over the last few months and identify areas for improvement. If you’re meeting your goals, you can celebrate this win — then consider adjusting them and pushing yourself even further. However, if you’re falling short, you can identify the areas where you need to make changes and take action to get back on track. Do you need to increase the amount you save biweekly? Do you need to create a better budget? Whatever you need to work on, remember to keep your financial goals realistic and flexible.
This is like decluttering your home, but instead of getting rid of physical items, you’re removing unnecessary expenses from your budget. These can be as simple as eating out less or cancelling seldom-used subscriptions. It could also be a more significant change, such as switching to public transit to save on fuel costs.
Identify areas where you can cut back without diminishing your quality of life. Adjusting your spending behaviour can free up money to help you achieve a larger financial goal, like paying off debt or saving for a down payment on a house.
Creating a budget is a crucial first step toward achieving financial stability. Whether you opt for a weekly, bi-weekly, or monthly budget depends on your income and expenses. Once you have a budget in place, it's important to review and adjust it regularly to accommodate the demands of the current season.
Starting in spring, you’ll likely spend more on outdoor activities and events for yourself and your family. It's important to consider these expenses along with your savings and investment goals. Review your budget to ensure you have enough room to enjoy these activities without compromising your financial goals.
Taking a closer look at your credit card accounts and credit report is an important part of spring cleaning. Start by asking questions such as, “Am I carrying a balance unnecessarily?” “Am I up to date with my debt payments?” “Do I have the lowest interest rate?” “Am I paying annual fees?” and more. The answers to these questions will help you identify areas where you can improve your credit conditions.
To get better credit conditions, consider talking to your bank or credit card company to see if you can negotiate a lower interest rate or waive any annual fees. You may also explore options such as consolidating your debt into a lower-interest loan or mortgage refinancing.
Financial spring cleaning can be a good step towards getting your finances in order. You may wonder if we’re too far into the year to make much difference — but it's never too late to start. You may be surprised by how relatively small changes can make a big difference over time.
If you find yourself feeling overwhelmed and need help dealing with your debts, solutions are available to help you get back on track. Seek professional help early to find the right solution for your unique situation. Contact us for a free, no obligation, confidential consultation to discuss your options and find a Life-Changing Debt Solution that fits your needs.
CIRP, LIT
Senior Vice-President
Servicing: Waterloo, Cambridge, Kitchener, Stratford, Tillsonburg, Guelph, Listowel, Owen Sound
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