Spring Cleaning Your Finances: 7 Money Tasks to Do This Season

Spring is in the air. The birds are chirping. The flowers are blooming. And you're looking around your house thinking, "It's time to clean."

But what about your finances? When was the last time you gave your money a good spring cleaning?

Just like your closets and cabinets, your finances need a regular refresh. Dust off those bank statements, sweep away unnecessary expenses, and organize your financial life.

Here are seven money tasks to tackle this spring.

1. Review Your Subscriptions

When was the last time you used that streaming service? How about that gym membership?

Go through your bank and credit card statements and look for recurring charges. Circle anything you don't use or don't remember signing up for. Highlight it in a bold color. Make it stand out.

Cancel what you don't need. Keep what you use. It's that simple.

Those $10 and $15 monthly charges add up. Five unused subscriptions could cost you $600 a year or more.

2. Check Your Credit Report

You're entitled to one free credit report per year from each of the three major credit bureaus.

Visit AnnualCreditReport.com and pull your reports. Look for errors, accounts you don't recognize, or signs of identity theft.

If you find mistakes, dispute them. Errors on your credit report can hurt your credit score and cost you money.

Spring is the perfect time to make sure your credit history is accurate and clean.

3. Adjust Your Tax Withholding

Did you get a huge tax refund this year? Or did you owe money? Either way, it's time to adjust your tax withholding.

A big refund means you gave the government an interest-free loan all year. That's your money. You could have been using it.

Owing money means you didn't withhold enough. You don't want that surprise next year.

Talk to your HR department or use the IRS tax withholding calculator to adjust your W-4. Get it right so you break even next tax season. Seek balance. Aim for not too much and not too little.

4. Update Your Budget

Your life changes. Your budget should change too.

Have your expenses gone up? Did you get a raise? Are you spending more on groceries than you used to?

Pull out your budget and update it. If you don't have a budget, now is the time to create one.

List your income and expenses. Make sure your spending aligns with your priorities.

A budget isn't a punishment. It's a plan. It tells your money where to go so you won't have to won’t where it went.

5. Review Your Insurance Coverage

When was the last time you looked at your insurance policies?

Call your insurance company. Ask if you're getting all the discounts you're entitled to.

Ask yourself if your coverage still makes sense for your situation. Don't pay for coverage you don't need. Don't skimp on coverage you do need.

Consider shopping around and getting quotes from multiple companies. You might find better coverage for less money. Or you might find a company or policy that better fits your needs.

Review your auto, home, life, and health insurance. Make sure you're protected without overpaying.

6. Set a New Savings Goal

Spring is about fresh starts and new beginnings.

Set a new savings goal for yourself. Maybe you want to save $2,000 for emergencies. Maybe you want to save for a vacation or a new car.

Write down your goal. Put a date on it. Figure out how much you need to save each month to reach it.

Then automate your savings. Set up automatic transfers from your checking account to your savings account.

Out of sight. Out of mind. You won't miss what you don't see.

7. Organize Your Financial Documents

Where are your tax returns? Your insurance policies? Your mortgage documents?

If you don't know, it's time to get organized.

Create a filing system. Use folders, binders, or a digital storage system. Label everything clearly.

Keep important documents in a safe place. Keep copies of critical documents in a separate, safe location away from your other files.

When you need something, you'll know exactly where to find it.

Organizing your financial documents saves you time, stress, and (maybe) money.

Give Yourself a Fresh Start

Spring cleaning isn't only for your house. Your finances need attention too.

Tackle these seven tasks and you'll feel lighter, more organized, and more in control of your money.

Give your finances a fresh start this spring.