New Tax Rules for 2023: Download your free issue of The Kiplinger Tax Letter today. This article is in part based on information first published on The Week's sister site,. She has previously served as the managing editor for investing and savings content at LendingTree, an editor at SmartAsset and a staff writer for The Week. After all, with spring just arriving, there's plenty of time left to ensure your financial year shapes up just as you were hoping it would.īecca Stanek has worked as an editor and writer in the personal finance space since 2017. Last but not least, take a moment to appreciate your progress toward your financial goals so far this year, and determine if you need to kick things up a notch or course correct in any way. Assess progress toward your financial goals Why take the time to do this? As CNBC explains, "f you regularly review your credit reports, you'll become more familiar with your finances and may find ways to improve your credit score." Further, regular reviews can help you "take early action against signs of potential fraud and dispute the errors right away." 7. You can then take steps to dispute anything that's amiss. As you look things over, keep an eye out for any errors, as well as any unusual or suspicious activity. You can get a free copy of your credit report each year from. Take a peek at your credit reportĪ quick item to check off your list is a review of your credit report. Other strategies to consider include debt consolidation or a balance transfer credit card, though you'll need solid credit to qualify. If you're not sure where to start with debt payoff, Kiplinger suggests focusing on your debt with the highest interest rates first, as "aying those off quicker will reap the highest financial reward for you" in the form of money saved on interest. And what better way to spring clean your finances than to sweep away debt? If you have debt, you're not alone - Bankrate estimates that 35 percent of adults in America have credit card debt - but that doesn't mean you don't have to address it. You might also commit to putting any "extra" money in there, such as your annual bonus or tax refund. Why? As Experian explains, "aving enough savings to cover unexpected expenses such as a high medical bill or an expensive home or auto repair can help you avoid resorting to credit card debt in a bind."Īn easy way to make sure your emergency fund is always stocked is to fund it with automatic transfers that you divert from your paychecks. Experts generally suggest having at least three to six months' worth of expenses stashed in an emergency fund. On a similar note, part of your financial spring cleaning might be taking a look at your emergency fund and assessing if it needs replenishing. Grabenstetter even suggested making room in your budget for "the smaller things that you end up buying, such as sunscreen, bug spray, snacks, sunglasses and beach towels." 4. "Allocate more funds toward these goals in the months ahead so you won't have to miss out because your spending doesn't allow for it," Sasha Grabenstetter, an accredited financial counselor at eMoney Advisor, told CNBC. As you look through your last few months of spending, you might take note of whether you were spending within the limits you'd set for yourself and if there are any areas where you might be able to cut back.ĬNBC also suggests getting a jumpstart on your summer budget so that you can get as much out of your plans as possible. Spring is a great time to check in and make sure your budget is in good shape. Reset your budgetĮven if you set your budget at the start of the year, it's natural for things to begin to veer off course after a bit of time. When you apply via our links we may earn an affiliate commission. As Kiplinger points out, "hange requires us to be more intentional about the decisions we make." Just taking note of these tendencies can make a difference.
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