It’s the season for Spring cleaning, and that should include your finances. Traditions First Bank has some tips on getting your finances in order.

Reassess your budget

Decluttering also means streamlining your budget. Even if you have prepared a 2022 budget, you might want to take another look at it. Review your spending, income, and savings over the past 3 months and ask yourself: Is it working? Have I made any mistakes? What can I learn?

1 in 3 American consumers are more inclined to spend more in spring and summer with the longer days and more sunlight, according to a survey by RetailMeNot. What does your financial situation look like over the next few months? Make changes in your budget if needed, as some expenses vary from month to month: holiday or birthday gifts, vehicle registration fees, vehicle maintenance, etc. You may want to check your budget more frequently for expenses that can vary from month to month (gifts, vehicle maintenance, etc.)

Cut out unnecessary expenses

Go through your expenses and see what can be cut. For example, you may have a recurring expense for a subscription service that you’re no longer using.

Get organized

Just like a cluttered house, having disorganized finances can make you feel unproductive. When you declutter your finances, it helps get you on track for financial success. Since some financial documents still come in the mail, start a filing system with labeled categories like: bills, bank statements, receipts, tax statements, etc. Go through each file often and shred what you don’t need, and scan the documents you want to keep and put them onto an encrypted drive.

New to budgeting?

If you're new to the budgeting process, here are some great options to help get you started:

Budget calculator

Budget worksheet

If you have any questions about budgeting or your financial situation, we are here to help.

Traditions First Bank’s mission is to provide banking services to clients based on our highest values while investing in our community. Contact Traditions First Bank today.