Last updated on March 18, 2023.

As we welcome the arrival of spring, it’s not just our homes that could benefit from a bit of freshening up — it’s also the perfect time to give our finances some much-needed attention.

Just like tidying up our homes, reviewing our financial habits can lead to a brighter future. So, grab a cup of tea, get comfy, and let’s explore some tips for sprucing up your finances this spring!

Here are some helpful tips worth revisiting this time of year to assess your financial situation:

• Organize your documents. Start by setting up designated folders for taxes and insurance and make a habit of filing away important paperwork promptly.
• Check your credit report. Take the time to review your credit report for any errors at least once a year.
• Review your bank statements. Check your service fees to see if you can lower them. Consider switching to eStatements for added convenience. It can help reduce fees and reduce paper clutter. If you’re a Vancity member, learn more about switching to eStatements today.
• Tackle debt. Consider making extra payments to speed up your journey towards financial freedom.
• Maximize rewards. Take advantage of any accumulated rewards, such as flight points or gift cards, to stretch your budget further.
• Build an emergency fund. Start building one if you haven’t already to safeguard against unexpected financial challenges.
• Automate savings and payments. Simplify your financial routine by setting up automatic transfers to your savings account and automating bill payments to ensure everything is handled promptly.
• Assess credit cards. Take a closer look at your credit cards to evaluate their rates, rewards, and fees— consider whether they still align with your financial goal.
• Review your overall financial plan. Reflect on your overall financial strategy, considering both income and expenses. Ask yourself whether your plan is well-balanced and adjust as necessary.

By breaking tasks into manageable steps, it makes financial spring cleaning easier. Small actions today can lead to big improvements in your financial well-being later on.

Set up automatic transfers to your savings account and automate bill payments to ensure you’re consistently saving and paying bills on time.

Let’s keep exploring:

• Are you maximizing your income? For example, have you received a raise in your income and are you doing something with it? Could you be investing that extra income or use it to pay down debt?
• Review your investments. Are they meeting your expectations? Do you need to rebalance your portfolio to ensure diversity?
• Stay informed about recent tax changes that might affect your finances.
• Are your current investments aligned with your long-term financial goals?

Meeting with your financial advisor can help simplify these questions, and the rest won’t take much time either. The peace of mind you’ll gain from a bit of financial spring cleaning is definitely worth it!

Need advice? Connect with us at Vancity to explore tailored solutions for your unique financial journey.

This blog post provides general information only, and does not constitute financial, accounting, tax, legal or other professional advice. We encourage you to obtain personalized advice from qualified professionals regarding your particular circumstances. Please see our Terms of Use.