March 19 is the first day of spring, and you know what that means — time to get started on your home’s annual “spring cleaning." As you deep clean your home, however, there’s another thing that also needs tidying — your finances. Organizing and cleaning up your accounts can help you save money throughout the rest of the year, so it’s important to set aside some time to “spring clean” your finances in the coming weeks.
Nine ways to spring clean your finances
Below are nine ways you can spring clean your finances, setting you up for financial success throughout the rest of the year.
1. Check your credit report
A good starting point to organize your finances this spring is by checking your credit report. It’s important to check for any errors on your report that could be negatively affecting your credit score, such as incorrect personal information, balance errors, incorrect accounts resulting from identity theft or incorrect balances. And errors on your credit report are more common than you may think.
A study from the Federal Trade Commission stated that one in five Americans were likely to have errors at least one of their credit reports. And according to Consumer Reports, the number of complaints about credit report errors has more than doubled from 2021 to 2023, jumping from 165,129 to 443,321.
Fortunately, you can get a free credit report from each of the three major credit bureaus — Equifax, Experian and TransUnion — each week at AnnualCreditReport.com. Checking your report is also a good first step for those looking to improve their credit score.
2. Get a better savings rate
If you haven’t been saving your hard-earned cash in a high yield savings account, what are you waiting for! Now’s a great time to open one of the best high-yield savings accounts in order to maximize your savings throughout the rest of the year. By not taking advantage of the high APYs on these accounts — in many cases, over 5% — you’re leaving free money on the table. Use our tool below, powered by Bankrate, to compare high yield savings rates today.
Similarly, if you’ve looking to invest in CDs, now’s a good time to lock in rates. Since the Federal Reserve began holding interest rates steady, savings rates have started to fall. If the Fed cuts interest rates later this year, as expected, CD rates will likely drop even further. Use the tool below, powered by Bankrate, to compare CD rates today.
3. Get rid of unwanted subscriptions
You likely don’t need, and are even unaware, of all the subscriptions you’re paying for each month, which can eat up a big chunk of your budget. A great way to save a little (or a lot) of extra money each month is to get rid of the subscriptions you don’t use and don’t need.
Unless you’re watching TV literally ALL day, you probably don’t need a subscription for more than one or two streaming services, like Netflix. And if you subscribed to a streaming service in order to watch a specific show, you've likely forgotten to cancel now that you’re caught up. There's a whole number of other subscriptions that could be eating away at income each month, from meal-prep services to dating apps to music streaming.
Download an app that can track your monthly subscriptions and easily let you cancel them, like Rocket Money or PocketGuard. Many of these apps come with additional features that can help you manage your finances as well.
4. Turn your old stuff into cash
When you spring clean your attic or basement this year, you may want to think twice about throwing everything away. Some of the old items you have collecting dust might actually be worth money — a lot of money. Certain old school video games, vintage toys and boy scout memorabilia, to give a few examples, can all go for thousands of dollars on eBay. Make sure you read Kiplinger’s advice on 7 old things in your home that could be worth a fortune before you donate all those old boxes to your local Goodwill.
5. Deal with debt
It's time to spring clean your finances, which means it's time to declutter your debt. It can be tricky to keep up with multiple loans from multiple lenders, all with different payments and interest rates. If this has caused you a great deal of financial stress, you could benefit from consolidating that debt into a single loan with a competitive interest rate. This can help you get a clearer picture of your overall finances, helping you pay down debt and save where you can.
Additionally, if you’re struggling to pay down credit card debt, consider a balance transfer card. Credit card APRs increased to a record-high in 2023, according to the Consumer Financial Protection Bureau, jumping from just 12.9% in 2013, to 22.8%. Therefore, it’s likely that your card’s interest rate is making it difficult for you to pay off your balance every month. If this is the case, a balance transfer credit card could help. These cards offer 0% introductory APR periods that can give you some breathing room to pay off credit card balances interest free.
6. Put an estate plan in place
f you’ve been underestimating its importance or simply putting it off until later, now’s a good time to go ahead and put an estate plan in place. In 2024, only 32% of Americans have a will, reports the Caring.com 2024 Wills and Estate Planning Study. This is a 6% decrease from 2023. They reported that 40% of Americans claim they don’t have a will because they don’t have enough assets to leave anyone. However, having an estate plan can be beneficial for anyone, despite how wealthy you are. Without one, the state is in charge of distributing your property, which can leave your loved ones to deal with lengthy legal disputes.
And if you already have an estate plan in place, make sure you review it, especially after any significant life changes. Also, make sure the beneficiaries on all your accounts are up to date, not just on your will. Beneficiaries named on documents like life insurance policies and 401(k)s take precedence over those named in a will.
7. Clean up your budget
This spring, take some time to clean up your budget. Take a closer look at how much you’re earning and how much you’re spending. Identify areas where you can cut back on spending in order to allocate this money elsewhere, like funding a retirement account or paying down debt.
Also, review your financial goals for the year and make adjustments where necessary. Once you have a solid budget in place — one that prioritizes your specific financial goals for the year — consider setting up automatic payments for monthly bills and savings.
8. Review your insurance policies
Save money this spring by reviewing your insurance policies and making sure you’re getting the best rate out there. Shop around and get quotes from several companies to compare prices, and if you haven’t already, consider bundling your home and auto insurance. According to Progressive, doing so can save you an average of 7% on your auto policy.
Check out these eight ways to save money on life insurance, 12 ways to lower your auto insurance premiums and six ways to find the cheapest home insurance.
9. Maximize credit card rewards
Also, check what credit cards you have in your wallet. Are you getting the most benefits from your credit card perks? Take a look at where you spend the most money, and see what cards let you maximize cash back in those spending categories. Plus, pay attention to any additional benefits offered by a card, as well as any sign-up bonuses that can help you save some extra cash throughout the rest of the year.
Check out Kiplinger's picks for best travel credit cards and best rewards credit cards to compare some of the best cards on the market today. Or, use our tool below, powered by Bankrate, to compare personalized credit card offers today.
