How to do a Financial Spring Cleaning

Simple tips to clear up the clutter

Tax time is a good time for Financial Spring Cleaning.

The same way we use this time of year to clean up around the house or yard, spring can also be a good time to clean up your financial clutter.

Certified Financial Planner Mary Beth Storjohann said we are flooded with statements, bills and accounts. She explained now is a good time to simplify. People move around or change jobs and careers and that can lead to confusion.

"Are you finding you're getting five different 401K statements? Do you have multiple bank accounts open with zero balances?" said Storjohann.

She said by consolidating those accounts you can reduce anxiety, reduce stress and save time.

But what about saving money? The founder of Workable Wealth explained why now is a good time to look over your subscriptions and memberships.

Storjaohann said that could include things like your gym membership, Pilates, food services or sports teams and after school programs your kids no longer use. Storjohann added that you should also evaluate services like newspapers, magazines or streaming video services.

"Very likely you're spending more on a monthly basis than you need to be," she said. 

Other financial spring cleaning suggestions include checking your credit report and credit score, scanning financial documents and eliminating piles around the house and rethinking witholdings on your paycheck.  

Whatever it is, now is a good time to clean up the mess and reevaluate your financial status.

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