While you spring clean your home, consider getting your finances in order, too.
As you spring clean your household this season, take a moment to tidy up your finances and get your personal spending in order.
Read on to learn more about our Spring Clean Sweepstakes.
Whether you just want a little cushion in your savings account for a rainy day or you’re holding out for a new car or house, organizing your finances is a great way to get started. Here are some of our to-dos to spring clean your budget.
Take a Step Back
To start spring cleaning your budget, take a step back and review your finances. Take a look at your current budget and view what you spend your money on: rent/mortgage, bills, food, children, etc. If you’re currently using a shoebox to manage your money, this is the perfect opportunity to upgrade your fiscal strategy.
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Pay off Your Debts
A part of getting your budget back on track is to pay off your debts. When you spring clean your home, you typically start off with smaller tasks first. With your credit card payments, start with the smallest amount. Once you pay off your small debts, you’ll be motivated to finish off the rest.
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Set a Target
If you’re budgeting for a new car or house, or if you’re saving money for the future, have a target number in mind. Remember to set a number that feels attainable. You’ll be more successful when you set a goal that is moderately challenging but also reachable. An emergency fund should have a minimum of three months’ worth of your salary.
Organize Everything
Create a basic filing system for all of your documents. Folders should include monthly bills, credit card statements and investment account statements. As the IRS’s audit window is six years, keep all tax returns, canceled checks and returns for that length of time. Anything outside of that timeframe should be shredded.
Track Your Progress
Use a free site like LearnVest, which helps you plan your budget. You can set reasonable limits on how much you spend per month on shopping, food and other miscellaneous costs. You’ll also be able to track your progress on your savings goals. It’s also an app, which makes it easy to track your progress on-the-go. Set this up so you can get a weekly report on how you’re doing on your goal.
This spring, we want to help you tidy up your apartment — on a budget! That’s why we’ve partnered with LearnVest, an advice-driven financial planning program, to help you organize your apartment and take control of your money. Enter the Spring Clean Sweepstakes for a chance to win a LearnVest Planning 5-Year Planner subscription and $300 you can use toward sprucing up your place!
Photo credit: iStockphoto/JoKMedia
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