Spring Clean Your Budget

Minute Read

Spring cleaning means more than just wiping down windows and steam cleaning carpets. It’s also the perfect time to revisit the budget you set at the beginning of the year and “clean out” anything that isn’t working to set yourself up for success in achieving your goals. So, swap that bottle of Windex for a spreadsheet and get to work!

Step 1: Review Your Yearly Budget So Far

You may have experienced life changes since setting your financial goals and choosing your budgeting method in January. You may have gotten engaged and are now planning a wedding, or you could be renovating a new home.

Look over your budget to decide if your goals still match your current ambitions and circumstances. You may have a little more wiggle room for those “extras” like a cup of coffee from a local shop. On the other hand, maybe you haven’t seen the progress you hoped for in your savings and need to cut back. Remember, reviewing your budget frequently keeps you on track for success. 

Step 2: Consider Other Budgeting Methods

Finding the best budgeting method may take trial and error. You may have used the cash envelope budgeting system to reduce impulse spending, but now you’d like to try the 50-30-20 rule. Go for it! Evaluating your budget allows you to focus on what is most important to you now.

Step 3: Make a List of Your Debts

Review your current outstanding debt amounts. Take the time to also look at your loan and credit card interest rates as they may have changed since you last looked at them. Examining all this data will help you decide how to tackle your debt most effectively and figure out what to focus on paying down first if you have extra funds available.

Step 4: Look at Your Emergency Fund Contributions

Have you been adding to your emergency fund every month? If you haven’t, consider automating your payments. Check out these tips for budgeting with digital banking to move money monthly from your checking to your emergency savings account. As your balance keeps growing, you will be more prepared in the event of an emergency.

Step 5: Plan Your Summer Budget

Vacation season will be here before you know it, and if you start planning now, paying for your trip will feel more manageable. Consider opening a Vacation Club account to automate your savings and make saving for that big trip a breeze.

Move closer to your goals by spring cleaning your budget before your baseboards. You can make any of these changes with our digital banking tools or by visiting any of our branch locations.