Spring is officially here, which means it’s the time of year to get that elbow grease going and really deep-clean our lives. While the term spring cleaning is traditionally used for our homes and wardrobes, it’s also a good time to give our finances a deep cleaning to make it easier to save.

Take Inventory

Before making any changes, you need to know what you have. Start things off by organizing your finances. Collect all of your information into one place, including:

  • Credit reports
  • Bank accounts
  • Bank statements
  • Debt
  • Credit and debit cards
  • Retirement and HSA accounts
  • Other investments
  • Legal documents

For virtual records, make sure everything is stored in a folder on your computer or on an external hard drive somewhere you can easily find.

Declutter Accounts

Now that you know all of the different accounts you have, look at where you can cut back.

Maybe you have a 401(k) from an old job or an old savings or checking account you no longer use.

Make sure to take whatever assets remain, pay off any outstanding debts, and try to cut back on the number of places you have money. This will make managing your finances easier and more secure. The more accounts you have, the more at risk you are of identity theft.

One thing, however: credit cards. Canceling a credit card can hurt your credit score. See if your bank will allow you to lock the card instead. You’ll still have the account, but no one will be able to use it. If closing the card won’t lower your score, then go ahead and do so.

Review Your Policies

For most of us, once we’ve chosen the insurance policies for our homes, cars, health, and assets, we just stick with them forever. But as we grow and things change, what once was good may no longer be.

There could be cheaper options out there, or you may be paying for more than you actually need.

Review all of your policies and take some time to shop around. Saving even a few dollars a month can really add up, often faster than we even realize.

Review Your W4

Getting a large tax return this year? Sure, it feels good once a year, but it’s actually a waste to let Uncle Sam hang on to all that money.

You could have been dropping those extra dollars into savings, a retirement fund, or other investments. Or, it could have been really helpful in a financial pinch at some point during the year.

After you file your taxes for the year, take a look at your W-4 and get your money throughout the year instead of just once a year.

Actually Spring Clean

Forget a tax refund, a better way to get some money back once a year is to gather up all the things in your life you no longer use and make a little money off of them.

Take your new or gently used clothes and home goods to consignment. Or if you have the time, hold a garage sale and keep all of the funds.

You’re likely not sitting on a goldmine, but you might as well get as much as you can from the stuff you’re not using.

Don’t forget to donate everything that doesn’t sell and get a receipt. Those donations can be used to reduce your 2025 taxes.

Review Your Spending Habits

Some of those things you’re getting rid of probably seemed like worthwhile purchases at the time. In retrospect, the money spent on them probably could have been better spent elsewhere.

Take a look at what your biggest non-essential (rent, bills, groceries, gas) expenditures are. You might be surprised at how much you actually spend on things like shopping, eating out, nights out with friends, and coffee, etc.

Don’t completely cut it all out. The things we enjoy help make life fun. That said, find places to cut back. A few cuts here and there can help make the tough financial times in our lives that much easier.

It won’t be easy. It usually takes about three months of budgeting before it really sticks. Keeping track of the money saved from spending cuts will make it that much easier.

Automate

The easiest way to save is by not even having to think about it.

Set up a portion of your paycheck to automatically be deposited into a savings account.

You can even automate bill pay to ensure you don’t miss any monthly bills and get stuck paying late fees.

Our Savings Made Simple program rounds up every debit card purchase to the nearest dollar and automatically deposits the spare change into your savings account, another easy, mindless way to save.

Get Energy Efficient

There are some things you can do in and around the home to make it more energy efficient and lower your bills.

Schedule an HVAC professional to service your AC. It’s a short-term investment that can turn into long-term savings.

Turn off the AC. Instead, open your blinds and curtains to warm the house and open windows to cool it down.

Turn off the lights. Your blinds and windows are already open. Keep them that way to let in natural light. It will cut down on electricity bills and lengthen the life of your lightbulbs.

Try a Spending Freeze

It may sound crazy, but you can save up a decent amount of money in just a short period with a spending freeze.

Essentially, for two weeks, don’t spend money you don’t absolutely have to. Spring is a great time to do a spending freeze because there aren’t as many extra expenses popping up as there are in the winter and summer months.

It’s a great way to save up some money in a short period for a big purchase, vacation, or to recover from the holidays.

In the midst of your spring cleaning, don’t neglect your finances! Paying attention to all areas of your life that need a little tidying up is a good way to let yourself breathe–take advantage of it!