Spring Cleaning Your Finances
Spring is here in San Diego—well, at least it feels that way! Which means so is spring cleaning. Although the winter months and holidays are a very fun time of year, they can get expensive; you may have found yourself putting a little too much on the credit card or over-stretching your budget a tad. So, as you throw out your old holiday decorations, don’t forget to clean up and straighten your finances as well.
Certified financial planner, Ellen Rogin, was quoted in a CNBC article saying, “You have to know what’s coming and going out. In terms of expenses, most people don’t know what they spend and most people underestimate [their spending].”
Being fully aware of where your money is coming from and going to will ease up some of the worries that come with balancing your finances.
Here are four simple ways to tuck away extra cash this season by following some “spring cleaning” budget tips:
1. Go on an all cash diet when it comes to “fun money.”
Credit and debit cards can sometimes make us feel like money is infinite. If you’re overspending on miscellaneous activities, this can help you budget yourself. Leave the cards at home and set a daily cash limit when you’re having an “all about me” day. Once your cash is gone, you won’t be able to spend any more that day.
2. Divide your paycheck.
Ask your human resources or accounting department if they can divide your paycheck. Have most of your money directly deposited into your checking account and have the other portion direct-deposited into your savings account. This is a foolproof way of accumulating savings and not “missing” your money too much.
3. Sell your stuff online.
Most of us tend to throw a lot of our things away during spring cleaning, so why not make a few bucks from them? Post ads on Craigslist, consign lightly used items, or hold a group yard sale with your friends or neighbors. We can guarantee you that there is someone out there who is probably looking for what you have to offer.
Tip: Make sure you’re using a reputable selling site or store before you dive in!
4. Budget in categories.
We can’t reduce the cost of rent or gasoline, so looking at your expenses as a whole would be a mistake. Instead, tackle your expenses into categories such as groceries, travel, credit card payments, shopping, and fun money. This way you can look at the expenses you can control and start saving from there.
These budget-friendly tips should help you get your finances spruced up for spring while saving you some extra cash.
What are your favorite ways to get your finances back on track?
