Spring Rituals of Financial Renewal

Spring Rituals of Financial Renewal

The ritual of spring cleaning goes back thousands of years, spanning continents and cultures. Some researchers believe it began in ancient Iran some 3,000 years ago, where people celebrated the new year in spring by cleaning out the home. Today in Iran they call this tradition “shaking the house”. It’s a custom that makes perfect sense. When spring strikes, bringing the world back to life, we feel the urge to shed the remnants of the past year. There’s no better way to do this than through cleaning, purging ourselves of the old and making way for the new. During this promising season, we refresh our houses and wardrobes, but how many of us extend this ancient tradition to our finances? By spring cleaning our finances, we don’t simply bring renewal to our personal economics. We set ourselves up for positive growth and success for the remainder of the year. In that spirit, here are four spring rituals you can use to refresh your finances.

Dust Off Your Goals

If you’ve lost track of your goals, it’s time to revisit them. From saving more to paying down your debts, return to the objectives you had at the beginning of the year. Examine what you’re still working towards and what needs to be adjusted or maybe even cut. There’s nothing wrong with changing course if you find out that a goal isn’t practical for you. On the other hand, if you’re still following through on a goal, you should celebrate any progress you’ve made and make sure you’re on track to continue.

While you’re evaluating your goals, make sure to reinvigorate your budget and update things like your spending.

Sweep Through Your Credit Report

Like spring cleaning, checking your credit report is something habitual that you should do once a year. It’s important to track your credit score and make sure it’s in good shape. Understanding how accurate your credit report is also crucial. If your report contains inaccuracies, you need to dispute these with the credit bureaus right away to ensure they don’t negatively impact your credit score. Inaccuracies include accounts showing up as “open” when they should be closed or accounts you don’t recognize.

Banish Old Paperwork

So many of us have piles of past statements and bills cluttering up our lives. Why not toss the paperwork and go digital? Simplify by shredding the bills, bank and credit card statements you don’t need. Also nix tax returns that go back further than seven years. You can even Google “free shredding near me” to find events in your local area. Once you’ve gotten rid of the junk, make digital copies of essential documents by scanning them. Save one copy to a hard drive and another to a secure cloud server. This way, you always have a backup. Plus, having a copy available in a cloud can be handy because you can always pull it up on your phone.

While you’re cleaning out your files, consider going paperless with your statements. By setting up autopay, for instance, your payments will automatically be deducted from your account each month, eliminating paper bills. Your future self will thank you for keeping things neat and tidy.

Prepare for the Months Ahead

Take a look at the rest of the year and budget for any major expenses in the near future. Things like Christmas shopping or car registration fees can be anticipated to a degree so you can put aside money for those. Plus, it’s always good to tuck away extra for any emergencies if you can. If you don’t already have some kind of rainy day or savings account, now is a great time to begin one. Remember, it’s never too early to squirrel something away.

Blossom with Heights Finance

As you honor the season by cleansing your spaces, don’t forget your finances need refreshing as well. By pruning the proverbial deadwood, new growth can be achieved. The same is true with your finances. When you forget the important ritual of spring cleaning, it can impact your economic health and keep you from blossoming. This spring, honor cherished traditions by grabbing a budgeting app, rolling up your sleeves and preparing to shake your (financial) house free of the past year’s debris. And remember, at Heights we’re always here for you. We believe in helping you find financial empowerment. Whether it’s answering questions about your credit report or paperless billing, we’ll always go the extra mile. So, don’t be shy. Visit us today at your friendly local branch.