The birds are chirping, windows are open, and people are taking strolls in the park. While you enjoy the warmer weather, it may also be a good time to give your finances some spring cleaning.
So let’s take a look at what you can do.
Get Your Accounts in Order
These days, people can have so many accounts that it’s hard to keep track. You may have a checking account with one bank, a savings account with another, and a brokerage account at a different financial institution—not to mention 401(k) plans and individual retirement accounts (IRAs).So you may want to look into consolidating these accounts with one financial institution. But this isn’t always ideal, as some institutions may offer different benefits.
Still, you can use online tools that bring your accounts in one place. These allow you to view all your financial accounts on one dashboard or platform. This could make it a breeze to keep track of all your finances.
Get Rid of Junk Fees
Are you tired of piling up hefty annual fees on your credit card or maintenance fees on your checking account? How about overdraft fees or foreign transaction fees? Are you just sick of seeing the word “fees”?If so, it may be a good time to review the terms of your accounts and find better alternatives. These days, banks and financial-technology companies are competing intensely for your dollars. And many are cutting away at fees. So shop around and look for credit cards with no annual fees and solid rewards programs. Also, be on the lookout for checking and savings accounts with no maintenance fees or minimum balance requirements.
Brush Up Your Budget
While you’re cutting back on fees, you may have more room to save money. By reviewing your budget, you can find expenses you could cut back on. Maybe you have some subscriptions you don’t use or need. Start canceling these and build up more savings.Review Your Savings
You’d want to make sure your savings are parked somewhere they can grow. So, why not consider a high-yield savings account? By shopping around, you could find savings accounts with annual percentage yields (APYs) as high as about 4.86 percent. If yours isn’t as attractive, you could consider switching.Clear Your Debt
As you build up your savings, you may want to consider using them to pay off high-interest debt. Americans hold $18.04 trillion in household debt, according to the Federal Reserve Bank of New York. And the average American household owes $6,065 in credit card debt alone, according to the Federal Reserve Bank of St. Louis.The amount of debt isn’t the only issue; it’s also about where it’s coming from. If you have several loans and credit cards with different interest rates, minimum payment amounts, and payment due dates, you may want to consider debt consolidation.
You could seek a personal loan with a competitive rate to cover all your debt. This would leave you with just one minimum monthly payment and due date. And many personal loans can be paid off in up to five years.
Give to Charity
Spring could also be a time to open up your heart. You can set up a plan to donate a certain amount of cash to charities supporting causes you feel strongly about. Make sure you save the receipts to take advantage of tax deductions if you are itemizing your taxes.Go Paperless
You can also do some actual spring cleaning by getting rid of paper clutter building up with bank and credit card statements. It could help to log onto the website of the financial institutions you work with and opt for “paperless” communications. You’d get all your documents in digital form. This could also add a layer of security as paper documents can easily fall into the wrong hands.Take a Close Look at Your Credit Report
Each year, you’re allowed to view your credit report for free from each of the three credit bureaus: TransUnion, Equifax, and Experian. This would give you a snapshot of your entire credit history.It can also give you an opportunity to look for any discrepancies you would want to dispute. For example, you can see if you have existing accounts you never opened yourself. If someone opened an account in your name, it could deliver a serious blow to your credit score and make borrowing extremely difficult. By identifying the threat, you can contact the credit bureaus right away and begin rectifying the situation.
The Bottom Line
The sun will be out longer as we move through spring and into summer, but it can also give you the chance to shine a light on your finances. Consider moves like reviewing your accounts and credit report, consolidating debt, and going paperless.The Epoch Times copyright © 2025. The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.
