Can you believe that it’s March already? 😳 It’s crazy to think that Spring will be here soon! And since March is already off to the races, today is a great day to make a plan for your money this Spring.
Just like we like to spring clean our houses after a long, dreary, wet winter, we also need to spring clean our finances to make sure that they align with our goals.
So how can we get a start on Spring Cleaning our finances? Here are five money goals to tackle in March this year:
1️⃣ Review & Refresh Your Budget
Take a look at where your money went in the first two months of the year. Are there any unnecessary expenses you can cut? Adjust your budget to align with your current goals. If you’ve never done a spending review before, this blog post here goes into more depth on how to do one. But the key is to get clear on where your money is going so you can adjust and align your money with your current goals.
2️⃣ Spring Clean Your Subscriptions
Audit your recurring subscriptions—streaming services, gym memberships, and apps you don’t use. Cancel anything that doesn’t add value to your life. I mean, do you really want to keep paying $2.99 every month for an app that you’re no longer using? Don’t skip over these small subscriptions thinking it’s no big deal. Every little bit adds up in the end. Also, don’t fall into the trap of developing an attachment to expenses. If you only watch Hulu once a year or you can’t even remember the last time anyone watched it, cancel it. Don’t feel like you’re missing out on something if you cancel. You can also sign back up later if you decide you really do miss it. But don’t get attached to expenses – be willing to let them go.
3️⃣ Increase Your Savings and Giving by 1%
Whether for an emergency fund, vacation, or retirement, challenge yourself to increase your savings by at least 1% this month. Small changes add up! And while you’re at it, increase your giving by 1%. I know it doesn’t seem like much, but trust me, this is the secret to building not only lasting wealth but a legacy of giving. Each year, work to increase your savings and your giving by 1%.
4️⃣ Tackle One Debt Head-On
If you haven’t already, list out all of your debts – including their balance, minimum payment, due date, and interest rates. Pick one debt (credit card, student loan, etc.) and make an extra payment, even if it’s small. Progress is progress! The point is that we need to get started making headway on cleaning up our finances. Debt eats your income. Read that again. Debt eats your income. The only way to unlock your income from debt payments is to pay off debt. So, let’s make a plan and start making extra payments to just one debt until you pay it off. Then, pick another debt and do the same thing!
5️⃣ Plan for Upcoming Expenses
Spring and summer often involve extra costs, such as vacations, weddings, and home projects. Start setting money aside now to be prepared. I’m a huge fan of using Sinking Funds for these kinds of expenses. Set up a separate bank account for each of your big upcoming expenses, set a savings goal, and then start saving! This will keep you from falling into debt and keep your finances secure.
If you need some help coming up with a plan for some of these expenses, here are some helpful resources:
🔗 How to Budget for a Family Vacation
🔗 How to Pay for Home Projects without Going into Debt
🔗 How to Financially Plan for a New Baby
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