The expectation of warmer weather and more hours of sunlight can create a “nesting” instinct in almost everyone – that instinctive and almost impulsive need to reorganize and clean your home. It’s also an ideal time to take care of your financial nest. A financial spring cleaning can help you declutter your budget, streamline expenses, and give you the confidence to enjoy the warmer months to come, knowing you’ve set a solid financial plan in motion. Here’s how to get started:

1. Review and Refresh Your Budget

Examine your current budget and spending habits. Are you sticking to your plan, or have expenses crept up? Adjust where necessary and ensure your financial goals align with your lifestyle. Streamline this effort with one of many available budgeting apps to help track spending more efficiently.

2. Declutter Unnecessary Expenses

Cancel subscriptions and memberships you no longer use. Streaming services, gym memberships, and other forgotten auto-renewals can add up. Establish a habit of reviewing bank and credit card statements to help you spot these hidden costs.

3. Tidy Up Debt

While you’re in tidying mode, add debt reassessment to your to-do list. Make extra payments on high-interest debt, consolidate where possible, and explore refinancing options if it could save you money. Setting up automatic payments can also help you stay on track.

4. Analyze Pay Stubs

This is an ideal time to see if you are maximizing your tax advantages and claiming all of your various employer benefits, such as a flexible spending account, health savings account, and your 401(k) plan. Check with your accountant if you have questions about any changes you should make.

5. Refresh Savings and Emergency Fund Goals

Assess your emergency fund and that all important “nest egg” or other savings accounts. Aim to have at least three to six months’ worth of expenses saved in your emergency fund; this is where tidying up your debt can really make a difference. If you’re behind in your savings goals, set up automatic transfers to gradually build your reserves.

6. Organize Important Documents

Sort through financial paperwork. What do you really need to keep? If you have questions about what’s important and what’s not, your accountant or financial advisor can help. Then shred old statements and other outdated documents and go paperless where possible. Ensure all important documents, such as tax records, insurance policies, and estate plans, are up to date and securely stored.

7. Check Your Credit Report

Your credit score plays a crucial role in financial health. At a minimum you should check it once a year but more frequent checks may be warranted, such as a few months before you plan a large purchase, or if you get notice of a security breach. Request your free annual credit report and check for errors or fraudulent activity, and dispute any suspicious activity with each credit bureau. If your score is lower than desired, take steps to improve it by paying bills on time and reducing credit card balances. You can also freeze your credit report for an additional safeguard against identity theft or other fraudulent activity; it’s easy to do and you can unfreeze it before a planned purchase or credit application.

8. Plan for the Future

Spring is a great time to review retirement contributions, investment portfolios, and insurance policies, including your beneficiaries on policies, estate planning documents, and bank accounts. If you need to update your beneficiaries, log in to YourTransoceanBenefits.com to make changes to your Life and AD&D beneficiaries. For 401(k) accounts, updates can be made by logging into NetBenefits.com. Ensure you’re also adjusting investment strategies as needed.

Spring is the ideal time for reorganizing and building all of your nests. By taking the time to spring clean your finances, you’ll enjoy greater peace of mind and a solid financial foundation for the months ahead. Happy cleaning!

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