Spring Clean Your Budget
It’s the perfect time to revisit your 2023 financial goals and make adjustments for the rest of the year.
Spring cleaning means more than just sparkling windows and spotless carpets. Spring also provides an opportunity to revisit the budget you set at the beginning of the year and “clean out” anything that isn’t working. So, swap that bottle of Windex for a spreadsheet and get to work.
Step 1: Review Your 2023 Budget So Far
You may have experienced life changes since setting your financial goals and choosing your budgeting method three months ago. You may have gotten engaged and are planning a wedding, or you could have begun renovating new homes.
Look over your budget to decide if your goals from early 2023 still match your current ambitions and circumstances. You may have more wiggle room for extra takeout coffee each month. Or maybe you haven’t seen the progress you hoped for in your savings and need to cut back on those extras. Remember, adjusting keeps you on track for success.
Step 2: Consider Other Budgeting Methods
Finding the best budgeting method may take trial and error. You may have used the cash envelope budgeting system to reduce impulse spending. Now you’d like to try the 50-30-20 rule to prioritize savings. Go for it! Regrouping ensures your budget method focuses on what’s most important to you.
Step 3: Make a List of Your Debts
Getting up-to-date debt numbers reminds you of which payments you need to prioritize. Also, look at your loan and credit card interest rates, which may have risen since you last looked at them. Examining all this data will help you decide how to tackle your debt most effectively and what to pay down first.
Step 4: Look at Your Emergency Fund Contributions
Have you been adding to your emergency fund every month? If you keep forgetting, consider automating your payments. You can use digital banking to move money monthly from your checking to your emergency savings account. Your fund will grow quickly with little oversight.
Step 5: Plan Your Summer Budget
Vacation time is almost here, and if you start planning now, paying for airline flights, road trips or whatever you want to do this summer will feel more manageable. Consider creating a vacation club account to automate your savings and earmark funds for your big trip.
You can implement many updates with our digital banking tools, including mobile banking. Move closer to your goals by spring cleaning your budget — then start wiping down those dusty baseboards!