Mar 31, 2023 / Money Tips

Spring Cleaning for Your Finances

Spring is officially here (even if it still looks and feels like winter in Utah). It’s time to clean out the cobwebs, rake all the leaves that fell after the first snowfall, and get your home and yard ready for the spring and summer months ahead.

Spring is also a great time to organize your financial house—polish up your budget, tidy your tax documents, and take inventory of your income and expenses. Follow these tips to help put your financial house in order, as part of your spring cleaning.

Clean Up Your Budget Categories

If it’s been a while since you’ve reviewed your budget, allocate some spring-cleaning time to see how well you’ve been living within your financial plan. Compare your actual spending with how you planned to spend your money, and make necessary additions or subtractions to your budget categories.

If your income or expenses have changed (or inflation has thrown your budget out of balance), now is the time to reassess and make adjustments. Review your savings goals and accounts to make sure you have the right mix of savings vehicles to maximize your money and help you stick to your revamped budget.

Tidy Your Tax Documents

Tax season is here. Whether you’ve already filed your taxes or you’re still getting around to it (by the way, you can access all your Utah First tax forms through Digital Banking), now is a good time to organize your financial documents and look for financial trends. Studying your current financial picture can set you up for success and keep you on track with those financial resolutions you set for the year.

Take time to review and reevaluate your withholdings. If you’re not satisfied with your tax refund, or you feel like you’re giving the government too much out of your monthly paychecks, now is the time to make an adjustment. While you’re at it, you may want to consider ways to lower your taxable income and maximize your pre-tax retirement contributions—perhaps by opening a Traditional IRA.

Take Inventory of Online Finances

A modern financial cleaning wouldn’t be complete without examining and organizing your online finances. Review (and consider changing) passwords to online accounts and other sites that contain your personal and financial information. Review automatic bill pay, update alerts for payments and other reminders, and make changes to your direct deposits, if necessary

Now is also a good time to review your credit and debit card rewards. Use up any unused points or make a plan to spend your rewards throughout the coming year. While you’re at it, review your person-to-person and bank-to-bank payment accounts just to make sure everything is current. Finally, review your credit report and credit score, and check for suspicious entries.

As you start to organize your life after a long Utah winter, add these few financial to-dos to your spring-cleaning schedule. A good financial cleaning can help you save money, stay organized, and set you up for financial success for the rest of the year.