Basic Financial Moves for Spring

By Michelle Vandepol; Author of Mother Mexico.

Spring cleaning your finances may sound intimidating, but it's really all about getting to the bottom of your goals. While a portion of working is the personal rewards a career brings, another good chunk of it for most of us is the financial rewards. Doing spring clean-up and inventory allows us to best use the resources we are providing for our families. Whether your goal is to takes the financial edge off, provide a get a way or two, or let you save for continuing your education; writing your goal down will help you brainstorm ways to get there faster.

Within the big frame of goal setting are all the little things we do day to day that either help or get in the way of our goals. That's where financial spring cleaning comes in. Now is a great opportunity to track day to day expenses to let yourself know where you are spending your money.

It isn't just your own lists that can help you. Check the stuff that comes in the mail too. Look over your credit card statements and automatic monthly debits to make sure you are not paying for unnecessary expenses (30 day free trials you signed up for, duplicate insurance coverage) They also might provide insight into spending habits you want to tweak, like the late night weakness for online shopping.

While all this paper chasing means facing reality; don't look at your statements and panic, even if you are far away from your goals. As you accept the situation you are in, you can make the choices towards the one you want to be in. If you are looking to cut expenses to establish that emergency account, pay down debt, or bolster savings; now is the easiest time of year to evaluate downgrading expenses. As the days get longer, you can gear up for summertime with a new money attitude.

You may want to cut out take-out to help with bathing suit season and your wallet. You may be able to do with a smaller cable or satellite or internet package if you are spending more time outside and less time sedentary. Put your gym membership on hold now that it's nice enough to go for a walk. Pull out the barbeque and have friends over instead of going out for dinner. Look for ways the season will help you cut back and use those opportunities to get ahead.

You can also save by spending – spending early, that is. Book your child's sports and summer camps by the early bird deadlines this time of year to save a bundle. The same goes for necessities like bathing suits and summer sporting equipment. Use the store's full racks this early in the year to ensure that you are not buying the leftovers at whatever price you can get them at in panic mode once into the summer.  

Some of your spending might not have to use cash or credit. While you are cataloguing your investments and income streams in preparation for tax time, don't forget to make a personal inventory of all rewards points accumulated. You may have enough for mini shopping excursions if not a getaway or dinner out. As you are spring cleaning your drawers, be on the look-out for your un-used or partially used Christmas gift cards. You can either splurge on yourself or if you can't think of anything you need, get a jump on spring and summer baby shower and wedding gifts.

On the flip side of the light stuff, see a financial planner if the financial totals you are facing make you think your finances might be careening out of control. The time to see a debt counselor is before things get beyond repair. Taking active steps towards your goals will help you in the year ahead. Along with financial papers, go the other biggies such as wills, and appropriate insurance. 

Even if you are not going to do the full fledged spring cleaning your mother did of her house, make sure you clear your junk drawers and shoe boxes of their receipts and credit card offer envelopes. Look through the receipts to make sure you are not overlooking any tax deductions and shred all the financial papers you don't need to file. Having those numbers lying around makes it that much easier for opportunistic identity thieves. If you are throwing those papers in the garbage currently, make it a spring resolution to stop and shred. You will be preventing a huge potential financial headache.

As in tackling anything you have been putting off, make a list of the jobs to be done and set up a reward for job's end. You will feel much better when your information is sorted and safe and you know where you stand financially. All that's left is to move in the direction you want to go.

> Michelle Vandepol is a regular contributor to YMC. She has penned articles on financial topics such as continuing education, government programs, and saving money for a variety of publications ranging from SUCCEED to Frugal Homemaker. Her debut novel, Mother Mexico, is available in the http://www.iuniverse.com/ bookstore.