Clean up monthly subscriptions, automate payments, and more tips for freshening up your finances this spring.
3 minute read
Say hello to longer days, blooming flowers, and...an influx of spring cleaning blog posts. Yes, ours included.
At Palolo, we don't claim to be experts on household cleaners or closet organization, but we can help you tidy up your personal finances. Maybe you’ve been stressing about bills, or putting off that budgeting plan. Or maybe you just want to kick off the season with a fresh start.
However you’re feeling about your money, our spring cleaning checklist is here to help you freshen up your finances for the year.
Search your bank statements or the app store on your phone to get a bird's eye view of your monthly subscriptions. See any unused streaming services or memberships? What about that trendy app you signed up for but haven’t used in 6 months? Keep your vital subscriptions, cut the excess, and pocket the savings.
✨ Tip: If you’re on the fence about a subscription, try cancelling it for now and set yourself a reminder to check back in three months. You might find that you’re fine without it!
Whether it's credit card debt or student loans, debt can be a real budget buster, and high interest rates can make things worse. If you have debt, now’s the time to tackle it head-on. Free tools like Debt Payoff Planner and the Debt-Free Date Calculator can help you plan.
✨ Tip: If your employer offers financial wellness tools like Palolo, consider using Pay Access or applying for an advance so you can clear your plate of small debt before tackling larger debt.
Late fees are so last season! Set up automatic bill payments to ensure you never miss a due date. You can usually do this from the website of the company you're making payments to, under your account or payment settings. It only takes a few minutes, and can save you money and boost your credit score.
Having an emergency fund is as essential as having an umbrella on a cloudy day: it'll keep you protected from an unexpected downpour (or even just a slight drizzle). When starting to save, it's good to have a goal in mind — three to six months' worth of living expenses is a good place to start. If you already have an emergency fund, check in and see how you're doing on your savings goal, and make adjustments if needed.
Dust off that budget and give it a good once-over. Are you overspending in certain areas? Can you allocate more towards savings? Tweak your budget to reflect your current financial goals and priorities.
✨ Tip: You can use a free budgeting app like Goodbudget to see where your money is going, or you can track your own spending for a week and see what spending habits you uncover.
Loyalty is great, but not when it's costing you extra. Shop around for better deals on insurance, internet, or that pair of shoes you've been eyeing. You might be surprised at how much you can save with a little comparison shopping.
Consider contributing a bit more to your retirement fund, if you have one. And if your employer offers a match, make sure you're taking full advantage of it. Don't have a retirement fund? Building your emergency savings is a great way to get in the habit of saving for your future self, and ensures you have money put aside if you need it.
Take some time to read articles, listen to podcasts, or sign up for workshops to level up your knowledge about personal finance. (The fact that you're reading this guide is a great start!) The more you know, the better equipped you'll be to make informed decisions, whether it's this year or 10 years down the line.
Just like clearing out the clutter in your home, tidying up your finances can bring a breath of fresh air into your life. Even if you only focus on one or two of these checklist items, we guarantee you’ll start the season feeling accomplished.
Happy cleaning! 🌸💰