It’s time to do some spring cleaning, and we’re not just talking about cleaning up around the house. We’re talking about your finances! April is Financial Literacy Month, so there’s really no better time to make sure your finances are in ship shape. Let’s take a look at some financial spring cleaning tasks you can complete this month.

1. Review your budget.

We’re almost a third of the way through the year. How’s your budget plan working for you? Are you on track? Take this chance to go through your recent spending and saving in detail, then make any adjustments as needed to meet your goals for 2022.

New to budgeting? Get started today. We don’t want to sound like a broken record here, but everyone needs a household budget. Budgeting helps you manage money in versus money out and keep a birds-eye view on your finances, which enables you to save for a rainy day, plan for retirement and much more.

2. Clean up your subscriptions.

A recent survey found that Americans spent $273 a month on subscription services in 2021, and 100% of respondents were unaware of their actual spending on subscription services.¹ Don’t let those fees sneak up on you. Some of the most common subscriptions include:

• Online retail memberships
• Book and gaming services
• Beauty, fashion, lifestyle or pet monthly boxes
• Meal and grocery delivery
• TV, movie and music streaming
• Fitness, wellness and diet apps

Review all your subscription-based services to make sure they aren’t adding up to more than you want to spend. Love it and use it? Keep it. Forgot you had it? Hit the unsubscribe button.

3. Think about your goals.

Jump into spring with your financial plan in mind. What are your financial goals for the rest of 2022? Here are some ideas to get you started:

Thinking about future retirement? Time is key when it comes to planning for retirement, so contribute to your retirement fund early and often. Understand the value of time and compound interest.

Need to save more? Pro tip: automate your saving so the money comes right out of your paycheck, and you’ll miss it less. Try upping your saving by just 1% each week this month to develop the discipline. Check out the Savings Goals tool in online banking.²

Want to take a dream vacation? It’s important to take a break from the hustle and bustle, but travel can be expensive. Start saving for your next trip with a vacation fund. Learn six tips for taking a vacation while on a budget.

4. Check your insurance coverage.

Love it or hate it, insurance is a necessity in many areas of life. As life circumstances change, so do your insurance needs. Take some time this month to review your insurance policies, check your coverage and make sure all your policies still fit your situation.

Upgraded your vehicle? Consider adding comprehensive and collision coverage to your auto policy. Moved to a new home? Make sure you’re adequately protected with homeowners insurance and flood insurance. (Learn more about flood insurance and why you need it.)

For more financial literacy resources, follow us on Instagram and Facebook, where we’ll be sharing tips all April long. Happy financial spring cleaning!

¹West Monroe. The State of Subscription Services Spending. August 2021. Accessed February 16, 2022. https://www.westmonroe.com/perspectives/report/the-state-of-subscription-services-spending. ²Additional data charges may apply when using apps. Please see your wireless carrier for more information.

 

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