Spring is a great time to take inventory of your home and clear out old or unused items, but it’s also an opportunity to evaluate your financial posture to see where you can reduce spending and save money. To make things easier we’ve got 3 simple tips to jumpstart your financial spring cleaning.
1 – Leverage Free Financial Apps
Currently, there are many helpful Financial apps that can give you a better view of your spending habits and allow you to start saving more effectively. Apps like Qapital and Digit give users greater visibility over their finances and set spending parameters to help you achieve your specific savings goals. Other apps like Truebill are more specialized and can help cancel unused or forgotten subscriptions.
2 – Review Last Year’s Savings Goals
It can be tempting to move onto new savings goals when you’re in the middle of cleaning up your finances. But without reviewing where you’ve come from, you won’t be able to accurately assess and adjust your saving patterns. What were your savings goals from last year? Are you making progress towards them or have you perhaps fallen short? Maybe these specific goals have changed and need to be reevaluated. By quickly reviewing and updating your savings goals you ensure that every dollar you save has a specified purpose.
3 – Spend Your Gift Cards
This tip may seem trivial, but it’s estimated that Americans have a collective $21 billion in unspent gift cards. Gift cards are essentially free money that’s often forgotten, misplaced, or lost. Collect all of your unused or unspent gift cards to identify where you can shop for free. Using up these gift cards not only saves you money, but also physically cleans out wasted space from your wallet or purse.
These are just a few quick tips to help you get started on your financial spring cleaning. For more helpful financial advice and tools, get FREE ACCESS to the Edge financial wellness platform – exclusively for military families.