Spring cleaning your finances is a great way to refresh your financial situation and set yourself up for success. Yes, it is that time of year when we clean up our home and important review of all that makes us us. 

Here are some key areas to focus on: 

1. Organize Your Financial Documents

  • Shred outdated documents and keep only necessary records 
  • Digitize important files for easier access 
  • Update passwords for online financial accounts

2. Review Your Budget & Expenses

  • Analyze your spending habits and adjust your budget 
  • Cancel unused subscriptions or memberships 
  • Negotiate better rates for utilities, insurance, and other services 

 3. Check Your Credit Report & Score

  • Get a free credit report from AnnualCreditReport.com 
  • Dispute any errors to improve your credit score 
  • Pay off outstanding debts or consolidate high-interest loans 

 4. Tidy Up Your Debt

  • Make a plan to pay off high-interest debt first (debt avalanche) or smallest balances first (debt snowball) 
  • Consider refinancing loans if you can get a better interest rate 
  • Set up automatic payments to avoid late fees 

 5. Refresh Your Savings Goals

  • Increase contributions to your emergency fund (aim for 3-6 months of expenses) 
  • Set up automatic transfers to savings or investment accounts 
  • Reassess short-term and long-term financial goals 

 6. Review Investments & Retirement Accounts

  • Check your 401(k), IRA, or other retirement accounts for rebalancing 
  • Increase contributions, if possible, especially if there is an employer match 
  • Review investment allocations to ensure they align with your goals 

 7. Optimize Taxes

  • Gather tax documents early and file on time 
  • Maximize deductions and credits 
  • Adjust W-4 withholdings if you owed taxes or got a large refund last year 

8. Update Your Insurance Policies

  • Review life, health, auto, and home insurance to ensure adequate coverage 
  • Shop around for better rates if needed 
  • Check beneficiary designations and update as necessary 

 9. Declutter and Sell Unused Items

  • Sell or donate items you no longer need (clothes, furniture, electronics) 
  • Use the extra cash to pay off debt or boost savings 

10. Set Financial Goals for the Year

  • Define clear short-term, mid-term, and long-term goals 
  • Track progress using financial apps or spreadsheets 
  • Stay accountable with regular check-ins on your financial health 
  • Examine “Lazy Money” monies like 401(k) from former employers, bank CD’s, etc. looking for a higher return or a tax deferred product (annuity) 

Speak with your Sons of Norway agent regarding additional help with your financial goals, or find an agent on our website.