Spring Into Savings

Hi Money Masters,

Finally, Spring has technically sprung! It’s the time of year when we think about starting anew and fresh. Closets get cleaned out and Windows get scrubbed until they sparkle in the warm Spring sunshine. While we are in this marvelous new “spring cleaning” mode, let’s not stop with those things we can physically see and touch. Let’s also think about how we freshen up our finances with some “spring savings”! 

Have a Budget Meeting

This month, schedule a budget meeting with your partner (if you’re single, this goes for you too. Set a date in your calendar.) Make it enticing and add your favorite ice cream to the mix along with some music in the background.  During this time, look at your finances and budget from last month. Evaluate where you can change and switch things around or expenses you can eliminate completely. Compare your New Year’s goals (remember, I told you to write them down 😉 ) with where your finances are today.

Update Documents and Processes

Another important way to save this Spring is by updating financial items…

• take a close look at your insurance policies
• Update your W-4
• If you don’t have a will, don’t wait- there are numerous online sites that can get this done in minutes
• Sign up for direct deposit, if you haven’t already
• Automate savings

Use Your Own Natural Resources

I’m talking about those things that are in your control: managing your time, using willpower and demonstrating self-control. A good use of your spare time could involve searching for a bank that offers a free checking account. They ARE out there so once you find one, go ahead and make the switch. Meal planning is another process that takes some time but has major savings benefits. An average American buys a meal or snack about 6 times per week! Do the math- add up the last month of dining out expenses for you and you family. (I’ll catch you if you faint!)

Reward Yourself

After all the hard the work you’ve been doing, don’t forget to do something for yourself. “All work and no play” has the potential to back-fire and make you lose your savings momentum. While you are allocating funds to saving for retirement, college, house, etc. it’s a good idea to have a separate savings account for YOU. Call it your “FUN FUND”! Knowing that fun is in the future can really keep you on top of your goals.

Let Nature Help

The warmer temperatures can help you save naturally. Open windows for fresh air while the heat can be off and the A/C is waiting in the wings. Exercising outdoors can be a great alternative to spending on a monthly gym membership. Utility bills have a tendency to go up, up, up in the summer. The warmer weather will allow for any home improvements before the heat wave. Stores will help your Spring savings cause too. Many will have special sales because of the season including lower prices on frozen fruits and veggies as well as home improvement items.

Spring is a wonderful time of year. It brings a lot of positivity and freshness to many aspects of our lives. Our finances are an integral part of our lives as well. Don’t they deserve to be refreshed and sparkled up too?

Blessings to you always,

-Helen