Spring Clean your Finances

It has been a long, cold and snowy winter which leaves most of us looking forward to spring arriving March 20th. Longer days with warmer weather will be coming soon and with it the traditional spring cleaning to deep clean your home. This year, plan to spring clean your finances too with a comprehensive review and plan of action:

Audit spending

• review your last three months of spending from your bank statements and/or credit card statements and highlight any unusual expenses.
• note any recurring expenses that you do not utilize and cancel underused subscriptions, gym memberships, streaming services, etc.
• review insurance policies and cell phone or internet contracts and shop around for more economical rates or contact your provider for new deals

Adjust your Budget

• with the increased cost of food and living expenses and items noted from your audit above, adjust your budget to ensure you are living within your means

Declutter financial documents

• sort through old bank statements, tax returns and invoices and securely scan those you need to retain and shred those you don’t

Consolidate debt

• make a list of credit cards and lines of credit, noting the balances owing and interest rates
• contact your bank to inquire if you can consolidate debt into one loan to pay off sooner
• if your debt list is too overwhelming to handle on your own, reach out to a Licensed Insolvency Trustee to discuss other solutions

Check your credit report

• Trans Union and Equifax provide free reports on their websites at https://www.transunion.ca/product/consumer-disclosure and https://www.equifax.com/personal/credit-report-services/free-credit-reports/
• ensure all addresses, employment and credit listed is accurate. If there is suspicious reporting, contact the credit bureau immediately.
Aim to have your finances spring cleaned by the end of May so your home and finances will be ready to enjoy summer.