When you think of spring cleaning, your mind likely turns more to windows and closets than monthly statements and savings accounts, but spring is a perfect time to give your finances a closer look. Spending some time with your finances can result in big savings and drawing nearer to your financial goals, so don’t neglect your financial house when you’re doing your spring cleaning.
Dust Off Your Insurance Policies
Most of us don’t give our insurance policies another look after the premiums have been paid. Take a few minutes to review your policies to make sure you’re not paying for insurance you don’t need, or worse, are paying for insurance that won’t cover your losses should you need to file a claim. Better still, call your insurance agent to discuss your coverage and ask for advice on getting the best coverage for your needs that fits into your budget.
Weed Your Monthly Bills
From huge cable or satellite packages with hundreds of channels you never watch to wireless phone plans that aren’t the right fit for your usage, there’s probably some monthly service you’re paying for that could use a little tweaking. A great example is that all-important wireless bill — if you’re lucky enough to live in an area where wireless internet service is abundant and free, then you may be paying for data that you rarely if ever use. Most service providers won’t contact you with ways to save money, but might make you an offer you can’t refuse if you let them know you’re considering dropping the service altogether.
Clean Up Your Credit Card Interest Rates
The one monthly bill that probably makes you cringe is your credit card bill. If you’ve been a conscientious credit user who pays on time and doesn’t go over the limit, call your credit card company to see about reducing your interest rate. Sounds crazy, but financial writer Mary Hunt swears by this, and her readers have written in saying that they, too, have had good experiences with negotiating interest rates with credit card companies. It’s worth a try.
Stash Some Savings
If you’re always telling yourself that you’re going to start saving, but haven’t yet taken the leap, there’s no better time than the present. Make a commitment to saving money this spring, even if it’s just a few dollars a month. Whether it’s stashing a few bills away in a coffee can, or starting a direct-debit savings account, there’s no amount too small to add up over time.