It’s time to spring clean your finances!

Time for spring cleaning! You might have already completed this task in your home, but now it’s time to spring clean your finances. While not the most enjoyable task, this is an essential job for everyone who wants to keep their financial situation in the best shape possible. Plus, the feeling of financial confidence and security is well worth the work involved! While everyone’s financial spring cleaning process is different, here are a few tips to help you get going.

Do a check-in with your financial goals

As we approach the middle of the year, now is a good time to check on any goals you may have set for yourself back in January. Many people set financial resolutions at the beginning of the year. However, much like traditional New Year’s resolutions, it’s easy to lose track of these goals if you are not actively checking in on them. 

You may have set out to spend less, save more, or start investing this year. As you look back on the first few months of 2025, have you made progress towards achieving these goals? If you compare your current finances to six months or even a year ago, do you notice a difference? The changes don’t need to be drastic, as it can take time to reach your goals. The important thing is knowing that you are moving in the right direction. If you find yourself staying in one place, or worse, moving backwards, it’s time to reevaluate your goals. You want to tailor your goals to your situation so you can set yourself up for success!

Got any debts? Time to clean them up

If you have debts, now is a good time to evaluate your plans for paying them off and make sure your current strategy is working. Many people have debts in the form of a mortgage or car loan, and this is not a bad thing! The important part is to ensure you are staying on top of your payments, and that these debts aren’t overwhelming your finances. The troubles start when you feel like you are drowning in debts without a clear idea how to pay them off. It is surprisingly easy to find yourself in this situation, but much harder to escape it.

Begin by making a list of all your debts, and ensure you are making at least the minimum payments on every single one of them. Neglecting any payments puts you at risk of collecting late fees, which will only add onto your debt load. Sometimes, a good organizational reset is all you need to get yourself back on track. If your debts are more serious than a case of reallocating funds, it may be time to reach out to a mortgage broker about debt consolidation. We can help you evaluate your options and find the best path forward.  

Simplify your subscription list

Subscriptions can have a surprisingly huge impact on your bank account. For most people, this is because they have many more subscriptions than they use, or even know about. We have all signed up for a seven-day free trial of a service and forgotten to cancel it, resulting in months or even years of charges. If you have autopay set up, you might not even know how much you are spending, or what you are spending money on. An easy but impactful way to spring clean your finances is to go through all of your subscriptions and accounts. When you come across something you don’t use, cancel it to avoid further charges. With the costs of subscriptions steadily increasing, you could save yourself hundreds or even thousands of dollars in the long run. Use this money to pay off debts, increase your savings account, or make smart investment decisions.

Automate regular payments 

Before you do this, be sure to get rid of any unwanted services or subscriptions, as mentioned above! It’s very important to know exactly what you are paying for each month if you want to automate your payments. This is to prevent accidental and unnecessary spending on services you don’t need or want.

If you tend to forget to make payments, setting up automatic payments can be a great idea. This keeps you from incurring late fees and helps you stay on top of your finances. Things like rent or mortgage payments, subscriptions, credit card bills, and utilities are all items you can likely pay for with automatic payments. That way, you don’t need to worry about whether you made your payments on time. This is a lifesaver for those who tend to lose track of due dates. 

When the time comes to spring clean your finances, your needs will vary from someone else’s as it all depends on your unique circumstances. There is no one-size-fits-all strategy to cleaning up your bank account and financial strategy, but you can use these basic tips as a starting point to guide you through the process. If you have any questions related to homeownership, you can also reach out to your mortgage broker at any time! We are always here to help you make the most of your homeownership experience and ensure you are in the best position possible.

If you have any questions about your mortgage, give us a call at Centum Home Lenders! You can reach us at 506-854-6847, or get in touch with us here.