4 simple ways to spring clean your finances

With warm temperatures arriving, many of you may be inspired to get started on your spring cleaning. This can include removing clutter from living areas or giving your kitchen and bathrooms a thorough scrub down. In addition to cleaning up your home, it could also be beneficial to do the same with your finances. The following five tips can help with your financial spring cleaning in the coming months:

1. Develop a plan to pay off debt - Debt problems don't discriminate. Whether you are struggling or just want to rid yourself of any balances, Bankrate.com recommends taking some time to develop a plan to pay down your debt. This could include anything from creating a balance transfer to save on interest or consolidate all loans to transform your debt into one payment at a low interest rate. The most important thing is not to panic, as there are numerous successful ways for getting out of debt. 

2. Get rid of unnecessary accounts - Over the years, you may have opened accounts that you no longer use. According to U.S. News & World Report, spring is a good time to clean up these accounts, and rid yourself of any that are unnecessary. For example, if you have an extra checking account that is charging a fee every month, you may want to spend the one-time cancellation fee to close it. The same could be said for retirement accounts, as these can be costly to manage. 

3. Give insurance policies a check up - Another aspect of your financial life that could use some spring cleaning is your insurance. If you haven't checked up on your policies in a while, you may be missing out on savings. For instance, inquire with your car insurance provider about any potential discounts that you may qualify for. If you have added a car to your policy, you may be able to take advantage of a multi-car discount. 

4. Go paperless on accounts - If you want to receive less mail you may want to consider going paperless on your checking and credit card accounts. Not only does this mean you have a smaller carbon footprint, but many banks and lenders offer a small discount for completing this step.