15 Tips for Spring-Cleaning Your Finances

With the dawn of spring, many people take the opportunity to tidy up their homes. But your efforts shouldn't stop at your physical space. It's also a prime time to spring-clean your finances as well.

Not sure how to do that? Try these 15 tips for getting your financial life in better order.

Our credit card expert uses this card, and it could earn you $1,148 (seriously)
As long as you pay them off each month, credit cards are a no-brainer for savvy Americans. They protect against fraud far better than debit cards, help raise your credit score, and can put hundreds (or thousands!) of dollars in rewards back in your pocket each year.

But with so many cards out there, you need to choose wisely. This top-rated card offers the ability to pay 0% interest on purchases until late 2021, has some of the most generous cash back rewards we’ve ever seen (up to 5%!), and somehow still sports a $0 annual fee.

That’s why our expert – who has reviewed hundreds of cards – signed up for this one personally. Click here to get free access to our expert’s top pick.

To make sure your money is going to the right place, it's helpful to have detailed financial goals. If you don't already, set both some long-term objectives (such as saving for retirement) and some short-term ones.

You'll also want to keep tabs on how you're doing with achieving the goals you've set. Review your accounts, see if you're on track, and make any necessary modifications.

Do you currently have a system for tracking your spending, monitoring your progress toward your goals, and keeping tabs on your net worth?

If you don't, now is the time to adopt one so you can keep your financial details organized. There are many different apps out there you can use, or a simple old-fashioned spreadsheet could also do the trick.

If you're like most people, you have multiple types of financial accounts open, including banks, credit cards, and brokerage accounts.

Make sure you have a master list somewhere of all the accounts you currently have open, as well as what you owe on your debt or have invested. And check to make sure those accounts are optimized for you.

For example, you may want to switch bank accounts if you're paying high fees or change to a broker offering fractional shares if yours doesn't.

If you have old accounts you no longer use, consider whether it's worth keeping them open.

You may decide not to close old credit cards because you don't want to damage your credit score. But other types of old accounts, such as bank accounts you no longer have money in, typically don't need to be open anymore.

Paring down your accounts to only those you use can help make managing your money much simpler.

ALSO READ: Thinking About Canceling Your Travel Credit Card? Do This Instead

Keeping tabs on your credit report and score helps you to see how you're doing financially. A good score can open up doors for you, including affordable borrowing options. It also shows you've been largely responsible with payments.

If your score is lower than you'd like, you can identify the issue and work on taking steps to fix it -- such as paying down a high debt balance.

Our credit card expert uses this card, and it could earn you $1,148 (seriously)
As long as you pay them off each month, credit cards are a no-brainer for savvy Americans. They protect against fraud far better than debit cards, help raise your credit score, and can put hundreds (or thousands!) of dollars in rewards back in your pocket each year.

But with so many cards out there, you need to choose wisely. This top-rated card offers the ability to pay 0% interest on purchases until late 2021, has some of the most generous cash back rewards we’ve ever seen (up to 5%!), and somehow still sports a $0 annual fee.

That’s why our expert – who has reviewed hundreds of cards – signed up for this one personally. Click here to get free access to our expert’s top pick.

If your credit report has mistakes on it, take action to get the inaccurate information removed. It's best to do this as soon as possible as it takes time to fix a credit report and you don't want your score -- or borrowing ability -- adversely affected by an error.

ALSO READ: Are There Errors on Your Credit Report?

If you have a budget, conduct a review of it to make sure it's working for you. Check to see how your actual spending compares with your budgeted costs. If there's a discrepancy, look for ways to fix it -- either by reducing spending or budgeting more.

If you have no budget, then take this time to make one ASAP.

Often, it's easy to just stick with your current spending levels. But you may have the chance to cut costs in certain areas.

Look at where your money is currently going, make sure it reflects your priorities, and see if there are opportunities to change your habits to make cuts.

Take a close look at your recurring bills, such as for utilities, car insurance, and even your housing or car loan payments. Consider whether you may be able to reduce these ongoing costs by switching to a new provider or refinancing to a new loan at a lower interest rate.

ALSO READ: Why Should I Refinance My Mortgage?

If you have gym memberships you aren't getting much use out of or streaming services you're paying for even if you don't watch them much, take the time to cancel them now. That can put a little extra money back into your pocket every month.

Our credit card expert uses this card, and it could earn you $1,148 (seriously)
As long as you pay them off each month, credit cards are a no-brainer for savvy Americans. They protect against fraud far better than debit cards, help raise your credit score, and can put hundreds (or thousands!) of dollars in rewards back in your pocket each year.

But with so many cards out there, you need to choose wisely. This top-rated card offers the ability to pay 0% interest on purchases until late 2021, has some of the most generous cash back rewards we’ve ever seen (up to 5%!), and somehow still sports a $0 annual fee.

That’s why our expert – who has reviewed hundreds of cards – signed up for this one personally. Click here to get free access to our expert’s top pick.

Take a close look at what you currently owe, who you owe money to, and how your efforts at debt payoff are going. If you aren't making progress on reducing your total debt amount -- or you want to become debt-free faster than your current trajectory allows -- look for solutions.

This could include using a balance transfer or debt consolidation personal loan, or it may involve reallocating some of your money to larger monthly debt payments.

To make sure you're investing enough for your goals, set up automatic transfers to different savings accounts and brokerage accounts.

If you make the process of saving and investing automatic, you stand a much better chance of actually achieving your objectives. You'll also make your money management process a lot simpler going forward.

Also, consider setting up automatic payments to your credit cards, mortgage or rent, and other monthly obligations. If you're confident you have enough in your budget and you can handle these tasks effortlessly, you'll free up a lot of time. And you'll always know your money is going to exactly the right places.

If you have tons of old financial paperwork, look through it and decide what you can get rid of and what you need to save. By not keeping a lot of clutter around, you'll be more easily able to quickly access your important papers when you do need them.

Your investment portfolio can become unbalanced if some of your investments perform better than others. Your risk tolerance also changes over time, which means a portfolio that was a good fit before may need to become more conservative as you age.

Take the time to look closely at your holdings and ensure your asset allocation makes sense for your current life stage.

Our credit card expert uses this card, and it could earn you $1,148 (seriously)
As long as you pay them off each month, credit cards are a no-brainer for savvy Americans. They protect against fraud far better than debit cards, help raise your credit score, and can put hundreds (or thousands!) of dollars in rewards back in your pocket each year.

But with so many cards out there, you need to choose wisely. This top-rated card offers the ability to pay 0% interest on purchases until late 2021, has some of the most generous cash back rewards we’ve ever seen (up to 5%!), and somehow still sports a $0 annual fee.

That’s why our expert – who has reviewed hundreds of cards – signed up for this one personally. Click here to get free access to our expert’s top pick.

By going through these 15 steps, you can get your financial life in great order -- and make it a lot easier to manage your money and accomplish your goals going forward.

They should be part of your spring break to-do list every year, because they'll improve your life much more than cleaning out your closets ever could.