4 Financial Spring Cleaning Tasks You Can Do in Less Than 10 Minutes

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KEY POINTS

  • Now is the perfect time to take care of all the little financial tasks you've been putting off.
  • Reviewing your subscriptions and life insurance policy can help ensure you're not spending more than you need to annually.
  • Checking your credit report can help you spot errors before they wreak havoc on your finances.

Spring cleaning usually means cleaning out closets, drawers, and basements to give yourself a fresh start. But those might not be the only things in your life that could use neatening up. Your finances need a little love once in a while too. But unlike cleaning a room, it can be difficult to know where to start cleaning up your finances.

Here are four simple tasks to get you on your way that shouldn't take you more than a few minutes. You can start with these and then work up to bigger projects if you're feeling really motivated.

1. Review your subscriptions

It's easy to rack up subscriptions and then lose track of them, especially if they only renew every few months or every year. Even if they're only a few dollars, they can add up over time, so it's a good idea to review yours every once in a while to make sure you're still using them.

Comb through your bank and credit card statements for the last year to look for subscriptions you may have forgotten about. If you're not using them anymore, cancel them before you're charged again.

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2. Automate your savings

Automating your savings can help you achieve your financial goals more quickly because you won't run the risk of forgetting to set aside funds each month. Many bank accounts enable you to set up automatic transfers to a savings account on a regular schedule so you don't have to remember to do this on your own.

If you don't think you can save a set dollar amount each month, you may want to look for a savings account, like the Ally Savings, that enables you to save your change instead. This rounds up every purchase you make to the nearest dollar and puts the change into your savings account to help you grow your wealth without straining your budget too much.

3. Review your life insurance policy

Those with life insurance policies should review them annually to make sure they still fit their needs. Things like a salary change or adding a new family member could affect how much coverage you want. It's best to make these adjustments as quickly as possible after they happen in order to keep your family's finances secure.

You'll likely have to reach out to your life insurance provider in order to make a change like this. Depending on what you hope to do, you may need to undergo a medical examination in order to complete the policy change.

4. Check your credit report for errors

It's a good idea for everyone to review their credit reports annually to ensure that all information appearing there is correct. Mistakes in your report could be a simple clerical error or it could be a sign of identity theft. Either way, it could create huge problems for you the next time you try to apply for a credit card or a loan.

You can view your credit reports for free at AnnualCreditReport.com. Everyone is entitled to one free report per bureau per year, and you can actually access free weekly credit reports through the end of 2023.

If you spot anything out of the ordinary, notify the credit bureau and the financial institution associated with the account immediately. The credit bureau will conduct an investigation and will update your report if appropriate. However, this can take time so it's best not to put it off.

As you work your way through the tasks above, you may come across other financial projects you want to tackle, like paying down credit card debt or building a better budget. Make note of these and work on them as you have time. Break them down into small steps whenever possible to make it feel less overwhelming.

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