As the flowers bloom and the weather warms up, it’s the perfect time for a bit of spring cleaning—both for your home and finances. Just like you declutter your closets, these 9 simple tips can help refresh your finances. Let’s get started.
1. Review your budget and track your spending.
A great first step in your financial spring cleaning is to look at your budget. Review your income, expenses, and spending habits over the past few months. Are you spending more in certain categories than you realize? P that video service you rarely use is still draining your account, or dining out has become an expensive habit.
Take time to categorize your expenses and identify areas where you can cut back. Budgeting apps or a simple spreadsheet can help track your progress. You’ll find a budgeting tool in our Financial Education Center. While you’re there, review the other learning modules covering having a family conversation about money, managing your credit cards, and more. Once you have a clear picture, adjust your budget to allocate more towards savings or paying down debt.
2. Clear out financial clutter: Cancel unused subscriptions.
Have you checked your bank and credit card statements lately? You might be paying for services you don’t remember signing up for. Subscription fatigue is real, and many of us forget about the small monthly payments for apps, magazines, or streaming services we barely use. These monthly expenses can add up over time, and eliminating them can free up money for things that really matter to you.
Go through your accounts and cancel any unused or unnecessary subscriptions. The Subscription Manager Tool in our digital banking platform, Tulee, helps you take control of your subscriptions and recurring payments. If you haven’t signed up for Tulee, now’s the time.
3. Tackle debt head-on.
Spring cleaning is the perfect time to tackle any lingering debts. Start by reviewing all your credit card balances, loans, and other debts. Prioritize high-interest debt (like credit cards) and work out a plan to pay it down faster. Alternatively, the debt snowball method—focusing on paying off the smallest balance first—can also help you build momentum.
How much interest are you paying on your credit card debt? Look up your latest statement to find out. The national average is around 22% APR*. Consider applying for our Select Visa®. Interest is as low as 8.99% and you can enjoy 0% intro APR for the first 6 months**.
If you have multiple debts, consider consolidating them with a personal loan, like our affordable Signature Loan, with a rate as low as 9.99% APR. You can borrow up to $40,000, and it offers terms of up to 60 months.
4. Check your credit report.
A key part of your financial health is your credit score, and spring cleaning is a great time to give it a check-up. Opt-in to receive your free monthly FICO® Score, dn’t worry; there’s no hit to your credit report when you access it in Tulee. Request a free credit report from one of the major bureaus (Equifax, Experian, or TransUnion). Look for any inaccuracies or fraudulent activity that could be hurt your credit score.
If you find any discrepancies, dispute them immediately. Maintaining a good credit score can help you secure better loan rates and improve your financial opportunities.
5. Revisit your emergency fund.
Your emergency fund is a safety net during unexpected life events, such as job loss, large auto repair bills, or medical expenses. It’s crucial to keep this fund replenished and on track. If you don’t have an emergency fund, now is a great time to start one. Open an Online Savings account now to earn 3.50% APY† with Direct Deposit (2.00% APY without it).
Financial experts recommend having three to six months’ worth of living expenses saved. Consider setting up automatic transfers to your savings account so you can consistently grow this fund without thinking about it. Signing up for Direct Deposit at the Credit Union is a quick, easy, safe way to fund your emergency fund, and it comes with a boost of 1.50% APY‡ on your Online Savings account balance to help you build your fund faster.
6. Plan for the future.
Spring cleaning isn’t just about clearing up the present; it’s also about preparing for the future. Consider contributing more to your retirement accounts, whether it’s a 401(k), IRA, or other investment vehicle. Setting clear financial goals and reviewing them regularly will keep you focused on your long-term financial health.
7. Update your will and estate plan.
Spring cleaning is a great time to take a step back and ensure your estate planning is current. Life circumstances change—whether it’s a new job, marriage, or the birth or adoption of a child. Reviewing and updating your will, trust, and beneficiaries is essential. Make sure your assets are directed according to your wishes, and if you don’t have an estate plan in place, now might be the perfect time to create one; our friends at Trust & Will can help. Members save 20% off any online estate plan.
Also, review any life insurance policies or health directives to ensure they align with your current situation.
8. Reevaluate your investment portfolio.
Financial spring cleaning isn’t complete without looking at your investments. Markets change, and so do your goals and risk tolerance. If you’ve accumulated investments over the years, take a moment to review your portfolio. Is it diversified enough? Have you invested in funds or stocks that align with your current financial goals and risk appetite?
You might want to consult with a financial advisor or use robo-advisors to help ensure your investments are in line with your retirement and long-term goals. Rebalancing your portfolio can help minimize risk and maximize returns over time.
9. Set new financial goals.
Finally, spring cleaning your finances includes looking ahead. Take the time to reflect on your financial goals, both short-term and long-term. Whether saving for a vacation, buying a home, or paying off debt, setting clear and actionable goals can motivate you to stay on track.
Break down your financial goals into manageable steps. For example, if you want to save for a down payment on a house, figure out how much you need to set aside each month to reach that goal. Setting SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals will help keep you accountable and focused.
If you need help setting your financial goals or want to see how you’re doing on the road to financial wellness, take our Financial Wellness Check. It only takes about 5 minutes and can help you grow wealth efficiently and avoid costly financial pitfalls. To bump up your financial savvy, connect with one of our Financial Counselors who can offer tailored, candid, practical advice.
Final thoughts.
Just like cleaning out your closet, financial spring cleaning is all about decluttering, organizing, and setting yourself up for success. By reviewing your budget, tackling debt, checking your credit report, and planning for the future, you’ll feel refreshed and ready to take on your financial goals. Spring is the perfect time to clear the financial clutter and make way for a healthier financial future, and these 9 ways to refresh your finances are a great way to start.
*Schulz, Matt, “Average credit card interest rate in America today,” lendingtree.com. Published 7 February 2025. Accessed 21 February 2025.
**Visit figfcu.org/select-visa for complete terms and conditions. Zero Percent (0%) Introductory Rate Promotion for purchases, is offered for new FIGFCU Select Visa® Credit Card account holders. This incentive offer, is not available to those members who are opening a new Select Visa and had an outstanding balance or a closed FIGFCU Zero Percent Loan account and/or had any FIGFCU Select Visa® Credit Card within the last year. If you are in an introductory rate promotion period, you are not eligible to transfer other loan balances, line of credit balances, credit card account balances or CASH Advance to take advantage of the introductory rate promotion.
The program promotion may be modified, suspended or cancelled or may be changed at any time without notice and without restriction or penalty. Farmers Insurance Federal Credit Union reserves the right to change the promotion rates and program retention period from time to time. You will be notified of any expiration or program changes as required by law. Contact Farmers Insurance Federal Credit Union for details on applicable conversion to current rate and payment options which are then in effect. At Farmers Insurance Federal Credit Union’s sole discretion, the program offering of the program may be terminated, for any reason, including but not limited to a “Rules Violations”, your Farmers Insurance Federal Credit Union account is not in good standing or is suspected of fraud, or if you move to another Farmers Insurance Federal Credit Union credit card.
This program is void where prohibited or restricted by law. You are responsible for any federal, state, or local taxes.
Effective Offering Dates: Promotion period for Zero Percent (0%) introductory is effective for FIGFCU Select Visa® Credit Cards opened beginning July 20, 2020 through “until further notice”.
Loss of Introductory APR: We may end your introductory APR and/or apply the Penalty APR if you make a late payment or are Over limit.
Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is provided in the Billing Rights section of the Visa® Credit Card Agreement.
Introductory rate and incentive offers for Select Visa®, are not available to those members who had an outstanding balance on a preexisting or closed FIGFCU Visa Credit Card account and/or had an FIGFCU Visa Credit Card within the last 12 (twelve) months. If you are in an introductory rate promotion, you are not eligible to increase limits until the introductory rate promotion has expired.
APY = Annual Percentage Yield. APY is the annualized rate based on a compounding period of one year. When the deposited money earns dividends and the accumulated dividends starts earning dividends as well, we are talking about compounding. Fees could reduce the earnings on an account. All yields except Certificate yields are subject to change retroactively to the beginning of the month.
Rate bonus is for a minimum of $1,000 monthly ACH Direct Deposit or Agent Net Check into a Farmers Insurance Federal Credit Union Checking Account. Rates are subject to change at any time. No branch or call center access with this account.
†, ‡The national average for this type of account is 0.42% APY, based on rates published in the FDIC Monthly National Rates and Rate Caps accurate as of 01/21/2025.
