Spring Clean Your Finances

April 4, 2018

What does it mean to spring clean your finances?  Spring cleaning occurs every year.   Some people clean up their yards.   Others deep clean their houses, removing unnecessary items.  Many people also attempt to “spring clean” their finances.  Getting things in order in your financial life could be the most important decision you make all year.  Extend this year’s spring cleaning into a brand-new domain by seeking some of the below goals for your finances.

De-Clutter Your Financial Life

Just as we “de-clutter” our house, sometimes you also need to de-clutter your finances.   You can de-clutter your finances by removing all unnecessary items out of your budget.  Your goal should be to reduce your expenses as much as possible.  Some expenses may be possible to reduce or rearrange.   Some expenses will simply need to be eliminated.

Systematically Pay Off Your Debts

Taking care of your debts and becoming as debt free as possible should also be your goal when Spring cleaning your finances.   The most basic way of achieving this is to make a plan to systematically pay off your debts.   Although your plan may take several months or even a few years, you should always have a solid plan for permanently eliminating your debt.  If you do not have this plan, then your financial house will remain in impossible disorder.  Plan for where every dollar goes and make sure every dollar counts towards your long-term goals.

Settle Your Debts

When Spring cleaning your finances, sometimes a particular debt may be too large to pay in full.  Many times, you can allow these debts to go into default and then arrange to pay the debt off with a single lump sum payment.   Sometimes you can only pay as little as 20-30% of the original debt.  If your debts become too large to repay, settling your debts can be a wonderful technique for putting your financial house back in order.

File for Bankruptcy

Spring cleaning your finances sometimes requires more bold and powerful action.  If your debt situation is truly impossible, you need to seek the advice of a bankruptcy attorney.  The most common time that people file for bankruptcy is during Spring.  A bankruptcy attorney can guide you through the bankruptcy process.  In addition, if bankruptcy is not the correct choice, the attorney will very likely also present other options for dealing with your debts.

Take Action Right Away

Do not be afraid to take bold action when Spring cleaning your finances.  Your financial life needs to be in order. It is actually even much more important than just the physical order of your home!  Make it your goal to get your financial Spring cleaning plans into action as soon as possible.

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