{"id":5720,"date":"2018-04-23T08:54:33","date_gmt":"2018-04-23T12:54:33","guid":{"rendered":"https:\/\/goday.ca\/blog\/?p=5720"},"modified":"2021-09-30T10:49:32","modified_gmt":"2021-09-30T14:49:32","slug":"how-to-spring-clean-your-finances","status":"publish","type":"post","link":"https:\/\/goday.ca\/blog\/how-to-spring-clean-your-finances\/","title":{"rendered":"How to Spring Clean Your Finances"},"content":{"rendered":"

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There\u2019s nothing more invigorating than when seasons start to change, especially when you live in a country that gets cold and dreadful winters. Spring brings with it melting snow, warmer temperatures, blooming flowers, and lifted spirits. Not to mention, the desire to clean up your home and life to get it ready for a great summer. <\/span><\/p>\n

Spring cleaning doesn\u2019t just need to refer to physically cleaning out old clothes from your closet, and getting rid of those knick knacks collecting dust in your living room, it can also mean cleaning up and reorganizing your finances. Being on top of your finances and taking the time each year to reevaluate everything will help you be more organized and aware of your savings and financial situation. Here is the ultimate guide to help you spring clean your finances. <\/span><\/p>\n

Getting started<\/b><\/h4>\n

Reevaluate or create a budget <\/b><\/h3>\n

To get yourself started on spring cleaning your finances, let\u2019s talk about budgeting. If you already have a <\/span>budget<\/span><\/a>, pull it out to reevaluate. If you don\u2019t, it\u2019s time you get yourself one. <\/span>
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\n<\/span>First things first, you are going to want to look at all your recurring expenses and income (after deductions). If you already have a budget, take a look at if anything has changed since you last put together a budget. Your priority should be to include the recurring expenses that are necessities, versus nice-to-haves. Examples of necessities would be: <\/span><\/p>\n

– Your rent or mortgage payment
\n<\/span>– Groceries
\n<\/span>– Heat and electricity
\n<\/span>– Water bill
\n<\/span>– Phone and internet
\n<\/span>– Car payments
\n<\/span>– RRSP, or other retirement saving contributions <\/span><\/p>\n

Once you have the recurring necessary expenses in your budget, evaluate how much you would like to spend on the nice-to-have expenses. These can include things like eating out, entertainment, shopping, <\/span>memberships to gyms<\/span><\/a> or other services, etc. Keep in mind your income that you have coming in. You should be able to breakeven and still have disposable income for other things like an emergency, or unexpected expenses that are bound to come up. <\/span><\/p>\n

A good app to keep in mind when creating a budget, but also tracking your spendings and earnings, and sticking to your budget is <\/span>Mint<\/span><\/a>. There are also some <\/span>other ones out there<\/span><\/a> that can help you stay on track!<\/span>
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\n<\/b>Budgets may seem time-consuming but it\u2019s important that you have a plan in place that tracks your spending and saving habits.<\/span>
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