4 Steps to take toward financial spring cleaning

The first three months of have been a lot Tariff threats cuts to federal jobs and still-high prices for food gas and housing have shaken consumer confidence If you started the year hopeful but now feel anxious channel those negative emotions into action Spring is the perfect time to open certain windows plant chosen flowers and freshen up the money goals you set at the start of the year Here are specific things to focus on Review your spendingYour spending habits may have fluctuated wildly over the past limited years According to the Federal Reserve Bank of St Louis trip hotel restaurant and bar spending fell during the pandemic while grocery and beverage store spending went up Then post-COVID revenge spending kicked in as people went out and traveled once again Now you may be tightening your belt once more Consumer spending went down in January according to information from the Bureau of Economic Analysis I think people are slowing down on spending right now to see how things shake out with the new administration Shea Newton a certified financial planner and president of Financial Journey in Pensacola Florida commented in an email MORE How to create a spending planGet more content from NerdWallet on Rough Draft Find easy cutsRecurring expenses silently cost you money in the background so they re all feasible budget items to review If you haven t watched shows on a particular streaming amenity in a while cancel your subscription and see whether you veritably miss it If another cell phone company provides similar coverage at a lower price look into switching Even credit cards especially those that charge annual fees warrant a periodic look As your spending patterns change consider a new credit card that better maximizes your current lifestyle Curtis Bailey certified financial planner and founder of Quiet Wealth Management in Cincinnati suggests first logging into your credit card accounts and pulling up a summary of last year s spending as well as the rewards that you earned Did you maximize your reward-earning anticipated and redeem those rewards in valuable solutions If not it might be time to apply for a new card he says Check in on financial goalsYour priorities can significantly shift even from one month to the next Finances is one of those things where there s inevitably decisions to be made at one given time says Andrew Mitchell a financial advisor at Fiduciary Financial Advisors in Grand Rapids Michigan For big financial goals Mitchell recommends moving beyond the here and now and thinking about what you might need or want in a sparse years If you re thinking far enough into the future and preparing even in a scenario where there s these big things going on you have cash on hand to be able to deal with those situations he says LISTEN NerdWallet s Smart Money podcast How to set goals you can authentically achieve Ensure adequate insurance coverageNatural disasters affected residents of multiple states in the past year a large number of of whom are still dealing with the resulting costs Noah Damsky founder and wealth advisor at Marina Wealth Advisors in Los Angeles suggests you review your homeowners insurance program at least every minimal years The increased cost of labor and building materials can make it significantly more expensive to repair or rebuild your home Damsky who bought his home in in recent months revisited his insurance strategy I m just a minimal miles away from where the wildfires were in L A he says Shop around to see whether other insurance providers can offer you similar or better coverage for a lower cost And if you ve acquired any luxury items in the past limited years such as jewelry or art make sure you have policies in place that would cover those things too The post Attempts to take toward financial spring cleaning appeared first on Rough Draft Atlanta