8 ways to spring clean your finances

Spring has sprung. And with the ushering in of all things new, there often comes an urge to tidy up your space. That can mean your physical home—but it can include your financial house, too.

Getting started can feel overwhelming. But if you’re ready for a fresh start, these steps can help you turn springtime into a springboard for achieving your financial goals.

Start with a realistic look at where you’re at and the jobs to be done. You can liken paying off lingering holiday debt to cleaning the attic. Or detangling your multiple retirement accounts to organizing the closets.

“Looking at your data is the first step,” says Eric Berg, Advice Service and Digital Tools consultant at Thrivent. “Where is your money going? What are your recurring bills, from utilities to subscriptions? What about lifestyle? How much are you spending on groceries, food, drinks, entertainment and gas?”

Thrivent client Mary Oringdulph of Black Forest, Colorado, says this step requires quite a bit of introspection. The pharmaceutical company director, wife and mom of four was making a substantial salary, but she still found her family struggling.

“I’d wonder, ‘We make good money, so how come it’s not going far enough?’” Mary recalls. That’s when Mary called on the help of Thrivent Financial Advisor Stephanie Colgate.

In addition, Mary signed up for Money Canvas®, a free money coaching program from Thrivent.

“We became much more mindful of the financial decisions we were making,” Mary says. “With all four kids in multiple sports and activities, not only were we paying for things like travel, registration and gear; we were also doing a lot of takeout and dining out while on the go—on top of buying groceries we were never at home to prepare or eat.”

In addition to activity-related expenses, Berg says a key category of overspending for young families is streaming services.

“Check your bank statements to make sure you’re not unintentionally paying for a service that you forgot to cancel after a free trial or that you may already be duplicating or paying for as part of a bundled deal,” he recommends.

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Spring can be a great time to let go of any excess. (Think old lawn tools, outdated décor or sweaters you didn’t wear all winter.) The same can be said of financial excess. Look for opportunities to purge everything from poor money management habits to physical clutter, like financial documents.

Brandon Dale, a Thrivent client who also works with Colgate and is general manager of a popular ice cream chain in the Colorado Springs area, said using a credit card was one of the toughest tendencies to break.

“I was constantly swiping my card thinking I’d deal with the consequences later,” Brandon says. “And anytime there was an extra fee for using a card or ordering delivery, I’d just go ahead and pay extra. Or I’d treat my friends if we were out together.”

Brandon found the key to kicking those habits required disrupting the cycle. He didn’t deny himself “fun money” for hobbies and adventures with his 7-year-old son, Hendrix. But he started keeping those funds in cash.

“We get so set on a path and stick with it—things get so automatic,” Colgate says. “Shifting to cash can bring about more intentionality. You often think twice when you’re physically removing something from your wallet.”

An overabundance of papers also can clutter up your financial priorities and eventually feel overwhelming. (Did you already pay that bill? Do you still need your 2016 tax return?)

As you dream about spring break or plan ahead for a summer getaway, Berg says to not forget shorter trips—to the shredder.

“Keep statements, medical bills and tax returns for up to three years,” Berg says. “Everything else is just taking up space on your desk or in the filing cabinet. Especially when so many things are archived or stored digitally, too.”

Purging unwanted items from your home can occasionally better your financial situation, too.

As rummage sale season begins, Berg suggests using proceeds from a garage sale or Facebook Marketplace listing to help with goals like paying off high-interest debt or seeding an emergency savings fund.

“If something isn’t important to you anymore, why not use it to help you make progress toward a goal that is?” Berg says.

Just be mindful that any transactions or meet-ups are done safely and legitimately.

If you like to create “keep,” “donate” and “throw away” piles as you sort through your belongings, good news: A similar kind of categorization may help you tackle your financial goals.

Colgate says the envelope system, a budgeting method that encourages portioning out cash for different spending categories, can help you take control in areas where you tend to overspend. That can include everything from groceries and dining out to debt payoff and child care. And it can be personalized to what’s most important to you.

“We created a separate food category, which really helped us track what we had available but still made sure we could feed two high school athletes and 8-year-old twins,” Mary says.

In addition to envelope budgeting for top day-to-day spending categories, the Oringdulphs accounted for annual high-spending events. “We actually created a category for Christmas,” Mary says. “We were tired of putting everything on a credit card and relying on our bonuses just to get ourselves out of that debt year after year.”

She says envelope budgeting has given their family freedom to use that bonus for more worthwhile expenses, like family vacations, and keeps the holidays merrier.

“There’s no better feeling than starting your holiday shopping knowing Christmas is already paid for; we just haven’t bought it yet.”

April showers may bring May flowers, but for many, this time of year also can bring about windfalls like tax refunds and performance bonuses.

“It can be tempting to spend that money in one place, but if you use it instead to pay down high-interest debt, you’ll have more room to spend later on,” Berg says.

Salary raises can also offer an opportunity to bump up contributions to an individual retirement account (IRA) or 401(k).

In the spirit of spring, Berg recommends taking advantage of the season to help make daily living expenses more affordable. “Consider planning your meals at home around ingredients that are in season and more readily available,” Berg says. “If you have a habit of overspending on food and entertainment, now’s a great time to get to farmers markets and parks—things that make sense this time of year that won’t cost you as much.”

Berg says seasonality also can make a major difference in goal setting. As you look to set SMART (specific, measurable, achievable, relevant and time-bound) financial goals, you can use the season to set those timelines, like committing to paying off your highest-interest credit card by the end of summer.

Colgate tells clients that those short-term efforts and compromises can have long-term rewards.

“As you adopt more self-discipline, remind yourself: This isn’t forever. It’s OK to make yourself a little uncomfortable now so you can be comfortable in the future,” she says.

Does the deck need restaining or your garage need sorting through? Do you need to prioritize emergency savings or finally get serious about debt? Now’s the time to tackle any big projects you’ve been putting off.

For Heather Bunkin, a Thrivent client and elementary school teacher in Chesterland, Ohio, that project was saving for retirement. She reached out to Thrivent Financial Advisor Rob Lord.

“Retirement really snuck up on me,” Heather says. “I realized I could retire in four years from teaching—but I didn’t have anything saved. And I wanted to do it debt-free.

“That was a wake-up call,” she recalls. “I needed to get my ducks in a row.” Heather made a plan to aggressively pay off credit card debt and also adopt a budget that allocates some of her income for emergency savings.

“What I commend Heather on most with her timeline is, she is committed to taking the steps. Every time I see her, she comes back with changes made,” Lord says. “If you’re worried you’ve waited too long to do something about your finances, I like to remind clients, ‘The best time to start is today.’”

Picture this: You’ve deep-cleaned your home. The floors are mopped. The baseboards are scrubbed. Your windows sparkle—inside and out. It was a major undertaking that you’re hoping to avoid repeating—much like getting out of debt or taking the pains to become financially stable. The solution? Build habits and take on bite-sized tasks throughout the year to avoid a backslide.

“We see people who get out of debt and go right back into it,” warns Berg. “Consider directing a certain amount of money directly into a savings account. You can watch it build up and have some satisfaction. And, even if you do have to tap into it, you’ll think harder about that decision instead of mindlessly swiping a credit card that accumulates interest around 22%.”

Don’t underestimate the power of a little outside help, either.

“Continue the relationship with a financial advisor,” Colgate says. “We’re there to be an accountability partner so that you’re reaching the goals you want to. Having regular check-ins with a professional can help keep you on track and stay successful.”

Brandon has experienced the benefits of this accountability. “The positive habits you build make such a difference,” he says. “I’m confident that once my debt is gone, the habits will still be there.”

Nicole Abendroth is a writer in Wisconsin.