Spring cleaning your finances
/It’s springtime. After months of gray skies, the sun is peering through the clouds and the flowers are blooming. Spring is the best time to get re-energized about your money goals and take big steps to achieve them.
There’s a reason why spring cleaning is something that your grandmother and mother practiced religiously every year. The season is the perfect time to let go of the old and make space for the new. When it comes to money, this is the time re-evaluate what is working and release patterns that no longer serve you in order to invite abundance.
Ready to do some major spring cleaning on your finances? Here are 10 steps to take.
Clean out your closet. Nothing says you are ready for an upgrade in your life than getting rid of clothes. Go through your closet and pack up the articles that no longer fit or just don’t inspire you. You can donate them or, with the gently used items, send them off to thredUP so you can get paid!
Review your money goals for 2018. Take a look at the goals you set back on New Year’s Day and reflect on your progress. Is there anything that needs to change or be updated? If you realize that some goals may have been overly ambitious - that is ok! Life happens. Now you can adjust them to something that is more attainable. Otherwise, keep going for that big, bold, audacious goals.
Set goals for this quarter. If you are a blogger and business owner, how many pieces of content do you want to create? How many brands do you want to work with and how many clients do you want to sign up? When you write down your goals, don’t forget to include your savings and investing accounts totals. How about increasing them by 25% this quarter? You can do it!
Review your bank accounts. Check the fees you’re paying on your various accounts and if you are maximizing your earning potential. One account that most people overlook is their checkings account. Many banks charge a fee to hold an account or do not offer an opportunity to earn interest. With a Radius Bank’s hybrid checkings account, you can earn 0.85% APY* on your balance. It’s an incredible product and an easy way for you to make money on that money. Get it, girl!
Tidy up your bookkeeping. Like a clean closet for your clothes, your bookkeeping is the closet for your money. And nothing says you care more about your money than a fresh set of books. Whether you use Excel, pen & paper, or a digital bookkeeping program (we highly recommend going with an app!), make sure everything is up to date and in order.
Re-evaluate your life. This may seem a little dramatic, but we all have a little drama queen in us. And it’s necessary. Take note of how you are spending your time, who you are spending it with and if it is in alignment with the vision you have for this season of your life. It may be time to let some people go or remove activities that are not getting you to where you want to be, financially.
Calculate your net-worth. Your net-worth is your assets minus liabilities. We talk a lot about this at Money & Mimosas because it is the true indicator of your personal wealth. Compare it to your net worth from three months ago, and set a goal for this quarter.
Review your business and make adjustments. Are you happy with all of the services you provide? Is it time to let go of clients or proactively seek out new ones? Listen to your intuition and make the changes you need to make.
Clear your money energy. As Erykah Badu says, you gonna hurt your back carrying all them bags. Many of us are holding on to resentment and anger against ourselves for past money mistakes. Practice some self-forgiveness and self-compassion exercises to let that ish go.
Refresh your money mindset. After you’ve cleared the air, now you can dream. Take 10-15 minutes to imagine the grandest life possible for yourself. Who are you hanging out with? What are you wearing? What are the sights and sounds you are experiencing? The types of food you are eating? Hold on to that vision of yourself and operate from it during this beautiful spring season.
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This post was in partnership with Radius Bank.
*Annual Percentage Yield (APY) is accurate as of 04/18/2018. Minimum amount to open account is $10.00. Rate tiers are as follows: 0.00% APY applies to balances of $0.01-$2,499.99, and 0.85% APY applies to the entire balance on balances of $2,500 or more. Rates may change after account is opened. Fees may reduce earnings.
