5 ways to Spring clean your finances

NEW HAVEN, Conn. (WTNH) — Spring starts Monday which starts a popular time to do some cleaning!  It’s also a great time spring clean your finances.  We came up with a couple quick ways to clean things up around the house and in your wallet. Start with your closet! It’s time to bag up what you don’t wear anymore and bring them to a consignment shop. You can make some real money that way! That includes household items.

Next, get in those kitchen cabinets! Stop buying new groceries until you’ve eaten what you have. It’s time to base recipes around items you have so the food doesn’t go to waste and you can make room for items you eat more often.

Let’s also spring clean those papers you have in your home. The Better Business Bureau says while it’s important to keep some tax and financial documents, nowadays it’s likely not necessary to keep years and years worth of documents when so much of it can be retrieved online when you need it.

“Credit card statements that have been reconciled, bank statements, investment statements. We’re not saying throw them all out, but see if you’ve got more than you really need,” said Howard Schwartz with the Better Business Bureau of Connecticut.

How about spring cleaning the wallet as well? If you’re not happy with your bank, most are offering cash bonuses right now to get you to switch. For example TD Bank has a $300 bonus when you switch and deposit a certain amount in the first 90 days. That can usually be your paycheck.

If you’re not getting cashback or rewards for credit card purchases, might be time to make a transfer so you’re getting the most bang for your buck. If you’re not looking to change your banking, just pay debt down and remember, target the highest interest rate cards first and try to keep the balance on each card under half of your credit limit.

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