How to Spring Clean Your Finances
Haley Tolitsky, CFP of Cooke Capital describes some easy ways to spring clean your finances; including reviewing your budget for inflation changes, evaluating your cash flow, reviewing subscriptions, automating your finances and reviewing your credit scores.
Key Takeaways
- Review your budget against the last 3 months of expenses to account for inflation increases (8.5% announced) in groceries, gas, rent, and travel costs
- Analyze your monthly cash flow (income minus expenses) and if negative, prioritize cutting the three largest expense categories (food, housing, transportation) or increase income through side hustle or raise negotiation
- Audit and cancel unused subscriptions from streaming services and memberships to immediately free up monthly budget dollars
- Automate your finances by setting up automatic transfers to savings, 401k contributions, and bill payments so you don't have to manually manage them each month
- Check your free credit report at annualcreditreport.com and freeze your credit at the three major bureaus (free process) to prevent fraudulent account openings
Spring Clean Your Finances: In this video, Certified Financial Planner Haley Ellis describes some easy ways to spring clean your finances; including reviewing your budget for inflation changes, evaluating your cash flow, reviewing subscriptions, automating your finances and reviewing your credit scores. To see more Haley Ellis videos on FinStream TV, please click this link: https://www.finstream.tv/featured/haley-ellis/
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