It’s spring so time for a financial spring clean

Spring has sprung! The daffodils are out, there’s blossom appearing on the trees, and the days are getting just a tad longer. Well, at least down here in NZ, it is. The arrival of spring heralds a fresh start….

Like clockwork, winter layers were packed away, the house was aired as we embraced the warmth of the new season. The electric blanket and winter duvets were packed away, and the furniture was stripped of its winter throws and given a thorough clean. Even the windows got a fresh new look and were cleaned until they sparkled. It was also time to go shopping in our own wardrobes, weeding out things that no longer fit, and getting a pleasant surprise when something we’d been holding onto looked better than last year.

It’s funny how the things we disliked as kids became part of our adult routines.

As I find myself still carrying on this spring-cleaning tradition (Mum would be proud of me), though I’ve added a modern twist—tidying up my finances too.

So, could your financial house use a spring clean too? Here are seven ways to freshen it up:

1. Declutter your paperwork
Take a page from Marie Kondo and ditch anything that doesn’t “spark joy”—or, in this case, necessity. Sort your financial documents into two piles: one to save and the other to shred. Vital papers like birth certificates and tax records should be kept, but it’s a good idea to digitise as much as possible. And don’t forget to shred sensitive documents to protect against identity theft.

2. Reduce future paper clutter
Opt for digital statements to reduce the piles of paper. Set up alerts so you never miss an important payment, and make sure you stay on top of your inbox.

3. Clean up your credit file
When did you last check your credit report? You’re entitled to a free copy once a year from each major credit bureau, so make it part of your spring-cleaning ritual.

4. Refresh your passwords
Change passwords regularly and use a password manager for added security. Set up two-factor authentication to protect your financial accounts.

5. Update your beneficiaries
Review and update your wills and any other time sensitive documents like Trusts and Power of Attorney’s  to reflect any life changes. Make sure your medical and  insurance policies are up to date too.

6. Close old accounts
If you’ve got dormant bank accounts or unused credit cards, now’s the time to close them. Keeping unnecessary accounts open can clutter your finances.

7. Kick one bad financial habit

Tidying up your financial life can be just as satisfying as getting your home in order. After all, a well-organised financial house makes for a more peaceful mind.