5 tips for spring cleaning your finances

FALLBROOK – Spring is officially here, and with the new season comes a fresh start and spring cleaning.

And according to a recent survey conducted by TopCashback.com, 43% of Americans said their finances need some spring cleaning, too.

The survey polled a cross section of 948 adults, aged 18 and over.

When asked, “Will you be spring cleaning this year?” of those surveyed, 89% responded yes, and 11% said no.

Seventy-two percent said they have done more cleaning this past year than in previous years as opposed to 28% who said they haven’t. Even with the increase in cleaning, there were still some chores Americans would like to part ways with.

When asked “If you could give up one chore for the rest of your life, which one would you choose?” the top five responses showed 28% chose “scrubbing the toilet;” 24% selected “doing laundry;” 15% picked “other;” 14% chose “cleaning the oven” and 11% answered “cutting the grass.”

The survey asked participants if they spring clean their finances. Half, 50%, answered yes, and half, 50%, said no.

When asked “Aside from your home, which other areas of your life could use some spring cleaning?” the top five responses were finances, 43%; social media platforms, 37%; career, 28%; love life, 25%, and friendships, 25%.

Whether you spring clean your finances annually or are starting this year, here are five simple tips to get started from Rebecca Gramuglia, consumer expert at TopCashback.com.

Set and reexamine your budget.

Have your financial priorities changed in the past year? Take a seat, reexamine your budget and adjust accordingly by using the 50/20/30 rule. Typically with this rule, you’ll want to spend up to 50% of your after-tax income on essentials, such as mortgage and taxes; 20% on financial priorities, such as debt repayments and savings, and 30% on wants or lifestyle choices, such as shopping and any other personal expenses. And don’t be afraid to tailor the rule to your lifestyle. For example, if you’re more focused on debt repayments, you can always put 30% toward that category and 20% toward lifestyle choices.

Opt to automate.

Avoid going over your budget by having a part of your paycheck automatically deducted into a savings account or setting up a regular transfer of funds. You’ll be less likely to spend the money if it’s in a separate account.

Use your rewards.

Spring cleaning doesn’t only mean tidying up your home – check your wallet, too. Whether you have unused cashback rewards from a credit card or coupons in your wallet, see if you can cash in and use what you earned. Cashback rewards can be taken off your next credit card bill, but try to use them as soon as possible. Some credit cards may have expiration dates on these rewards. Be sure to also check the expiration date on coupons and confirm you can still use them or throw away ones that have expired).

Review your money habits and introduce new ones.

Whether you’ve become accustomed to ordering necessities online, always end up paying full price for items or anything in-between, there are ways you can save on your daily expenses. Be on the lookout for opportunities to bundle credit card rewards, sales and coupons to get the most bang for your buck. In addition to stacking on the promos, be sure to shop through a cashback site, like TopCashback.com, to earn a percentage of your purchase back in cashback on qualifying purchases.

Declutter.

A new season is a great time to do some actual spring cleaning. Open the windows and go through your garage, home and closets to see if there are items you can part ways with. Consider selling items online locally through sites like Facebook Marketplace and Craigslist or nationally through sites like eBay and thredUP. Or if you prefer, check out nearby organizations to see if they are in need of any donations for items you may have.

Submitted by TopCashback.com.