Financial Spring Cleaning: 8 Ways To Refresh Your Finances

As spring arrives and the weather warms up, many people turn their attention to cleaning out closets and organizing their homes. According to a recent survey, about 80% of Americans have spring cleaning on their radar this year.¹ While most focus on the physical space, spring is also a great time to get your financial house in order.

Refreshing your financial habits can reduce stress, provide structure, and uncover new opportunities to save money and time. It's a smart way to prepare for the busy summer months and beyond.

Here are eight practical ways to give your finances a spring cleaning and start the season strong.

1. Reassess Your Financial Goals

What do you want to achieve with your money in the months ahead?

Whether you’re focused on paying off high-interest credit card debt, increasing your retirement savings, or setting aside money for a renovation or vacation, it helps to clarify your goals now.

Start by writing them down. Make sure each one is specific and measurable. For example, instead of saying “save more,” try “save $5,000 for a summer trip by August.” Also make sure your goals are realistic based on your current income and expenses.

Pro Tip: Revisit your goals regularly to see how you’re doing. If your priorities shift or your situation changes, adjust your plan accordingly.

2. Close Unused Accounts

It’s easy to forget about old credit cards or bank accounts, but keeping them open can create more complexity in your financial life. If you have accounts you no longer use, consider closing them to reduce clutter and limit the temptation to overspend.

Having fewer accounts also makes tracking spending, managing payments, and avoiding fees easier.

Pro Tip: Be mindful that closing credit cards can affect your credit score, especially if they are among your oldest accounts. Keep your oldest accounts open to minimize the impact and continue making on-time payments.²

3. Evaluate Your Monthly Subscriptions

Subscription services are more common than ever, from streaming platforms to gym memberships to automatic product deliveries. Many people sign up for free trials and forget to cancel before charges begin.

The average American now has 4.5 active subscriptions and spends nearly $1,000 each year on them.³ That’s money you could be using for savings, debt repayment, or other goals.

Go through your bank and credit card statements and identify recurring charges. If you no longer use a service or it doesn’t provide enough value, cancel it.

Pro Tip: After canceling unused subscriptions, redirect those monthly savings into a high-yield savings account or use the money to chip away at debt.

4. Go Digital

Still holding on to stacks of paper? Consider going digital. Most banks and credit card companies offer online statements and paperless billing. You can access everything you need through a secure online portal or mobile app.

Decluttering your physical space can also help reduce stress and make it easier to find what you need when tax time or other financial reviews roll around.

Pro Tip: Scan important documents and save them to a secure cloud storage service like Google Drive or Dropbox. Don’t forget to shred the paper copies to protect your personal information.

5. Automate, Automate, Automate

Automating your financial tasks can save time and reduce the risk of late fees. You can set up automatic payments for bills, recurring transfers to savings accounts, and scheduled contributions to your retirement or investment accounts.

Automation helps you stick to your plan without having to make decisions every month. It can also help you stay consistent with savings and debt reduction.

Pro Tip: Review your monthly cash flow and calculate how much is being automatically deducted. Set up balance alerts so you don’t accidentally overdraw your account.

6. Reduce Debt

Debt can weigh heavily on your financial goals. If you’ve been putting off a repayment plan, now is a great time to start one. Choose a method that works for your personality and situation. Two popular options are the debt snowball, where you pay off the smallest debts first, and the debt avalanche, which focuses on the highest interest rates.

You may also want to explore debt consolidation if you’re juggling multiple balances. This can help simplify payments and potentially reduce your interest rate.

Pro Tip: Celebrate small wins along the way. Paying off even a small balance is progress, and rewarding yourself with a budget-friendly treat can help keep you motivated.

7. Update Financial and Legal Documents

Life changes quickly, and your financial and legal documents need to reflect those changes. If you’ve recently experienced a major life event—such as a marriage, divorce, birth, or job change—it’s important to update your wills, trusts, beneficiary designations, and powers of attorney.

Outdated documents can cause confusion or conflict later on. A quick review each spring can help ensure everything is accurate and up to date.

Pro Tip: Work with an estate planning attorney if you need help making changes. They can ensure your documents are legally sound and aligned with your current wishes.

8. Consolidate Inactive Retirement Accounts

If you’ve changed jobs over the years, you may have one or more retirement accounts sitting idle. These could include 401(k) or IRA plans from previous employers. Managing multiple accounts can be confusing and make it harder to track your overall progress.

Consider consolidating these accounts into a current employer-sponsored plan or rolling them into a personal IRA. This can simplify your financial picture and help you stay better organized.

Pro Tip: Before consolidating, check to see if any of the old accounts offer unique investment options or benefits. A financial advisor can help you evaluate your options and keep your portfolio diversified.

Need a Hand with Your Financial Spring Cleaning?

From setting fresh financial goals to consolidating old accounts, a seasonal review can help you save money, reduce stress, and feel more in control. These eight strategies are designed to bring additional clarity and structure to your financial life.

Organizing your finances can feel overwhelming, but you don’t have to do it alone. A financial advisor can help you create a clear, personalized plan that aligns with your goals and simplifies your financial life.

Whether you’re ready to tackle all eight strategies or want help focusing on the ones that matter most to you, professional guidance can make a big difference.

Sources:

1. BusinessWire, 2025 [URL: https://www.businesswire.com/news/home/20250304020817/en/Are-You-Ready-to-Clean-Behind-the-Couch-Americans-List-Their-Spring-Cleaning-Targets]
2. Experian, 2024 [URL: https://www.experian.com/blogs/ask-experian/will-closing-a-credit-card-hurt-your-credit/]
3. Yahoo Finance, 2024 [URL: https://finance.yahoo.com/news/average-consumer-pays-nearly-1-190009547.html]

This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest. Copyright 2025 Advisor Websites.