Spring Clean Your Finances and Refresh Your Money Habits
Article Presented By Hometown-Motors, Inc.
COLUMBUS, Ohio – As Ohioans continue to clear out their closets and tidy up their homes as part of their spring cleaning, the Ohio Department of Commerce’s Division of Financial Institutions (DFI) says this is also the perfect time to clean up financial clutter. According to a recent survey, 88% of American adults reported feeling some form of financial stress at the beginning of this year, and 77% said they experienced a financial setback last year.
Interim Division Superintendent Ingrid White says statistics such as these highlight why checking in on your financial health regularly is more important than ever.
“Spring cleaning isn’t just about cleaning up our closets, organizing our garages or sprucing up our landscaping, it’s also a great time to take a fresh look at our finances. Just like a cluttered home, money matters can feel stressful and overwhelming at times, but they don’t have to be. Building a quick financial check‑in into your yearly routine can help make everything feel more manageable, help you stay aligned with your goals, and even save you some money along the way.”
The Division encourages all Ohioans to consider taking the following spring-cleaning steps to achieve a healthier and “cleaner” financial year.
Organize and Clean Out Old Paperwork
Sort essential documents from outdated ones, shred what you no longer need, and consider digitizing key records. According to the IRS, you should generally keep tax‑return records for three years (or up to seven years if they involve worthless securities or bad‑debt deductions), maintain employment‑tax documents for four years, and retain property‑related records until at least three years after disposing of the property.
Refresh Your Budget
Review your last three months of spending, adjust for rising costs, and rebuild your emergency fund. Even using part of your tax refund can strengthen your financial cushion. While it may seem tedious at first, a budget is a helpful way to understand your spending habits and how they’re impacting the larger picture.
Cancel Unused Subscriptions
Americans lose nearly $200 a year on forgotten subscription services. Make a list of your monthly charges, evaluate what you actually use, and cancel what’s no longer needed. Those monthly subscriptions can add up quickly and can be used for other more practical expenses.
Check Your Credit Reports
Visit AnnualCreditReport.com to access free credit reports. Once you have your credit report, look carefully for any errors, unfamiliar accounts, or fraudulent activity, and dispute inaccuracies promptly. By maintaining good credit, you give yourself more financial flexibility and long‑term stability.
Update Your Financial Goals
Whether you set resolutions in January or not, spring is a great time to assess progress, adjust goals, and ensure your money habits reflect your current priorities. If your New Year’s resolutions seem out of reach, be flexible enough to create new, more realistic goals to set your sights on for the remainder of the year.
Take a Financial Inventory
List all accounts, update beneficiaries, close long‑unused accounts, and document valuables for insurance purposes. Consolidating accounts or automating bill payments may help to simplify day‑to‑day money management.
Stop Clutter Before It Starts
If constant credit card and loan offers feel unavoidable, there are steps you can take to help reduce these communications. By visiting optoutprescreen.com or calling the national credit bureau hotline at 1‑888‑5‑OPTOUT (67‑8688), you can reduce unsolicited mail and regain some control over what reaches your inbox.
For additional tips on developing a budget and other financial habits, visit the Division’s Office of Consumer Affairs website at com.ohio.gov/ConsumerAffairs.
