15 Tips For Spring Cleaning Your Finances For A Lucrative Year

If you're ready to spring clean your finances for a highly lucrative year, now is as good a time as any to get started. There are loads of things to do, try, and research to truly get your finances in order. Taking control of your financial situation is something many people can appreciate since you'll feel as if you're taking back your power. When you don't have enough money to spend on things you care about, you're left feeling disappointed, out of control, and like you failed yourself. 


It's important to remember that going through temporary financial struggles doesn't mean you're totally failing at life. Most average individuals go through highs and lows when it comes to their money! Whether your savings account is on a massive upturn these days or you don't even have an inkling of a savings account in existence, these are some helpful tips to consider to set yourself up for a lucrative and prosperous year.

Check your credit score

First things first: You'll want to get clear on your credit score. Some people think that ignorance is bliss when it comes to credit scores, but it's much better to be knowledgeable about where you stand in this department as you make positive changes with your finances. Two popular places to check your credit score are Experian and Credit Karma. Experian helps you stay up-to-date on your credit score with alerts. To top it off, it's used by 90% of top lenders. 


Credit Karma allows you to check your credit score without plugging in any credit card information at all. It also gives you several tools and tips to better understand your credit score. If you check your credit score to find that it's way lower than you thought it would be, you've taken the first step by becoming aware of something that needs serious change. If you check your credit score to find that it's actually way higher than you thought it would be, you should continue to stay informed to make sure you're on the right track.

Decide what percentage of your monthly income to save

It's up to you to decide what percentage of your monthly income you want to put into a savings account. If you're earning a healthy paycheck each month, it won't feel severely uncomfortable to set aside a larger percentage for your savings account. On the contrary, if your paycheck is pretty small, setting money aside for savings might feel like a daunting and impossible task to accomplish. At the end of the day, though, the only way to start building a savings account is to actually start the process. 


Even if you choose to set aside a super small amount of money each month, it will still count towards something. Keep in mind that when you put money into a savings account at your bank, you'll still have access to that money in case of an emergency if you absolutely need it. You can transfer money from your savings account back into your checking account at any time depending on events taking place in your life. The cash method and cash stuffing trends are just a couple of solutions to consider.

Consider hiring a financial advisor

Depending on what kind of job you have, hiring a financial advisor could be a wonderful idea for you. There are a handful of ways to make this happen. If you want to meet with a financial advisor in their office to speak face-to-face about your situation, you can schedule an appointment with one in your local area. If you'd rather meet with a financial advisor virtually, you can schedule an appointment with anyone who interests or inspires you to chat via phone or video call. 


Financial advisors are trained to help you invest your money into mutual funds, personalized portfolios, and college savings accounts. They also help you develop plans for retirement including 401(k) and IRA rollovers. Thanks to their years of education and experience, they can easily answer any questions you have about your financial situation and the best options for you to take.

Cancel any unnecessary subscriptions

As you move forward with spring cleaning your finances this year, you might want to cancel any unnecessary subscriptions you have. When you're truly focused on making positive changes with your money, getting rid of subscriptions that don't hold a solid amount of value in your life is a brilliant move to make. If you're currently subscribed to HelloFresh for their meal kit program, for example, you'll save up to $215 a week by grocery shopping on your own. 


Or, if you're currently subscribed to Match.com, you can save up to $50.71 a month by opting for free dating apps, such as Tinder or Bumble. If you're currently subscribed to Netflix, you can save up to $19.99 a month by switching to a more cost-effective streaming platform such as Hulu's $7.99 dollar a month plan. If you're currently subscribed to Spotify, you can save $9.99 a month by listening to music on YouTube instead. If you're subscribed to ClassPass, for example, you can save up to $160 a month by joining less expensive in-person gym memberships or finding free workout classes online.

Keep in mind that if there are any subscriptions you know you're going to have a hard time letting go of, then keep them. Don't think you have to sacrifice everything all at once.


Negotiate for lower payments on any applicable bills

Negotiating for lower payments on any of your applicable bills might not sound like the easiest or most comfortable thing to do — or you may not have even known this is a thing — but it only stands to benefit you. No one likes the process of negotiating other than sales representatives, business executives, and lawyers. If none of those jobs are your cup of tea, you probably prefer when things run smoothly without confrontation. 


You still have to fight for what you deserve when it comes to your money, though. It's possible your phone bill could be a lot less than what you're currently paying, for example. If that's the case, get in contact with your phone service and negotiate a lower monthly price that you'll be able to keep up with more easily. The same rule applies to your car payment. You might pay upwards of $400 per month on your car when you could pay under $350 per month after solid negotiations take place. 

Stand your ground and hold firm to what you think you should be paying. Tons of companies are willing to work with you. If you need emotional support from a friend, family, member, or significant other while making specific phone calls for negotiation, be sure the person you need is by your side before starting the process.


Tally up your donations for your tax refund

Donating money to different charities throughout the year is a thoughtful and selfless thing to do. You can even benefit from this thoughtful and selfless act if you keep track of your donations along the way. An easy way to do this is to send regular donations through the charitable tab on PayPal. While scrolling through PayPal, you can select any organizations that stand out to you the most, whether this includes organizations that support domestic violence victims, homeless youth, struggling members of the LGBTQ community, or victims of natural disasters. There are many options to consider.


Every time you send donations through the PayPal app to organizations that need help, you can keep track of what you're sending to be tallied up once tax season rolls back around. It's important to tally up everything you've donated before filing your taxes so the government can acknowledge all the help you've given to others. The best part about donating money is that it leaves you feeling warm and fuzzy on the inside with the knowledge that your donation is positively impacting the lives of others.

Discuss a pay raise or promotion at work

The next step to take when getting your finances in order is to discuss a pay raise or promotion with your manager. If you've done a great job at work, have exceeded expectations, show up on time, and never miss deadlines, don't hesitate to ask. Reasonable times to bring up the notion of a pay raise or promotion are typically after you've been at your job for at least six months to a year. 


Proving you've been a consistent and reliable member of the organization where you work is an absolute must before bringing up this subject, though. Pay raises often come with promotions, which typically equate to more responsibility. Do you feel you're at a place in your life where you can take on more workplace responsibilities? If so, this is a crucial conversation to have with your management team as soon as possible. 

The sooner you're able to start earning more money at work, the sooner you'll be able to reach more of your financial goals. If you know that paying for a new car will only be possible if you're earning an additional $5,000 per year, don't put this chat off. If you're aware that moving into an updated apartment is going to cost you an additional $300 per month, this is something you'll want to discuss with your management team ASAP.


Research higher-paying positions in your field if necessary

It's possible there aren't any promotions or pay raises available at your current company. If that's the case, you have to decide whether you're willing to stay without the ability to financially grow. If you're open to starting over somewhere new, you should research higher-paying positions in your field. Some of the easiest places to do this research include LinkedIn and Indeed. Both of these job search websites are filled to the brim with work opportunities in places around the globe. Many companies now offer remote work as well, opening up your pool of opportunities.


You can specify whether you want to work remotely or in person as well as your minimum salary requirements. This means that if you're currently earning $40,000 a year, but you're hoping to earn $60,000 a year, you can toggle that detail into the system on LinkedIn and Indeed. This way, you'll only be exposed to opportunities in the pay range you want to snag. Once you send your applications out and schedule interviews, it's up to the individual companies you meet with to offer a new position you can transition to.

Start a retirement fund if you haven't already

Depending on how old you are, retirement might be the last thing on your mind. It's especially difficult to think about retirement savings plans when you're in your 20s or 30s, but it's crucial to start planning for retirement anyway. Time passes, and everyone gets old at some point! The only people who don't get old are those who pass away before they're able to get there. This means that if you live a naturally long life without any tragedies or accidents along the way, you'll need to consider your options regarding your finances and what retirement might look like for you as well as when you choose to retire.


It's essential to set yourself up while you're still within the age bracket of working in your day-to-day life. To get started, you can speak with a financial advisor, your company's HR department, or a bank employee wherever you hold your money.

Tune into finance-focused podcasts and audiobooks

The more you know, the better off you'll be. For this reason, it's vital to tune into finance-focused podcasts and audiobooks in your spare time. You might be the type of person who binge-watches Netflix shows at the end of every day while listening to catchy music during every single car ride. Switching up those habits to develop more necessary knowledge about money could be the game-changer you didn't know you needed. 


It might sound boring to listen to finance-focused podcasts and audiobooks when you're doing the laundry at home or driving to work, but you'd be pleasantly surprised at how intriguing conversations about money can be. After all, becoming a successful, prosperous, and financially-free individual is probably something that makes you feel excited to think about. Listening to these types of podcasts and audiobooks gives you the chance to take on some of the knowledge you wholeheartedly need to thrive.

Create a money manifestation plan

The power of manifestation can improve your life in a significant manner if you know how to harness it for your own benefit. When creating a money manifestation plan, you let the universe know exactly what you're trying to attract into your life while accepting that you deserve exactly what you're manifesting. A common way to start your money manifestation plan is to create a vision board covered in all things money-related. Tack photos of your dream car, your dream vacation, and everything else your future wealth will afford you. 


Another common way to start your money manifestation plan is to get into present-tense scripting. When you present-tense script in a journal, you write about money goals in the present tense as if they're already your reality. Instead of saying things such as, "I wish I was earning $10,000 per month," you'd write, "I'm so grateful I am earning $10,000 per month easily and effortlessly." During money manifestation planning, it's important to get into the vibration of being a wealthy person by aligning yourself with the mentality and behaviors of a wealthy person.

Pick up a profitable side hustle

An exciting reality of this day and age is the many profitable side hustles to pick up to earn additional money on top of your regular job. You don't have to feel capped by the set hourly wage or salary you've agreed to receive at your current position, although, depending on what you do and where you work, some companies frown upon performing outside work, especially with competitors. Just make sure you're aware of the policies before you obtain side work. Some popular side hustles to consider include becoming a rideshare driver, participating in a paid online service, and tutoring online. You can also walk dogs, wash cars, start a podcast, sell your own personally-designed T-shirts, or start a drop-shipping business.


If you're comfortable being in front of the camera, you can launch a YouTube channel or attempt to go viral on a social media platform such as TikTok or Instagram. Once you're viral on one of these platforms, brand deals and sponsorships start rolling in from companies willing to pay you to promote their products. All of these side hustles still require effort and energy on your behalf, though, so try not to think of them as get-rich-quick schemes.

Prioritize paying off any significant debt

As fun as it might sound to start planning your next vacation with friends, family members, or your significant other, you should prioritize paying off any significant debts — there are even ways to gradually lower your debt over time — if you really want to get a handle on your finances this year. When it comes to spring cleaning your finances for a lucrative year, frivolous spending is the last thing you'll want to do. If you have an extra $100 to spend, try your best to avoid splurging on new shoes and accessories if that money can go towards some significant debt you're carrying. 


As soon as you free yourself from debt, you can start spending money on all the fun and leisurely things you care about most in life. Unfortunately, the longer you allow debt to follow you, the more it will grow and expand. Interest rates are never fun to deal with, so it behooves you to clear your debt sooner than later. Some of the most common debts people have accrued include credit card debt, mortgage debt, auto loan debt, student loans, and medical debt.

Consider incorporating the 50/30/20 rule

You don't have to subscribe to any specific rules, regimens, or routines with your money, but it might be in your best interest to consider the 50/30/20 budget rule. According to Citizens Bank, it's a great way of dividing your income into three categories to take control of your spending habits. When following this rule, you'll spend 50% of your income on necessities including your rent or mortgage, healthcare, insurance, utilities, and everything else that's absolutely essential. This is a great way of dividing your income into three categories to take control of your spending habits.


You'll spend 30% of your income on your personal desires, which might include gym memberships, Starbucks trips, social outings, gifts for loved ones, and travel expenses. Last but not least, you'll set aside 20% of your income for your savings account. The 50/30/20 budget rule isn't for everyone, but if it sounds like something that could work for you for the long haul, start implementing when you receive your next paycheck.

Improve your money mindset

Improving your money mindset is easier said than done for many people. Unfortunately, after you experience a handful of financial hardships, it's easy to carry around the weight of that financial trauma. It takes time to unlearn that trauma and release the negative energy surrounding money in your mind. Approaching money with a positive mentality takes energy and effort if it's not something you're used to. 


Instead of thinking of money as something unattainable, evil, or fleeting, think of it simply as something that makes your life run more smoothly. Why bash money and talk about it with aggressive anger if it's something you're actually trying to attract into your life? Think about money flowing into your life easily and effortlessly whenever the subject comes to the surface of your mind or comes up in conversations with others. 

Think about all the wonderful things you're able to do when you have an ample amount of money to spend. Do everything in your power to keep your conversations about money as positive and high vibrational as possible. Avoid reaffirming terms out loud such as, "I'm so broke" or "Money doesn't grow on trees." Keep affirming with yourself that you're an abundant, prosperous, and financially-free individual to turn those beliefs into your reality.