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3 Ways To Spring Clean Your Finances This Season

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Nothing calls for a better time to get organized as the spring cleaning season. The rainy weather marks for a good opportunity to have a cozy day inside, tidy up your home or clean out your closet.

It also serves as an opportunity to take a good look at your finances. With the end of winter and paying off holiday expenses, and the anticipation of warmer weather and summer travels, you’re in the middle of getting your money in order.

Below, personal finance experts weigh in on three ways to clean up your personal finances this season.

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1. Tidy up your taxes

With the tax deadline always falling in April, springtime also means tax season. Now’s the time to decide what you’ll do to tie a bow on taxes and put them behind you until next year.

If you’re prepping to pay a tax bill, determine how you’ll cover the cost (paper check, credit, debit or an IRS payment plan) and, if you’re waiting to receive a tax refund, determine how you’ll use that windfall of cash.

“Consumers should be thinking about what they would like to do with their tax refunds if they got one — whether that is putting it toward a savings goal or building an emergency fund,” Sasha Grabenstetter, an accredited financial counselor at eMoney Advisor, tells Select . “Once they receive a refund — or don’t — they should determine how much tax is coming out of their paycheck and consider resubmitting their W-4 form to make changes for the 2022 tax year.”

And if you haven’t yet filed your taxes, you’ll need to jump on it as the April 18 deadline is quickly approaching. Tax software like TurboTax®, H&R Block®, Credit Karma Tax and TaxSlayer® can help you file your state and federal returns quickly and accurately while still maximizing your deductions to get a bigger tax refund.

While you’re at it, avoid the scramble of prepping tax documents next year by creating a “tax toolkit” now where everything is centralized in one place, suggests Marsha Barnes, a certified financial social worker partnered with Wells Fargo and founder of The Finance Pub.

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2. Declutter your debt

3. Groom your summer budget

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Barnes adds that eager summer vacationers can also try value-based spending this upcoming season, using the first month of spring to brainstorm their summer desires.

“Write these items or experiences down on a sheet of paper with the approximate costs beside them,” she explains. “In priority order, plug your top one to three experiences into your budget. Do your best to avoid forcing them to fit. The overall goal of budgeting is to provide guardrails, or financial safety, around your money and your habits.”

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Publisher Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

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