5 ways to spring clean your savings.

It’s that time of year again: Time to clean out those closets, polish that furniture, and clear out that clutter for good! As you work through your home, banishing dust bunnies and organizing your spaces, don’t forget to take a good look at your savings, too. Spring is the perfect time of year to review your saving habits and spruce up your saving goals.

Here’s how to spring-clean your savings in five easy steps.
 

1. Assess your saving habits.

First, take stock of how much you’re putting into your savings each month. To do this, take a look at your monthly budget and review your expenses and income. Experts recommend setting aside a minimum of 20% of your monthly income toward savings, though it will vary by individual or household circumstance. Does your regular savings amount to that or at least close to it?

If you believe you should be setting aside more of your monthly income toward savings, take a close look at your expenses to look for ways to cut back. Get rid of any subscriptions you don’t use, including relatively small payments for apps you really don’t need. Remember: Every little bit adds up to spruce up those savings!
 

2. Maximize your savings power.

Now that you’ve evaluated your saving and spending habits, take the time to research and compare different savings accounts to find ones with higher interest rates or better features, such as no monthly fees or accessible online tools (like Everwise’s Boost High-Yield Savings account!).

Some accounts may offer benefits like automatic savings plans or tiered interest rates that reward higher balances. Regularly reviewing your options ensures you’re maximizing your savings potential and not missing out on opportunities to grow your wealth. A small adjustment now can yield significant financial benefits over time.
 

3. Reevaluate your financial goals.

Take the time this season to review your saving goals. What are your long- and short-term saving objectives? Do you still want to save up for them? If yes, are you on track to reach your goals on schedule? Do you need to make any changes to the amount you set aside each month, or to the timeline?

If you no longer need or wish to save up for the goals you chose in the past, consider setting new ones at this time. Think of your future wants and needs, as well as small pleasures you’d love to enjoy in a few years, or even a few months. For example, your saving goals can include a down payment on a home, a new car, a recreational vehicle like an ATV or a boat, a dream vacation, or funding for a wedding.
 

4. Automate your savings.

Now that you have your saving goals clearly defined, it’s time to shine by making it happen by itself. Set up automatic monthly transfers from your checking to your savings account(s) so you never forget to feed your savings. You can specify the amounts you’d like to put into each account and choose the day of the month that works best for the transfer. Things are always more likely to happen when you set up a stress-free way to facilitate the process.
 

5. Use a savings app.

Bring your savings to the 21st century by harnessing the power of a new, spiffy savings app. You can choose from any number of money management apps, like YNAB, which will allow you to track your savings, review and analyze your spending habits, and help you stick to your budget each month without fail. Taking your savings to the digital level will make you more likely to stick to your goals.

Spring is in the air, and it’s time to make your savings sparkle again. Use the tips outlined here to clean up your savings and benefit your short- and long-term financial health. Learn more strategies with our Savings Basics resource and our free online learning module about Savings Accounts to help you meet your savings goals.
 

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