Now that spring has arrived, people should also consider adding finances to their spring cleaning list, according to an Alberta-based, not-for-profit credit counselling agency.
By spring time, most people have received a measurable amount of financial records that can help them paint a clear picture of their financial position, says Money Mentors, which advise Albertans to dedicate some time to spring clean their finances by:
Evaluating Debt Load
It is important to know how much money you owe and who your creditors are. You should take note of how much you are paying every month and the interest being charged.
Developing a Budget
When creating a budget, revisit it often to make sure you are still on track. If new financial obligations arise, incorporate them into your budget to make necessary changes.
You can allocate any extra income like a pay raise, tax refund or money saved from cutting down on other expenses to your savings account.