How to save hundreds of dollars ‘Spring Cleaning’ your finances

Nearly 75% of consumers are living paycheck to paycheck, citing inflation as the primary source of their financial struggles.
Published: Mar. 24, 2023 at 1:03 PM MST
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PHOENIX (3TV/CBS 5) - It’s time to do a little financial spring cleaning. Money-saving mom, Andrea Woroch, says it could save hundreds of dollars a year without making big sacrifices. The first step is to tidy up bank accounts. With your checking account, check to see if you’re being charged a monthly maintenance fee. Those can vary depending on your account balance and the number of transactions you make.

“There are plenty of banks that offer free checking accounts, so you want to consider switching or just make sure you can meet the minimum requirement to avoid those fees,” Woroch suggested. She also says you may be able to earn more interest on your savings account. “Move your traditional savings to an online high yield savings account. Bread Savings is offering a 4.5% interest on your savings. That means your money is just going to make money for you,” she said.

For more financial spring cleaning, refresh your budget. Shop around for things like your home and car insurance and your cell phone plan to ensure you’re getting the best deal. It’s also important to meal plan so you’re not overspending on groceries that go to waste. Next, clear up debt. If you have a stack of credit cards, Woroch recommends considering a 0% balance transfer card. That will buy you some time to pay off the debt without racking up exorbitant interest charges.

Consumers can also save money every month by purging useless services. “Maybe you signed up for a free trial recently, and you could have been auto-enrolled. If it’s not charged on a monthly basis, it’s easy to overlook. It could be charged on an annual basis. It could be an app, a photo editing app. It could be a music unlimited inside your Amazon account that you wouldn’t notice,” Woroch said. “These are all small little things you can do, and it might seem time consuming, but maybe make a plan for the next couple of weeks. Tackle one thing each day. You’re looking at a few hundred dollars in savings.”

Woroch’s fifth tip for financial spring cleaning is to spruce up your spending habits. That means avoiding impulse purchases. Last year, according to a Slickdeals survey, the average person spent $314 every month on impulse buys including clothing, food, household items and technology.