Skip to main content Skip to chat

Spring cleaning your finances

Spring is an ideal time for a deep cleaning of your financial house. Learn how to trim out excess cost and ways to put your finances back in order.

March 24, 2023

Written by Preet Banerjee

A hand clearing fallen leaves from an obstructed rain gutter on the side of a roof.

Key takeaways

  • Spring is an ideal time for a deep cleaning of your financial house
  • Pick all the expenses that do not align with your budget and see if you can manage a reduction across the board. 
  • Use the savings to pay off any high-interest debts or to build an emergency fund.


Cleaning up your personal finances

It's that time of year when many Canadians spend an entire weekend spring cleaning their home. It's a chore, but after it's done, they have a sense of accomplishment, and their house looks great, too. 

Spring may also be an ideal time for a deep cleaning of your financial house. 

Over the past few months, there have been a lot of financial "events" to contend with: the rise of inflation, the possible credit card hangovers into the New Year, general concern about the economy, and finally the RSP contribution deadline. 

The next major financial “event" to contend with: getting your receipts together for tax time. And since you have to gather some paperwork together, why not play off that momentum, roll up your sleeves, and give all of your personal finances a once-over? 

If you've never put together a detailed list of your expenses, now's a great time to start. These days it's relatively easy, since most transactions we make will show up on a credit card or debit card statement. You just have to access your account history and start categorizing all the money you spend. Often, just the act of adding up expenses for a few months will motivate people to cut their expenses. 

You may occasionally think that your subscription services or small price increases don't mean much, but if you add them all up, you may realize you're spending twice as much as you thought. 

Pick all the categories that do not align with your budget and see if you can manage a reduction across the board. If you have high interest debt, like a balance on a credit card, set up an automated payment against that debt that's equal to your previous monthly payments, plus whatever new savings you've found. 

If you don't have high interest debt, then you can put any extra money into a savings account or emergency fund. Again, you'll want to automate it using a recurring transfer from your chequing account. 

Taking the time to sit down, review your expenses, identify areas that don't align with your budget, and making a plan to revamp your finances is a bit of a chore. But after it's done, you'll have a sense of accomplishment and your financial house will look great.

This article or video (the “Content”), as applicable, is provided by independent third parties that are not affiliated with Tangerine Bank or any of its affiliates. Tangerine Bank and its affiliates neither endorse or approve nor are liable for any third party Content, or investment or financial loss arising from any use of such Content.

The Content is provided for general information and educational purposes only, is not intended to be relied upon as, or provide, personal financial, tax or investment advice and does not take into account the specific objectives, personal, financial, legal or tax situation, or particular circumstances and needs of any specific person. No information contained in the Content constitutes, or should be construed as, a recommendation, offer or solicitation by Tangerine to buy, hold or sell any security, financial product or instrument discussed therein or to follow any particular investment or financial strategy. In making your financial and investment decisions, you will consult with and rely upon your own advisors and will seek your own professional advice regarding the appropriateness of implementing strategies before taking action. Any information, data, opinions, views, advice, recommendations or other content provided by any third party are solely those of such third party and not of Tangerine Bank or its affiliates, and Tangerine Bank and its affiliates accept no liability in respect thereof and do not guarantee the accuracy or reliability of any information in the third party Content. Any information contained in the Content, including information related to interest rates, market conditions, tax rules, and other investment factors, is subject to change without notice, and neither Tangerine Bank nor its affiliates are responsible for updating this information.

Tangerine Investment Funds are managed by 1832 Asset Management L.P. and are only available by opening an Investment Fund Account with Tangerine Investment Funds Limited. These firms are wholly owned subsidiaries of The Bank of Nova Scotia. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.