Spring is the perfect time to open some windows, plant some flowers, and freshen up the money goals you set at the start of the year. Here are some steps to focus on:
Review your spending habits. They may have fluctuated wildly over the past few years.
Travel, hotel, restaurant, and bar spending fell during the pandemic, while grocery and beverage store spending went up. Then, post-COVID revenge spending kicked in as people went out and traveled once again. Now, you may be tightening your belt once more.
Consumer spending went down in January 2025, according to data from the Bureau of Economic Analysis. “I think people are slowing down on spending right now to see how things shake out with the new administration,” says Shea Newton, a certified financial planner and president of Financial Journey in Pensacola, Florida. Find easy cuts.
Recurring expenses silently cost you money in the background, so they’re all potential budget items to review. If you haven’t watched shows on a particular streaming service in a while, cancel your subscription and see whether you actually miss it. If another cellphone company provides similar coverage at a lower price, look into switching.
Curtis Bailey, certified financial planner and founder of Quiet Wealth Management in Cincinnati, suggests logging into your credit card accounts and pulling up a summary of last year’s spending and the rewards you earned.
Spring-clean your money goals
If you haven’t maximized your reward-earning potential and redeemed those rewards in valuable ways, it might be time to make some changes.
Check in on financial goals. Your priorities can shift, even from one month to the next. Finances is one of those things where there’s always 12 decisions to be made at one given time,” says Andrew Mitchell, a financial advisor at Fiduciary Financial Advisors in Grand Rapids, Michigan.
For big financial goals, Mitchell recommends thinking ahead a few years. “If you’re thinking far enough into the future and preparing, even in a scenario where there’s these big things going on, you have cash on hand to deal with those situations,” he says. Ensure adequate insurance coverage.
Natural disasters affected residents of multiple states in the past year, many of whom are still dealing with the resulting costs. Noah Damsky, founder and wealth advisor at Marina Wealth Advisors in Los Angeles, suggests reviewing your homeowners insurance policy at least every few years. The increased cost of labor and building materials can make it significantly more expensive to repair or rebuild your home.
Damsky, who bought his home in 2020, recently revisited his insurance policy. “I’m just a few miles away from where the wildfires were in L.A.,” he says. Shop around to see whether other insurance providers can offer you similar or better coverage for a lower cost.
And if you’ve acquired any luxury items in the past few years, such as jewelry or art, make sure you have policies in place that would cover those things, too.
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