6 Ways To Spring Clean Your Finances in 2025 #CanadaFinance

As you’re getting ready to refresh your home and declutter this spring, consider the season is also a good time to do some personal finance maintenance you might have put off.

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Over the busy months, you possibly accumulated old, unused accounts and physical documents to get rid of. Financial spring cleaning can also include getting a better understanding of your current financial picture, money habits and progress toward goals.

To get started, consider these six ways you can spring clean your finances in 2025.

If you don’t already have an inventory of your financial accounts, investments and insurance coverages, consider making this your first spring cleaning task. It can be as simple as listing your balances, account numbers and other important details in a spreadsheet, app or notebook.

This step gives you a chance to see where you stand with your assets versus debts, detect potential financial problems and ensure you have enough insurance coverage. Plus, having that information recorded somewhere can be valuable in an emergency.

While you’re at it, look for any account or policy updates you need to make. For example, you might need to change account beneficiaries, close an unused bank account or increase your insurance coverage limit.

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Ideally, you’ll update your budget each month to account for changed expenses or income, as Ramsey Solutions advised. Otherwise, the budget won’t reflect your current financial reality, or be as helpful for tracking your money and reaching your goals.

If you’ve put this task off or don’t have a budget yet, use a spreadsheet or budgeting app to list or update your family’s current income sources. Then, grab bank statements, credit card bills and other records that can help you account for your usual expenses accurately. Make sure the new budget balances, and watch your spending each month to align with it.

The Financial Health Pulse 2024 U.S. Trends Report showed that only 43% of respondents were confident about working toward reaching their long-term goals. If you’re also struggling in this area, lifestyle issues such as spending excessively or mishandling debt might be to blame.

You can look back at your financial inventory and updated budget to see what’s derailing you from saving for a house, building your retirement fund or progressing toward another goal you’ve set. You might find that it’s time to reconsider your lifestyle by downsizing, being more frugal or changing your priorities to get back on track in 2025.

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