Spring Cleaning Your Finances

Equipment Leasing CanadaThe sun is out! The snow is melting, thank goodness! I don’t know about you, but I’m really feeling the urge to Spring Clean… everything in my life… including my finances.

This time of year, I try to take some time out of my busy schedule to review what changes I can be making to save some money, improve my credit, and increase my business revenue.

Here are some tips I’ve come up with to make the process more streamlined, what tips do you have?

Be sure to join the conversation in the comments section below this post:

1. Consolidate Your Debt

There are many companies out there who are prepared to help you with debt consolidation (or a similar style, debt reduction program). First off, you need to figure out what debts you have outstanding, how much you owe on each, and your interest rates. A good starting point is to check your credit with Equifax. Once you have the necessary info, get in touch with the debt reduction/consolidation company of your choice and get the process moving.

2. Pay Off Credit Card Debt

Figure out how much you owe on all of your credit cards and write down your interest rates on each one. You should plan to pay off the card with the highest interest rate first. That might mean making minimal payments on the other cards until the card with the highest interest is paid off.

3. Make A Grocery List (and stick to it!)

I find it easiest to start with a meal plan/menu for the week, it’s much easier to see what I will need if I plan it out in advance. It’s also easy to use leftovers for work lunches and utilize some ingredients in multiple meals. For example, buy potatoes to use as mashed potatoes next to your burger tonight, use the leftovers on top of Shepherd’s pie tomorrow. Using the same ingredients through more than one meal allows you to buy in bulk (which saves money) and also cuts down cooking time – win, win!

4. Review Your Bank Statements

This should be a monthly habit anyway but if you have a busy schedule and/or a family, this is one “to-do” that can easily get pushed aside. Your banking needs change with time so if you haven’t changed your bank account plan in quite some time, a full review of your statements could help you identify several ways to reduce your fees and save you some money, not to mention bring to light how many expensive coffees you really do buy in month – which brings us to my next point.

5. Stop Buying Expensive Coffee & Make Your Own Lunch

This really is a no brainer and is pretty self explanatory. You know that a $5 coffee a day, plus a $10 lunch per day is $300/month (if you work 20 days in a given month)…That’s a ton of cash! A $10 tin of coffee, plus maybe $60 on lunches made from home, adds up to $70/month (give or take $10)… this will save you roughly $230 each month!

6. Review Your Financial Commitments

If you have an existing commercial equipment lease or heavy equipment lease with another company, and feel that your payments are too high, the interest rate isn’t great, or you are unhappy with their customer service/product (or all of the above!), why not consider transferring the lease to another company? Often times, companies like Connect Lease, will have access to lower interest rates and payments than the banks and other funding sources. Transitioning to a better rate and better customer service is easier than you think!

Once you start implementing the above strategies, you will notice how much less cluttered your brain feels and how much more on top of your finances you feel. Your house will become cleaner too because a cluttered house tends to be a representation of a cluttered mind. Get cleaning!


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